Chief Actuary

New York State Department of Financial Services

The Department of Financial Services (DFS) is seeking candidates for the position of Chief Actuary. Under the general direction of the Deputy Superintendent, the incumbent will be responsible for overseeing the Property Bureau Financial and Market Actuarial Sections. Other duties will include, but not be limited to, the following:
• Supervises analyses of property/casualty company reserves, performed in accordance with NAIC accreditation and actuarial standards. Duties include, but are not limited to: monitors workflow to meet deadlines; provides critiques and suggests improvements to subordinate actuaries’ work product; prepares memoranda regarding reserve findings and recommendations; and meets with internal/external participants to discuss/defend reserve indications;
• Monitors and recommends new/updated procedures to improve quality of reserve analyses, performance and productivity;
• Supervises comprehensive reviews of actuarial opinion documents; recommends and oversees implementation of improvements as needed;
• Supervises analyses requiring actuarial input for other financial transactions, such as reinsurance agreements, mergers and acquisitions, and risk-based capital calculations;
• 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;
• 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 work flow 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 general public.

Skills Requirements:

• Extensive actuarial experience in the field of property/casualty insurance
• Bachelor’s or master’s degree in mathematics, actuarial sciences, or statistics

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