NIGP 94612: Actuarial Services

NIGP 94612 Actuarial Services, an Item code, encompasses consulting work that state and local governments buy to evaluate the financial soundness and sustainability of self-insured employee and retiree benefit programs, workers' compensation funds, pension plans, and captive insurance companies. Recent solicitations show counties, cities, school districts, transit authorities, and state departments procuring actuarial valuations, reserve analyses, funding projections, claims studies, and ongoing advisory services to support GASB 75 compliance for other post-employment benefits (OPEBs), self-insurance fund management, and regulatory oversight. The issuing bodies span county risk management divisions (Fairfax County, Virginia; Dane County, Wisconsin; Chatham County, Georgia), municipal finance offices (City of Salem, Oregon; City of Dallas; City of Atlanta), transit authorities (Orange County Transportation Authority, California), state pension and insurance agencies (Michigan Department of Treasury for prepaid tuition; Michigan Department of Insurance and Financial Services for captive companies; Kentucky Department for Natural Resources for coal reclamation funds), and large school districts (Hillsborough County Public Schools, Florida, serving 225,000 students). Work typically runs one to four years with renewal options and involves deliverables such as full actuarial valuations, interim roll-forward reports, reserve adequacy studies, loss forecasting, and compliance guidance. Florida jurisdictions (Palm Beach County, Hillsborough County, the Clerk of Hillsborough County) and Michigan (state-level procurements for captive insurance examinations and prepaid tuition) represent concentrated recent activity, with additional work posted from Oregon, Kentucky, Virginia, Wisconsin, Georgia, Missouri, and California.

Representative current opportunities include Palm Beach County Board of County Commissioners soliciting an RFQ for an actuarial study of its Workers' Compensation and Casualty Self-Insurance Funds (RFQ 26-0193/DJ, due August 7, 2026) with SBE set-asides and local-vendor preferences applying; Hillsborough County Board of County Commissioners requesting proposals for five-year insurance consulting and brokerage services including actuarial work (RFP 2600292, due July 24, 2026, with estimated value of $1,000,000.00 and SBE bonus points); Michigan Department of Insurance and Financial Services establishing a pre-qualified vendor pool for captive actuarial examinations of 27 licensed insurance companies (RFP 260000002052, due June 15, 2026, with GDBE subcontracting preferences when subcontracting exceeds 20 percent); and the State of Oregon Department of Consumer and Business Services procuring automobile insurance rating actuarial services including disparate-impact analysis (RFP S-44000-00016831, due July 8, 2026, with a two-year initial term and up to four additional years). Smaller engagements continue to run through cities and counties—the City of Salem, Oregon (RFQ for claims reserve actuarial study due May 8, 2026) and Jackson County, Missouri (OPEB valuation RFP due March 16, 2026)—and state personnel credentials requirements typically demand Fellowship or Associate standing with the Casualty Actuarial Society or Society of Actuaries. Contract values reported in recent awards range from $49,500 for five-year transit authority OPEB work to $7.71 million for Michigan state healthcare and benefit auditing.