Actuarial Consulting Services For The Tennessee Advisory Council On Workers' Compensation

Background

The State of Tennessee, Department of Treasury, is issuing this Request for Proposals (RFP) to solicit responses for actuarial consulting services for the Advisory Council on Workers’ Compensation (ACWC). The goal of this RFP is to procure necessary services at competitive prices while allowing qualified respondents the opportunity to engage with the state as contractors or suppliers. The selected contractor will provide essential actuarial consulting services that support the ACWC's mission.

Work Details

The actuarial consulting services required include: - Evaluation of the annual National Council on Compensation Insurance, Inc. (NCCI) filing related to advisory prospective loss costs and rating values for Tennessee's voluntary workers’ compensation insurance market. - Assessment of data selected by NCCI for the annual loss cost filing, including analysis of case scope, claim dollar amounts, potential biases in data, coverage breadth, and exclusions from NCCI's filing. - Examination of NCCI's methodology for selecting estimates to determine ultimate loss costs for past and forecast periods, including identification of alternative methodologies not utilized by NCCI. - Analysis of NCCI’s calculation methodology regarding proposed changes in loss costs and loss adjustment expenses. - Evaluation of trend factors selected by NCCI. - Addressing any additional issues arising during the review and evaluation process. - Preparation of a written report summarizing findings and presenting results to ACWC at a meeting typically held the month following NCCI's submission.

Period of Performance

The contract period will be defined in the Pro Forma Contract (Attachment 6.6), which outlines specific timelines and deliverables associated with the actuarial consulting services.

Place of Performance

The services will be performed within the State of Tennessee, with specific locations determined based on meetings and evaluations conducted by the contractor.

Bidder Requirements

Respondents must comply with all provisions outlined in the RFP, including providing a Statement of Certifications and Assurances. They must hold all necessary business or professional licenses required to perform the services specified in this RFP. Additionally, respondents must be registered with the Tennessee Department of Revenue for sales and use tax collection. The contractor may not subcontract any portion of the contract without prior approval from the State.