Occ. Code 0752200

 

ASSISTANT ACTUARY, GRADE 14                                                                         0752200

SENIOR ACTUARY (CASUALTY), GRADE 19                                                       0752302

SENIOR ACTUARY (LIFE), GRADE 19                                                                    0752310

ASSOCIATE ACTUARY (CASUALTY), GRADE 24                                               0752440

ASSOCIATE ACTUARY (LIFE), GRADE 24                                                            0752410

PRINCIPAL ACTUARY (CASUALTY), GRADE 28                                                 0752502

PRINCIPAL ACTUARY (LIFE), GRADE 28                                                              0752501

SUPERVISING ACTUARY (CASUALTY), M‑4                                                        0752602

SUPERVISING ACTUARY (LIFE), M‑4                                                                     0752601

CHIEF CASUALTY ACTUARY 3, M‑5                                                                       0754530

CHIEF LIFE ACTUARY 3, M‑5                                                                                    0752830

CHIEF CASUALTY ACTUARY 2, M-6                                                                       0754520

CHIEF LIFE ACTUARY 2, M‑6                                                                                    0752820

CHIEF CASUALTY ACTUARY 1, M‑7                                                                       0754510

CHIEF LIFE ACTUARY 1, M‑7                                                                                    0752810

 

New York State Department of Civil Service

 

Classification Standard

 

BRIEF DESCRIPTION OF CLASS SERIES

 

Actuaries perform actuarial computations relative to insurance plans and rates of contribution to pension funds, and for the preparation of the mortality, disability and other demographic tables upon which such calculations are based. Incumbents determine reserves to provide future benefits and analyze sources of earnings under policies and contracts to determine proper rates of dividends and other indeterminate credits and charges.

 

Actuaries are employed in the State Insurance Fund where rates are developed for workers' compensation and disability benefit insurance, in the Insurance Department where, among other things, the adequacy of reserves of domestic insurance companies is reviewed, in the Teachers' Retirement System and the Office of the State Comptroller where actuarial computations are prepared in connection with retirement benefits.

 

DISTINGUISHING CHARACTERISTICS

 

ASSISTANT ACTUARY: entry level; assists higher level professionals in doing various actuarial computations.

 

SENIOR ACTUARY (LIFE/CASUALTY): journey level; may supervise lower level clerical and actuarial staff.

 

ASSOCIATE ACTUARY (LIFE/CASUALTY): supervises Senior Actuaries; performs actuarial work of a high degree of difficulty and professional responsibility.

 

PRINCIPAL ACTUARY (LIFE/CASUALTY): supervises Associate Actuaries; performs high level actuarial work.

 

SUPERVISING ACTUARY (LIFE/CASUALTY): is the highest level actuary in the agencies employing actuaries, except in the Insurance Department where these positions perform the most difficult actuarial activities.

 

CHIEF (LIFE/CASUALTY) ACTUARY 3: serves as a unit head in the Insurance Department.  A unit is a section subgroup assigned a distinct function within the section actuarial program (e.g., Product Pricing/Nonforfeiture Unit within the Actuarial Valuation Section of the Life Bureau); or oversees a specialty actuarial area that requires the expertise of a Fellow (e.g., medical malpractice insurance, casualty actuarial analysis of captives, life actuarial analysis of agent compensation plans, actuarial review of health rates).

 

CHIEF (LIFE/CASUALTY) ACTUARY 2: functions as a section head in the Insurance Department. A section is a distinct actuarial area (e.g., casualty actuarial reserve analysis, life valuation, and ratemaking methodology).

 

           CHIEF (LIFE/CASUALTY) ACTUARY 1: one position class; oversees all actuarial activities for life, health or property and casualty in the Insurance Department.

           

ILLUSTRATIVE DUTIES

 

           ASSISTANT ACTUARY

 

Performs various actuarial calculations; assists in constructing actuarial tables by analyzing and presenting statistical and other data; assists in reviewing the actuarial basis of insurance and pension plans and calculation of premiums; and evaluates premium rates, reserves, and liabilities to ensure sufficient funds are available to meet future claims.

 

In the Insurance Department, assists in reviewing methods used by companies to value categories of policies; assists in evaluating reserves, including reconciling data, implementing actuarial methods and techniques, and preparing supporting exhibits and memoranda; assists in reviewing filed actuarial documents; assists in checking the mathematical accuracy of calculations presented with agents' compensation plans, separate account filings, and actuarial projections; participates in field examinations of life insurance companies, fraternal benefit societies, and retirement systems; assists in preparing valuation memoranda; assists in the review of health insurer rate submissions and statistical compilations; and reviews casualty insurance company rate filings for compliance with standards prescribed by law and Department’s regulations.

