Financial Services Specialist 4 (Risk), SG-27

Financial Services Specialist 4 (Risk)

The New York State Department of Financial Services seeks to build an equitable, transparent, and resilient financial system that benefits individuals and supports business. Through engagement, data-driven regulation and policy, and operational excellence, the Department and its employees are responsible for empowering consumers and protecting them from financial harm; ensuring the health of the entities we regulate; driving economic growth in New York through responsible innovation; and preserving the stability of the global financial system.

The Department of Financial Services is seeking candidates for the position of Financial Services Specialist 4 (Risk) within the Property Bureau. Duties include, but are not limited to, the following :

• Leads internal meetings and participates in inter-bureau conferences, Departmental hearings, and conferences with industry officials;
• Handles consumer and VIP complaints and inquiries as well as FOIL requests;
• Attends periodic meetings with the American Arbitration Association (AAA);
• Keeps abreast of statutes, regulations, circular letters, OGC opinions, and Bureau procedures governing automobile no-fault and physical damage coverages and clearly articulates them to staff and the industry;
• Conducts meetings with company representatives pertaining to investigative findings and necessary corrective action plans;
• Writes reports and memos that effectively document issues needing further analysis and input from supervisors and Bureau management in reaching appropriate conclusions;
• Investigatively abusive No-Fault claims practices of insurers as well as applicants and their attorneys that are brought to light from No-Fault arbitrations filed with the AAA;
• Coordinates collection of penalties from insurers in connection with enforcement of payment of overdue No-Fault arbitration awards;
• Oversees auto insurers' physical damage claims handling practices for compliance with Insurance Regulations 64 and 79;
• Investigatively health service provider overcharges;
• Assists in the development of reports, special projects or studies in accordance with applicable statutes, regulations and executive directives;
• Assists Bureau staff in implementing new and upgraded electronic systems related to specific functions of the Bureau;
• Informs supervisor of any observed industry trends, unusual findings or significant issues that have arisen;
• Assists with internal control oversight;
• Reviews letters and memos prepared by staff for completeness and for appropriate citations or interpretations of laws, regulations, and OGC opinions;
• Monitors the workflow of staff and oversees the training of new examiners including trainees;
• Assists in special investigations and / or research projects including preparing information for the annual Superintendent's Report;
• Oversees the review of disaster response plans submitted annually by licensed Property / Casualty insurance companies;
• Monitors and updates the No-Fault Resources section of the Department's website to ensure information is current and accurate;
• Assists in drafting proposed amendments to Insurance Regulations pertaining to automobile insurance;
• Other duties as assigned.

Minimum Qualifications :

Appointment Method :

Candidates must meet the minimum qualifications listed below in order to be eligible for appointment.

Non-Competitive : A Bachelor's Degree in Accounting, Auditing, Business, Business Administration, Economics, Econometrics, Finance, Mathematics, Market Analysis, Quality Assurance, or Risk Management and five (5) years of specialized experience in the following of which two (2) years must have been at a supervisory level :

A Master's Degree in one (1) of the related fields or a J.D. may substitute for one (1) year of specialized experience. A Ph.D. in one (1) of the related fields may substitute for two (2) years of specialized experience.

Additional Comments :

Please note that a change in negotiating unit may affect your salary, insurance and other benefits.

Salary : The starting salary for this position is $106,898 with periodic increases up to $131,665.

Positions located within the New York City metropolitan area, as well as Suffolk, Nassau, Rockland, and Westchester Counties, are also eligible to receive an additional $4,000 annual downstate adjustment.

Appointment Status : Contingent Permanent.

Appointment to this position is pending Governor Appointment's Office and Division of Budget approval.

Some positions may require additional credentials or a background check to verify your identity.