A Principal Actuary Casualty’s responsibilities may include, but will not be limited to, the following:
Provide actuarial support for various deliverables related to the Workers’ Compensation Fund (WCF);
Work with Underwriting, Finance and senior management to develop sound models for estimating and forecasting needed deliverables;
Develop estimates of ultimate losses and loss adjustment expenses for various segments of WCF’s book;
Calculate appropriate reserves for loss-sensitive policyholders;
Incorporate the effects of the latest industry loss cost filings into pricing and reserving analysis;
Provide analysis and direction on the drivers of loss trends;
Analyze proposed new products and/or changes in contract terms;
Estimate the impact to NYSIF from various legislative and regulatory initiatives;
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;
Perform all work in accordance with Actuarial Standards of Practice as promulgated by the Actuarial Standards Board;
Remain current with respect to new approaches and methods utilized in ratemaking and reserving; AND
Possible management responsibilities based on candidate and position.
A bachelor’s degree or higher; AND
Successful completion of four examinations of the Casualty Actuarial Society; 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
Preferred qualifications include being at least an Associate of the Casualty Actuarial Society (ACAS) and/or a member of the American Academy of Actuaries (MAAA).
About New York State Insurance Fund
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 market place 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 155,000 policyholders, with more than $2 billion in annual premium and $18 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 61,000 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.