Chief Actuary Market Actuarial, Ns

Preferred Qualifications:

• Bachelor’s or master’s degree in mathematics, actuarial sciences, or statistics.
• At least 10 years of relevant actuarial experience in the field of Property/Casualty insurance.
• At least 5 years of managerial supervision.

Appointment method:
This is an appointment to a position in the exempt jurisdictional class. As such, the incumbent of this position would serve at the pleasure of the appointing authority.

The New York State Department of Financial Services seeks to build an equitable, transparent, and resilient financial system that benefits individuals and supports business. Through engagement, data-driven regulation and policy, and operational excellence, the Department and its employees are responsible for empowering consumers and protecting them from financial harm; ensuring the health of the entities we regulate; driving economic growth in New York through responsible innovation; and preserving the stability of the global financial system.
DFS is seeking candidates for the position of Chief Actuary Market Actuarial in the Market Actuarial Section of the Property Bureau. The Property Bureau is the largest business unit in the Insurance Division and oversees over 1000 regulated entities with more than $1.5 trillion of assets. Under the general direction of the Deputy Superintendent for Property, the Chief Actuary Market Actuarial will be responsible for overseeing the Market Actuarial Section, which regulates and monitors the property/casualty insurance market to ensure the protection and fair and equitable treatment of all policyholders.
Duties include but are not limited to:

• Supervises the review and analysis of all types of property and casualty rate filings including, but not limited to: automobile, medical malpractice, Workers Compensation, homeowners, title, mortgage guaranty and commercial liability and property; reviews and analyzes innovative and complex filings;
• Prepares recommendations regarding policy forms and rate filings;
• In accordance with the needs of the Business Unit, reviews various ratemaking related documents including, but not limited to: rate adjustment requests; policy forms; asset adequacy analyses; minimum loss ratio requirement calculations, actuarial projections related to company transactions; and dividend formulae;
• Designs and maintains rate adjustment application templates and related applicant instructions;
• Assigns projects to staff and monitors their progress;
• Monitors outsourcing of actuarial projects and supervises consultants from initial contract development to completion of the project;
• Supervises subordinate actuarial staff; establishes goals and priorities; monitors performance; completes performance evaluations; and ensures that assigned staff meet their objectives;
• Performs special studies, prepares management reports, and provides technical assistance to Department staff as needed;
• Participates on various task forces of the National Association of Insurance Commissioners (NAIC);
• Provides input in developing new regulations/legislation requiring actuarial expertise;
• Drafts memoranda or reports, for internal and/or public purposes, ensuring proper support and documentation for any findings and recommendations;
• Maintains ongoing communication with other Department staff regarding significant issues and findings in the course of reserve/rate analyses;

• Recommends, reviews and monitors implementation of new actuarial techniques/methods, new computer templates and databases and new workflow procedures and guidelines to conduct risk focused actuarial analyses in compliance with the current NAIC standards and practices; • Performs/supervises research on reserving and ratemaking topics and analyzes insurance data; • Advocates for actuarial resources needed to perform required functions; and

• Represents DFS at hearings and court proceedings, as well as at meetings with internal personnel, insurance companies, sister state agencies, NAIC committees and the public.