 

In the Office of the State Comptroller, assists higher level actuaries by checking calculations for fiscal notes and cost estimates for legislation, optional retirement allowances and experience studies.

                                                                                                                                      

In the State Insurance Fund, applies actuarial theory and methods to reviewing claims records and death and disability cases to establish proper estimates of eventual incurred losses; computes loss reserves for death and disability cases; and calculates the present values of workers' compensation cases and the amount payable to claimants.

                                                                                                                                                  

In the Teachers' Retirement System, computes reserves for transfers, disability, and deferred allowances; computes cost‑of‑living factors for supplemental pensions paid to annuitants; and checks computations for valuation and service retirement allowances.

 

            SENIOR ACTUARY (CASUALTY)

 

In the Insurance Department, accumulates and reconciles internal company loss data to the periodic financial statement data; assists in establishing and testing the adequacy of loss and loss adjustment expense reserves; prepares exhibits displaying selected ultimate estimates, premiums and loss ratios; reviews ratemaking procedures, including trends and loss development factors, applicable to the review of all filings; examines filings to ensure that standard actuarial techniques were used and regulatory standards are met; communicates with companies to get additional information on incomplete or inaccurate filings; analyzes and approves workers' compensation dividend filings and classification time; analyzes all classification submissions by the New York Compensation Insurance Rating Board (NYCIRB) to ensure that the proposals are reasonable and supported by experience; and assists in analyzing and approving Workers' Compensation Large Deductible Programs and Public Auto Rate Filings.

 

In the State Insurance Fund, supervises a unit responsible for one or more of the following activities: prospective and/or retrospective rating; reserving of lifetime pensions awarded to claimants; preparation of reports analyzing the Fund's disability and workers' compensation lines of insurance; prepares various calculations to be signed by higher level staff; explains actuarial computations to staff, policyholders and their representatives; analyzes case reserves and recommends that certain calculations be final or interim; and prepares periodic exhibits of losses and premiums.

 

            SENIOR ACTUARY (LIFE)

 

In the Insurance Department, checks actuarial reserve formulas and calculations of net premiums and reserves; verifies valuation interest rates for annuities, universal and traditional life; assists in reviewing Actuarial Opinions and Memoranda for completeness; prepares statistical tables in the development of trends of reserves; assists in the review and approval of  agent compensation plan filings by determining if payments generated by proposed formulas are within limits; independently processes simpler  agent compensation plan filings and additions or deletions from plans already approved; checks method and calculation of approximations employed for special reserve liabilities; participates in field examinations of life and health insurance organizations, fraternal benefit societies and retirement systems; assists in the review of community rate adjustment applications for health maintenance organizations (HMOs) by analyzing trends of medical costs by risk classes, verifying demographic pooling factors and ensuring compliance with applicable mandates; assists in  review of rates supporting new contracts and services from HMOs, non-profit health service corporations, and commercial insurers;  examines general industry ratemaking methods for reasonableness, and evaluates actuarial approaches and procedures.

 

In the Office of the State Comptroller, assists higher level actuaries in performing experience studies, preparing new actuarial tables, such as annuity values, option factors, and rates of contributions, and in computing retirement allowances; prepares fiscal notes and cost estimates; and checks bond refunding calculations and reproduces payment schedules.

 

In the Teachers' Retirement System, participates in the annual valuation of the System's liabilities; prepares fiscal notes for proposed legislation affecting the System; computes annuity values and option factors based on mortality and interest assumptions adopted by the Board; calculates reserves to be transferred to other retirement systems; performs studies of actual experience in relation to expected experience based on the valuation assumptions; generates statistics based on the System's membership; prepares the actuarial portion of the annual reports to members; supervises subordinates by assigning and reviewing work, and evaluating performance.

 

            ASSOCIATE ACTUARY (CASUALTY)

 

In the Insurance Department, examines loss adjustment expense reserve of companies writing property/casualty lines of insurance; establishes loss and adjustment expense reserves on the examinations of casualty insurers in financial difficulty; critiques actuarial reserve reports and loss reserve opinions; examines rating plans and analyzes technical components underlying auto rate filings; reviews statistical plans that form the basis for the accumulation of statistical data to ensure that they meet Department’s standards; compiles and audits insurance company experience in the insurance expense exhibits; assists in reviewing expense provisions and merit rating plans; helps in preparing ratemaking guidelines to be followed by the industry in submitting filings to the Department; assists in analyzing and approving workers' compensation deviations; analyzes the general rate revision filed by NYCIRB by reviewing loss experience, effect on rate level of the changes in hospital agreements and medical fee schedules and trends in loss frequencies; and assists in analyzing and approving multi‑tier rating programs for private passenger automobile insurance.

