Prin Actuary Life

Grade 28

New York State has approximately 22 positions* in this title statewide. You may view a breakdown of positions by county. This position exists in various agencies statewide. View links to all New York State agencies including agencies that have this title. For more information, New York State employees can contact the Career Mobility Office at (518) 485-6199 or (800) 553-1322. If you are not a current New York State employee, you can use the Department of Civil Service Web site to explore possible employment opportunities.

*The number of positions is approximate and represents the number of positions established (both filled and vacant); it is not an indication or reference to position type or duration, or intent to be filled. If you are viewing a trainee title, please note this number reflects the number of positions established at the journey level. Agencies may fill at the trainee level(s) or at the journey level based on employee qualifications. GOT-IT does not provide information on any job postings or job availability. For information on current job postings, please visit State Jobs NY. You may also visit specific New York State Agency websites for information about an agency and its job opportunities.

Career Ladder

A listing of titles that are most commonly used as steps for upward mobility for this title series. The salary schedule for this career ladder is also available.

  1. Senr Actuary Life

    Grade 19

  2. Assoc Actuary Life

    Grade 24

  3. Prin Actuary Life

    Grade 28

  4. Supvg Actuary Life

    Grade 64

  5. Chief Life Actuary 3

    Grade 65

  6. Chief Life Actuary 2

    Grade 66

  7. Chief Life Actuary 1

    Grade 67

Summary of Job Description

As a Principal Actuary (Life) in the NYS Department of Financial Services, you may perform studies in various phases of life insurance and retirement systems, including testing the effectiveness of current and proposed regulations. You may determine proper reserve basis for life insurance, annuities, disability benefits, accidental death benefits and contingent liabilities of insurers. You may review proposals by domestic life insurance companies to revise their valuation procedures, review policy forms and product illustrations for actuarial compliance with Insurance law and regulations, and determine the reasonableness of accident and health rates. You may review submissions of medium complexity regarding agent compensation, separate accounts, investment income allocation and actuarial projections for company plans of operation. You may review rate adjustment applications for health products from Health Maintenance Organizations, Life and Accident and Health Insurance Companies, Non-Profit Medical and Dental Indemnity Corporations, Non-Profit Health and Hospital Service Corporations and government sponsored programs for compliance with statutes and regulations, investigate public complaints on actuarial related matters, analyze the financial impact of a health company's employee benefit package, and participate in public rate hearings.

As a Principal Actuary (Life) in the NYS Office of the State Comptroller, you would be responsible for producing the annual actuarial valuation, experience studies, calculations of various actuarial liabilities, and cost estimates for proposed benefit changes.

As a Principal Actuary (Life) in the Teachers' Retirement System, you would supervise all activities of the Actuary Department, coordinate the work of the Department with that of other departments, oversee the preparation of various reports, and supervise staff. You would also participate in the annual valuation of the System's liabilities, participate in the GASB 45 OPEB actuarial valuation and prepare related disclosures, review legislation affecting the System, prepare fiscal notes for proposed legislation affecting the System, analyze the actuarial gains and/or losses of the System, prepare actuarial data for reports to be submitted to regulators, develop updated actuarial assumption tables when warranted, calculate option factors as required by a Domestic Relations Order (DRO), perform studies of actual experience in relation to expected experience based on the valuation assumptions, generate statistics based on the System's membership, repare the actuarial and statistical portions of the annual reports to members, and prepare presentations as required.

View the classification standard for this title, on the Classification and Compensation webpage.

The NYS Title and Salary Plan provides additional information regarding other titles. If there is a classification standard available there will be a link under the column labeled STD. NO. If no link is available there is no classification standard available at this time for that title.

Summary of Minimum Qualifications

Please note: qualifications for this position may be subject to change. If substitutions for education and/or experience are allowed, this information would be available on the announcement.

You must take and pass a Civil Service examination in order to be considered for this position.

Candidates must have all of the following:
�� A bachelor's degree or higher;
�� Successful completion of the Society of Actuaries examinations MLC, MFE, and two additional examinations;
�� Four years of actuarial experience in one or more of the following activities:
1. actuarial or statistical work for operating units or management;
2 governmental regulatory actuarial functions;
3. governmental or private pension actuarial functions; OR
4. performing actuarial computations for reserves, premium rates, and/or policy forms.

For informational purposes only, click on the examination number(s) listed below to see the current or previous examination(s) that are used to fill this title.


How to Apply

When this examination is scheduled to be held, the announcement can be found on the Department of Civil Service, Examination Announcements web page. If you do not see an examination currently scheduled please check back on a monthly basis or sign up for announcement notification by email so that you will automatically be notified when new examinations are being offered.

Career Mobility

Career mobility is not just limited to the titles in the Career Ladder, above. Additional movement may be achieved through other examinations, additional education and/or work experience or transfer opportunities. For additional information or clarification of transfer determinations, current State employees should contact the Career Mobility Office. Visit ELMS Online to view established open-competitive, promotion, and transition eligible lists. If you are not a current New York State employee, see Employment Opportunities with New York State and find out how to become a New York State employee.

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