Volunteer Safety Workers’ Compensation Funding Study IFB

The Department of Insurance is seeking a vendor to conduct an annual study of the Workers' Compensation Fund, including a loss reserve analysis and a funding study. The study must determine the Fund's liability for losses and loss adjustment expenses, and calculate the amount required to meet the Fund's needs, projecting at least five years into the future. The vendor must hold Fellow or Associate credentials in the Casualty Actuarial Society (FCAS/ACAS). The scope of work includes: • Loss Reserve Analysis: Determine the Fund's liability for losses and loss adjustment expenses as of June 30, 2025, within a reasonable range of plus or minus ten percent. • Funding Study: Perform the annual actuarial study required by statute, building upon the loss reserve analysis. • Presentation and Submission: Present findings to the Office of State Fire Marshal and provide final deliverables in both written and electronic formats. The key deliverables include a written report detailing reserve estimates, methodology, assumptions, and supporting data tables, as well as a comprehensive actuarial report including projections, scenario analyses, and recommendations.