 

In the State Insurance Fund, supervises staff; develops special actuarial formulas to fit special actuarial problems; develops new and revises existing rating plans; handles requests for information and complaints regarding actuarial aspects of insurance practices; prepares instructions and memoranda relating to the actuarial valuations involving mortality and remarriage contingencies and interest factors; investigates difficult actuarial and statistical problems or directs such investigations.

 

           ASSOCIATE ACTUARY (LIFE)

 

In the Insurance Department, reviews and approves credit life, credit disability and credit unemployment insurance filings such as rates, rating plans, and policy forms for reasonableness and compliance with applicable regulations; reviews and tests the adequacy of rate adjustment applications; assists companies in resolving actuarial problems and in developing and implementing rates; makes determinations in difficult actuarial problems connected with the Department's valuation of reserves and with its supervision of private and public retirement systems; audits reserve valuation and valuation methods for compliance with the State's minimum standards and works with companies to correct deficiencies; assists in monitoring compliance with statutory accounting requirements and identifies needed corrections; investigates complaints on premium matters; analyzes new and amended regulations; conducts the review of community rate adjustment applications of moderate sized HMOs and health insurers; participates in field examinations of life and health insurance organizations and fraternal benefit societies that involve a medium degree of complexity; and  performs premium rate reviews of medium complexity for new contracts for all types of health insurance.

 

In the Office of the State Comptroller, prepares active, retired and loan experience studies and suggests rate changes; analyzes the retirement systems’ experience concerning deaths, disabilities and retirements; prepares new actuarial tables, including the construction and graduation of the experience rates; creates and maintains valuation based on cost estimates, fiscal notes and annual valuation; prepares fiscal notes on proposed legislation; prepares, tests and runs
the gain/loss analysis and the one‑ and five‑year experience studies; oversees the preparation of financial reports; calculates additional reserves and rates due to retirement incentives offered by employers; and supervises actuarial and clerical staff.

 

In the Teachers’ Retirement System, produces or checks various portions of the annual actuarial valuation, experience studies, and various actuarial liability and cost calculations for fiscal notes;  develops funding procedures to match the expanding benefit structure; analyzes the actuarial gains and/or losses of the System’s operations; formulates applications of new actuarial concepts to the existing system; prepares the calculation of the System's reserve position; prepares actuarial data for reports to be submitted to regulators; assists in evaluating and selecting investment portfolio by applying actuarial techniques to measure investment performance; calculates actuarial reserve for members transferring to other public retirement systems; assists in drafting and reviewing legislation affecting the System; and supervises actuarial and clerical staff.

 

            PRINCIPAL ACTUARY (CASUALTY)

 

In the Insurance Department, directs the analysis of loss experience and expense data submitted by insurers and the auditing of insurance expense exhibits; supervises the preparation of statistical exhibits and other information requested by the public, media and legislature; oversees the analysis of credible frequency, severity and loss experience data; reviews and analyzes new and existing ratemaking methods as presented by insurers in their rate filings; advises Department’s Examiners on balance sheet items impacting reserves; makes recommendations to management on the analysis of loss and expense experience, loss reserving methods and ratemaking techniques; assists in designing statistical sampling tests to detect the accuracy of data submitted by insurers; analyzes closed claim studies in liability areas; prepares position papers on actuarial and other insurance issues; recommends reserves to be incorporated on examination reports and defends examination findings in discussions with company management; testifies as expert witness at Department hearings and court proceedings on loss and loss expense reserves; and assists in preparing testimony on insurer financial condition and solvency matters in court hearings.

 

In the State Insurance Fund, assists the head of the Actuarial Department in supervising the maintenance of loss reserve, the reporting of policyholders' experience to NYCIRB for the purpose of ratemaking and experience rating, the preparation of accounting under the various group and retrospective plans, the collection of experience on all policies for justifying charging differentials and refunding differentials on substandard risks, and the collection of statistics for writing workers' compensation and disability benefits insurance; represents the Actuarial Department in its contacts with other departments; represents the Fund with policyholders or their representatives and with other workers' compensation carriers; and acts as actuarial consultant to management.

