Description
The Government of the Virgin Islands is seeking actuarial consulting services to provide comprehensive analysis, valuation, and reporting of the Workers Compensation Unpaid Loss Liability for Fiscal Years 2024 and 2025. The selected actuarial firm will provide independent professional opinions regarding the adequacy of reserves and assist the Government in meeting statutory reporting requirements, financial planning obligations, and risk management objectives. The scope of work includes data collection and review, actuarial analysis and reserve estimation, special considerations for the Virgin Islands context, GASB compliance and financial reporting, and reporting requirements.
• The contractor shall provide actuarial reports that comply with Governmental Accounting Standards Board (GASB) Statement No. 10 and other applicable standards.
• The contractor shall prepare estimates suitable for inclusion in GVI's Comprehensive Annual Financial Report (CAFR).
• The contractor shall include all required disclosures for financial statement presentation.
• The contractor shall provide reconciliation of actuarial estimates from prior fiscal year to current fiscal year, explaining significant variances.
• The contractor shall coordinate with GVI's external auditors as needed to support the financial statement audit process.