Principal Actuary Life

Principal Actuary Life

NYSIF (Actuarial – New York City)

Salary: $95,136 - $116,844

Description:

The Aggregate Trust Fund was created by NY Statute to provide wage replacement benefits to dependents of claimants suffering a fatal injury during the course of employment as well as to claimants directly who are impacted by permanent injuries sustained during the course of employment. All benefit payments are funded by deposits from private carriers who transfer the liability for future benefit payments to the ATF. The ATF currently has $500M+ in assets to support future benefit payments.

Under the general direction of the Chief Actuary or other high-level actuarial staff, the Principal Actuary Life will utilize their education, experience and training in life contingencies and actuarial theory to calculate deposits and reserves and perform other requested calculations from the Workers’ Compensation Board (WCB) involving claims associated with the Aggregate Trust Fund (ATF).

Other duties include, but are not limited to:

• Manage and lead the ATF unit, clarify job responsibilities and performance expectations, establish goals and job competencies, identify skill gaps, create development plans, coach and mentor on a continuous basis and provide performance evaluations Monitor deposit levels, trends and assess the adequacy of funding. Calculate deposits based on WCB Special Bulletin 222.c Calculate appropriate loss reserves Provide estimated prospective cashflows to NYSIF’s Investments Department on a periodic basis Provide analytical support for actual and proposed legislative initiatives affecting the ATF Provide all required actuarial inputs to the year-end financial statements Provide support to internal auditors, internal control staff, external auditors, and the Department of Financial Examination audit. Develop analytics and models to support executive level decision making. Advise and assist business partners in the use of actuarial and mathematical techniques to analyze the business.

Basic Qualifications

Reachable on current Civil Service list for this title or one year of permanent, competitive class service as a Principal Actuary Life, or one year of permanent competitive class service in a title eligible for transfer under Section 52.6 of the Civil Service Law and must also meet the following requirements: A bachelor’s degree or higher; AND successful completion of the Society of Actuaries examinations MLC, MFE and two additional examinations; AND four years of actuarial experience in one or more of the following activities: actuarial or statistical work for operating units or management; governmental regulatory actuarial functions; OR performing actuarial computations for reserves, premium rates, and/or policy forms.

Preferred Qualifications

It is preferred that a qualified candidate also be a member of the American Academy of Actuaries (MAAA) and an Associate or Fellow of the Society of Actuaries (ASA, FSA).

As this title is filled by Continuous Recruitment examination, you must complete a NYS-application form to apply for list eligibility. Please visit the Department of Civil Service website for more information on how to apply: https://www.cs.ny.gov/examannouncements/announcements/oc-cr/decentralized/20-120.cfm

Primary Location: This position may be filled in either Albany or NYC

Travel: 10%

Schedule: Monday - Friday

Telecommuting: NYSIF has a telecommuting program.

Please note the following New York State Civil Service employment information:

• Jurisdictional classification: Competitive Bargaining unit: PEF

The New York State Insurance Fund (NYSIF) was established in 1914 as part of the original enactment of the New York State Workers’ Compensation Law. NYSIF's mission is to guarantee the availability of workers’ compensation insurance at the lowest possible cost to New York employers and to provide timely, appropriate indemnity and medical payments to injured workers, while maintaining a solvent fund. Since inception, NYSIF has fulfilled the dual roles for which it was created: to compete with other carriers to ensure a fair marketplace and to be a guaranteed source of coverage for employers who cannot secure coverage elsewhere.

NYSIF is the largest workers’ compensation carrier in New York State and among the top 10 largest workers’ compensation carriers in the nation, insuring approximately 139,000 policyholders, with more than $1.8 billion in annual earned premium and over $22 billion in assets. A self-supporting insurance carrier, NYSIF operates without taxpayer funding.

In addition to workers’ compensation insurance, NYSIF provides disability benefits coverage for off-the-job injuries to more than 56,000 New York employers. In 2018, NYSIF added paid family leave as a component of its disability benefits product, providing New Yorkers with job-protected, paid time away from work to care for their families.