 

            PRINCIPAL ACTUARY (LIFE)

 

In the Insurance Department, performs difficult actuarial duties requiring extensive knowledge in actuarial theory and its practical application to life and health policy form construction and values; reviews rating of individual and group policy forms to determine that premiums are reasonable and comply with Department’s rules, guidelines and regulations; determines proper reserve basis for life insurance, annuities, disability benefits, accidental death benefits, and contingent liabilities of life insurance companies and fraternal benefit societies; evaluates reserve strengthening and destrengthening proposals submitted by insurers and makes appropriate recommendations; supervises actuarial staff in reviewing valuation reserves; evaluates the financial impact of corporate pension plans of non-profit health service corporations; conducts the review of community rate adjustment applications for larger HMOs and health insurers; assists in drafting proposed regulations, legislation and circular letters; compiles various actuarial studies and statistical surveys; investigates and makes recommendations on difficult actuarial problems in valuations, field examinations, dividend methods and related issues.

 

In the Office of the State Comptroller, determines proper reserve basis for pensions, annuities, disability benefits, accidental and ordinary death benefits, and other liabilities of the systems; designs new experience studies to analyze trends developing from new or modified disability benefits; verifies the accuracy of liability calculations used to determine the monetary reserves sent to other retirement systems because of member transfers; calculates the liability of cost-of-living increases to the retirement systems; oversees the calculation of actuarial reduction in benefits due to workers' compensation lump sum payments; performs various special studies on policy changes, changes in funding methods, adjustment in interest rates, etc.; assists supervisor in managing the operations of the bureau; and supervises staff.

 

In the Teachers' Retirement System, supervises all activities of the Actuarial/Research and Valuation Department; coordinates the work of the Department with that of other departments; oversees the preparation of various reports; and supervises staff.

 

            SUPERVISING ACTUARY (CASUALTY)

 

In the Insurance Department, evaluates the liability for outstanding losses and loss adjustment expense reserves of companies writing property and casualty lines of insurance; tests insurer reserving practices to ascertain that projections of future rate needs are based on appropriate loss reserve estimates; develops reasonable standards for rating plans; critiques the work of actuarial consultants hired by the Department; trains Insurance Examiners in using actuarial techniques on the development of loss and loss expense reserves for property and casualty insurers; integrates actuarial findings with the Insurance Examiner’s Report on Examination; interprets the rate level effects of various legislative proposals; provides advice on actuarial issues such as risk transfer, cash flow and discounting; represents the Superintendent on matters involving property and casualty loss and loss expense reserves; coordinates Department’s policy with others through the National Association of Insurance Commissioners (NAIC); supervises subordinates by assigning and reviewing work, and evaluating performance; and testifies before State and federal governmental bodies as an expert on actuarial issues.

 

In the State Insurance Fund, oversees the operation of the Actuarial Department; communicates and coordinates personnel matters and Department reports and analyses with other departments; is responsible for the actuarial soundness of all rating plans offered by the Fund to its policyholders; develops new rating plans to be adopted by management; represents the Fund on actuarial committees; and testifies as an expert witness before the Workers' Compensation Board.

 

            SUPERVISING ACTUARY (LIFE)

 

In the Insurance Department, is responsible for actuarial analysis of reserve valuations of domestic life insurance companies: makes determinations in actuarial matters including the acceptance of the valuation methods by domestic companies; analyzes the actuarial implications of existing and proposed plans of agent compensation for compliance with applicable statutes; evaluates actuarial projections in connection with acquisitions, mergers and tests of solvency; reviews studies of experience; determines proper reserve bases for life insurance annuities, disability benefits, accidental death benefits, etc.; determines the effectiveness of Department’s regulations and proposes modifications; drafts proposed regulations, legislation and circular letters; reviews reinsurance treaties for adherence to laws and regulations; serves as consultant to other Department’s bureaus or governmental entities on actuarial matters; evaluates actuarial components of experience rating formulas of health insurance organizations; reviews and critiques actuarial reports of continuing care retirement communities;  participates in field examinations of the most complex or difficult life and health insurance organizations, fraternal benefit societies and retirement systems and reviews the field examination work of lower level actuaries;  represents the Superintendent on task forces and at NAIC meetings; performs difficult actuarial duties requiring extensive knowledge in actuarial theory; reviews premium rating of the most complex policy forms to determine that premiums are reasonable and comply with Department’s rules, guidelines and regulations; and supervises subordinates.

 

In the Office of the State Comptroller, assists in directing the operations of the bureau; oversees all aspects of the annual actuarial valuation of the assets and liabilities of the retirement systems; coordinates the work of the bureau with that of other bureaus; monitors changes in federal pension regulations and compliance requirements; and supervises subordinates.

