Statewide Actuarial Services

The Vendor is required to provide to obtain levelized rates for actuarial services and leverage statewide buying power to obtain the most competitive pricing available, while maximizing value for State entities.
- Apply, at minimum, industry standard actuarial analytics and methodologies to determine valuation, risk, forecasting, and other key financial indicators in their field of expertise, defined by the Categories of Actuarial Services
- Comply with all statutes, rules, policies, and procedures related to providing actuarial services, in accordance with Actuarial Standard of Practice (ASOPs) developed by the Actuarial Standards Board (ASB), under a resulting contract specified by the Purchasing Entity.
- Identify and quantify vulnerabilities and develop solutions to mitigate the associated risk and provide expert guidance.
- Conduct evaluations of plan assets and liabilities and create forecasted projections for funding and expense.
- Advise on implications of decisions, outcomes, and probability of what-if scenarios.
- Translate complex data into actionable plans, provide custom models for complex financial scenarios, and proactively consult in developing strategies to guide decisions, based on the results of the actuarial findings.
- Consider all information and data private and confidential.
- Provide virtual and on-site consulting services and collection of data, at a time and place determined by the Purchasing Entity.
- Provide support and guidance to the Purchasing Entities during the reviews and analyses of actuarial filings in conjunction with examinations or audits and assist with statements and filings as deemed necessary by the Purchasing Entities.
- Present at any hearing or court proceeding to provide expert testimony defending data reported and methodology used in their work, in the event of a hearing, deposition, or court challenge.
- Provide a list of all state clients prior to award for the purpose of determining conflicts of interest.
- Category 1: Life Insurance Actuary Requirements
• Use current and appropriate actuarial assumptions and methodologies to compile data, computations, and perform actuarial analyses for life insurance.
• Assess risks and predict future costs and liabilities as they pertain to life insurance.
- Category 2: Health Insurance Actuary Requirements
• Use current and appropriate actuarial assumptions and methodologies to assess rates and reserves to mitigate risk and maximize profitability.
• Provide analysis on medical trends that will affect risk or opportunity.
• Advice on rates, premiums, and benefits based on the results of their analyses.
- Category 3: Pension Actuary Requirements
• Use current and appropriate actuarial assumptions and methodologies to evaluate and advise on financial risks within pension plans.
• Provide guidance on pension costs, obligations, investment strategies, and strategic planning for pension plans.
• Analyze and advise on pension plan funding levels, contribution rates, and pension stability.
- Category 4: Property and Casualty Actuary Requirements
• Advise on property value, loss, and liabilities resulting from accidents, natural disasters, or any other unforeseeable event.
• Advise on underwriting, when necessary.
• Evaluate cost and risk to determine economic impact and recommend changes to ensure financial stability.
- Category 5: Enterprise Risk Management Actuary Requirements
• Identify critical impacts to overall financial health and risk exposure.
• Develop plans, solutions, and strategies to mitigate risk based on current economic climate, market conditions, or any other vulnerabilities.
- Category 6: Investment and Finance Actuary Requirements
• Compile and analyze investment data to create models and reports that indicate profitability of investments, investment trending, and identifying potential risks of certain investments.
• Create forecasts and estimates of probability for various investment opportunities to determine best practices and next steps.
- Contract Period/Term: 3 years
- Questions/Inquires Deadline: June 22, 2025