Description
The Massachusetts State Lottery Commission is seeking to pre‑qualify insurance companies that can furnish lifetime‑annuity contracts to fund lottery prize liabilities. Qualified insurers will later be invited to submit low‑cost premium bids for individual “$100 A Week for Life” prizes. The solicitation establishes minimum financial and rating thresholds (AM Best A‑ or better, $100 M capital & surplus, $1 B assets) and requires extensive documentation, including non‑collusion certifications, tax‑compliance proof, and “Invest in Massachusetts” data. The contract will run for five years with two optional one‑year extensions, and the vendor must maintain ongoing solvency reporting and confidentiality.
• Scope: Provide pre‑qualification responses and, if selected, submit premium bids for lifetime annuity prizes.
• Minimum qualifications: MA insurance license, AM Best ≥ A‑, $100 M capital/surplus, $1 B assets, audited financials, and various certifications.
• Deliverables: Completed RFQ response, required attachments (non‑collusion, tax compliance, EFT form, etc.), and ongoing annual solvency reporting for the contract term.
Attached files
Contact
Lee Conroy(Procurement Manager)