 

            CHIEF LIFE/CASUALTY ACTUARY 3

 

Manages the activities of an actuarial unit in the Insurance Department; evaluates the unit's actuarial analyses for reasonableness and supportability; provides actuarial expertise in furthering the Department's policy position; represents the Department on NAIC task forces; oversees Supervising Actuaries in the life, health or casualty specialty; and ensures that unit's goals and objectives are met.

 

            CHIEF LIFE/CASUALTY ACTUARY 2

 

Oversees all actuarial activities for a section made up of two or more units; supervises Chief Life Actuaries 3 or Chief Casualty Actuaries 3, depending on the area (life, health or casualty); establishes procedures for reviewing section work; develops standards for awarding actuarial consulting contracts and reviews the work of actuarial consultants; represents the Department on various committees; and educates the public and industry on the procedures and positions of the Department on actuarial issues.

 

            CHIEF LIFE/CASUALTY ACTUARY 1

 

Directs all actuarial activities in the Insurance Department for either life, health or casualty; oversees the overall review and approval of all filings; directs and participates in drafting legislation, regulation and circular letters on rating matters; and represents the Department on major inter-governmental and inter‑departmental task forces involved with policy making and the drafting of significant legislation and regulations.

 

MINIMUM QUALIFICATIONS

 

ASSISTANT ACTUARY

 

Open Competitive:  Bachelor’s Degree including 24 semester credit hours in mathematics, statistics or actuarial science, six semester credit hours in computer science and successful completion of one course or examination from the Society of Actuaries or Casualty Actuarial Society.

 

SENIOR ACTUARY (CASUALTY)

 

Open Competitive: Bachelor’s Degree, one year of actuarial experience and successful completion of one examination from the Casualty Actuarial Society.

 

SENIOR ACTUARY (LIFE)

 

Open Competitive: Bachelor’s Degree, one year of actuarial experience and successful completion of one course from the Society of Actuaries.

 

ASSOCIATE ACTUARY (CASUALTY)

 

Open Competitive: Bachelor’s Degree, successful completion of at least two examinations from the Casualty Actuarial Society and three years of actuarial experience.

 

ASSOCIATE ACTUARY (LIFE)

 

Open Competitive: Bachelor’s Degree, successful completion of at least two courses from the Society of Actuaries and three years of actuarial experience.

 

 

PRINCIPAL ACTUARY (CASUALTY)

 

Open Competitive: Bachelor’s Degree, successful completion of at least four examinations from the Casualty Actuarial Society and four years of actuarial experience.

 

PRINCIPAL ACTUARY (LIFE)

 

Open Competitive: Bachelor’s Degree, successful completion of at least four courses from the Society of Actuaries and four years of actuarial experience.

 

SUPERVISING ACTUARY (CASUALTY)

 

Open Competitive: Bachelor’s Degree, successful completion of at least five examinations from the Casualty Actuarial Society and five years of actuarial experience.

 

SUPERVISING ACTUARY (LIFE)

 

Open Competitive: Bachelor’s Degree, successful completion of at least six courses from the Society of Actuaries and five years of actuarial experience.

 

CHIEF CASUALTY ACTUARY 3

 

Promotion: Successful completion of seven examinations from the Casualty Actuarial Society and one year of service as Supervising Actuary (Casualty).

 

CHIEF LIFE ACTUARY 3

 

Promotion: Fellowship in the Society of Actuaries and one year of service as Supervising Actuary (Life).

 

CHIEF CASUALTY ACTUARY 2

 

Promotion: Fellowship in the Casualty Actuarial Society and one year of service as Chief Casualty Actuary 3.

 

Open Competitive: Fellowship in the Casualty Actuarial Society and seven years of actuarial experience, two of which must be subsequent to obtaining the Fellowship designation and include responsibility for managing and/or directing all activities of actuarial staff.

 

CHIEF LIFE ACTUARY 2

 

Promotion: Fellowship in the Society of Actuaries and one year of service as Chief Life Actuary 3.

 

CHIEF LIFE ACTUARY 1

 

Promotion: Fellowship in the Society of Actuaries and one year of service as Chief Life Actuary 2.

 

CHIEF CASUALTY ACTUARY 1

 

Promotion: Fellowship in the Casualty Actuarial Society and one year of service as Chief Casualty Actuary 2.

 

 

 

 

 

Revised:  6/03

 

 

 

NOTE: Classification Standards illustrate the nature, extent and scope of duties and responsibilities of the classes they describe. Standards cannot and do not include all of the work that might be appropriately performed by a class. The minimum qualifications above are those which were required for appointment at the time the Classification Standard was written. Please contact the Division of Staffing Services for current information on minimum qualification requirements for appointment or examination.