Actuarial Consulting Services

The vendor is required to provide that to provide assistance in the analysis, evaluation, and implementation of statutory mandates, and to aid the agency in meeting the requirements arising from its annual independent financial evaluation of unpaid loss and loss adjustment expense liabilities in establishing financial reserves.
- The agency requires these actuarial services for the following funds operated by the agency:
• State insurance fund (SIF),
• Marine industry fund (MIF),
• Coal-workers pneumoconiosis (black lung) fund,
• Public work-relief employees’ (PWRE) compensation fund,
• Disabled workers’ relief funds and
• Self-insuring employers’ guaranty fund (SIEGF).
- Provide a peer review of the quarterly analysis on actuarial unpaid claim liability estimates developed by the actuarial division of the agency for compensation (indemnity), medical costs, and compensation adjustment expenses on all funds under the purview of agency excluding black lung.
- The peer review will be conducted on claims incurred by the state insurance fund, the combination of other funds, and a total of these funds.
- The peer review must include a range of reasonable estimates of the unpaid claim liability estimates.
- The actuarial estimates on unpaid claim liabilities and a range of reasonable estimates for the coal-workers’ pneumoconiosis (black lung) fund following march 31 of each year, to be completed by June 1.
- Provide a statement of actuarial opinion on loss and loss adjustment expense reserves in a form specified by the agency by September 1 of each year for management’s booked reserves at June 30 of the year.
- Assist, as directed by the agency, the independent accountants and their actuaries conducting the annual financial audit in any issue relating to financial evaluations.
- Communicate and cooperate fully with the independent auditors and their actuaries with regard to their work on, and footnote disclosures relating to, financial statement reserve amounts determined pursuant
- Prepare private and public employer additional retrospective premium return projections as of June 30 of each year, to be completed by august 22. -
- Provide one complete and final electronic copy (e.g., pdf format) to the agency of any evaluations of estimated unpaid claim liabilities using data as of each quarter
- Agency, all supporting material must be submitted to the agency in an electronic format that can be analyzed and configured by agency personnel.
- Facilitate the transfer of data by accepting and providing files in a sftp “SSH file transfer protocol” format designated by agency.
- The electronic files will be transmitted to the consultant using a normally accepted business application.
- The chief actuarial officer, chief financial officer, the actuarial management, the administrator, and other staff as requested.
- Attend workers’ compensation board of directors and actuarial committee meetings and make presentations on issues pertaining to quarterly evaluations of estimated unpaid claim liabilities, as required.
- At the agency request:
• Provide educational sessions to the board on reserving issues
• Provide a review and comment on the reserving discount rate and risk margin used in the reserve studies
• Assist in any asset-liability management studies
• Estimate cash flow and liability estimates for the agency investment consultant’s asset liability study for a 10-year period based on alternative scenarios provided by the agency or recommended by the investment consultant
• Assist in the ongoing evaluation of the agency individual case reserving systems, which may be used for reserve evaluation purposes
• Attend legislative committee meetings and make presentations on reserving issues
• Analyze matters involving the administration of the state insurance fund including loss adjustment expenses as identified by agency
- Provide other assistance as requested pertaining to reserves.
- Contract Period/Term: 3 years
- Questions/Inquires Deadline: March 25, 2025