Description
The State of Tennessee Treasury Department is seeking a single prime contractor to serve as both the Insurance Broker of Record for the State‑wide commercial insurance programs and the manager of the Tennessee State Captive Insurance Company. The contractor will be responsible for assessing insurance needs, placing and maintaining commercial policies (property, liability, cyber, etc.), marketing and securing re‑insurance, providing extensive risk‑management consulting (up to 500 hours per year), auditing the workers’ compensation TPA, and handling all captive‑related underwriting, claims, financial reporting, and regulatory compliance. Compensation is based on a percentage of the total aggregate premiums placed and an optional hourly rate for additional consulting services.
• Act as Broker of Record – negotiate, bind, and renew commercial lines (property, liability, aviation, terrorism, etc.).
• Manage the State Captive – underwriting, policy issuance, claims tracking, financial statements, and board reporting.
• Provide risk‑management consulting (up to 500 hrs/yr) and re‑insurance placement for property, boiler‑machinery, and cyber exposures.
• Deliver extensive reporting (daily to annual), maintain required insurance coverages, and meet stringent data‑security and continuity standards.
• Earn revenue through premium commissions (typically ≤ 0.01 % of premiums) plus optional $245/hr consulting fees; no direct fee for broker services.