Medical Malpractice Actuarial Services

The vendor required to provide recommendations for medical malpractice rates; and analyze the financial impact of potential legislation on the medical malpractice industry and individual insurance companies.
- Reserve analyses
•    Conduct analyses on loss and loss adjustment expense reserves (i.e.., discounted and undiscounted), anticipated future investment income, surplus, premium deficiency reserves, death, disability, and retirement (DDR) reserves, cash flow analyses, risk-based capital calculations, and other medical malpractice items. 
•    The analyses must be performed for the insurers well as any additional medical malpractice insurers that write by the department. 
•    The contractor must perform these analyses in accordance with the generally accepted actuarial standards of practice as promulgated by the casualty actuarial society and the american academy of actuaries; the insurance law (“insurance law”); the annual statement instructions; the accreditation standards, using the risk-focused examination (“RFE”) approach, as prescribed in the financial condition examiner’s handbook; and the accounting practices and procedures manual. 
•    All actuarial reports, exhibits, and related documentation, in the format requested by the department, supporting these analyses must be submitted to the department.
- Premium rate recommendations
•    The contractor must make recommendations to the department regarding what premium rates the department should establish for: (a) primary coverage (e.g., $1 million/$3 million) directly purchased by a physician; (b) excess coverage directly purchased by a physician; and (c) statutory excess coverage.
- Recommendations related to proposed legislative changes affecting the medical malpractice sector
•    The contractor must conduct actuarial studies to assess the anticipated impact of any changes to premiums, reserves (on retrospective and prospective bases), and rates. 
•    Each study must include data collection (in accordance with insurance law section 308) and verification; compilation of data; analyses; and a written report detailing the results and recommendations. 
•    All work must comply with the insurance law and be in accordance with actuarial standards and procedures as promulgated by the casualty actuarial society and the american academy of actuaries.
- Meetings
•    Available to attend meetings, either in-person or remote, as requested by the department. 
•    Present and discuss their findings with the department and the designated insurance company as needed.
- Proceeding-related services
•    An administrative or judicial proceeding related to the deliverables described in this RFP, the contractor will be expected to provide subsequent services for a proceeding. 
•    Provide the following services:
o    Preparation for proceeding(s);
o    Testimony at proceeding(s); and
o    All support incidental to proceeding(s).