7-Scope of Work - GEN2131030Q1.pdf
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- Attached to
- Actuarial Services for Self-Insurance Programs
- Solicitation number
- GEN2131030Q1
- Issued by
- Broward County, Florida
About this file
The Scope of Work details actuarial services for Broward County's Accounting Division and the Broward Sheriff's Office (BSO), seeking a qualified firm to conduct annual actuarial studies of their self-insurance programs from fiscal years 2025 through 2027. The contract requires separate annual actuarial studies for two self-insurance programs, with draft reports due on January 15, 2026 (initial year) and subsequently on October 15 following each fiscal year end. The studies must include a comprehensive reserve analysis of outstanding liabilities, funding recommendations, cash flow analysis for the next five fiscal years, explanations of significant valuation changes, and estimates of ultimate incurred losses for each line of coverage.
The two self-insurance programs involve different liability coverages with substantial existing discounted outstanding liabilities: the Broward County Self-Insurance Program covers workers' compensation, mass transit liability, auto liability, general liability, and medical professional liability, with $31.303 million in liabilities as of September 30, 2024. The Broward Sheriff's Office (BSO) Self-Insurance Programs consist of two separate programs: one covering law enforcement liability and auto liability with $29.470 million in liabilities, and a second program covering BSO's Workers' Compensation, which was previously included in the County's program and has $53.927 million in discounted outstanding liabilities as of September 30, 2024.
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Other files
| File | Type | Posted |
|---|---|---|
| 2-Vendor Questionnaire - Quotes and Bids.docx | DOCX document | |
| 8-Special Instructions to Vendors - GEN2131030Q1.pdf | ||
| 5-OESBD - Procurement Preferences SBE-CBE.docx | DOCX document | |
| 6-Foreign Country of Concern Attestation (PII).docx | DOCX document | |
| 1-Insurance Requirements - Quotes Bids.docx | DOCX document | |
| 3-Insurance Requirement, GEN2131030Q1, Actuarial Services.pdf | ||
| 4-General Conditions - Quotes and Bids.pdf |
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Text version
Scope of Work Actuarial Services for Self-Insurance Programs
The Accounting Division is seeking the services of a qualified firm to develop the actuarial services described below. The valuation is to be provided as of the end of the County’s fiscal year, which is September 30, commencing with the 2025 fiscal year.
1. Provide separate annual actuarial studies of Broward County’s Self-Insurance and Broward
Sheriff’s Office (BSO) Self-Insurance Programs. The studies are to include the following:
A. A reserve analysis and the outstanding liabilities (total liabilities and current and long-term portions), undiscounted and discounted, as of the end of each Fiscal year for each line of coverage in addition to program totals.
B. Each study is to include funding recommendations and cash flow analysis for the following five fiscal years for each line of coverage and for the program in total.
C. The report should also include an explanation for any significant change in the valuation from the prior year’s valuation.
D. Each report should update previous reports and estimate the ultimate incurred loss (including allocated loss adjustment expenses and incurred but not reported claims) resulting from the occurrences since inception of the programs and the various lines of coverage.
Draft reports are to be delivered to the County no later than the close of business on the following days:
Initial year of Contract
Draft due on January 15, 2026
Final due on January 31, 2026
Subsequent contract years:
Draft Due on October 15 following the County’s fiscal year end
Final Due on November 15 following the County's fiscal year end.
Time between the draft and final is necessary for any adjustments that need to be made to the County’s reserves in connection with its’ annual financial closing. These services will be required for each fiscal year from 2025 through 2027.
A description of each self-insurance program is as follows:
A. Broward County Self-Insurance Program
This program includes workers’ compensation, mass transit liability, auto liability, general liability and medical professional liability. As of September 30, 2024, the discounted outstanding liabilities were $31.303 million.
B. Broward Sheriff’s Office (BSO) Self-Insurance Programs
One program includes law enforcement liability and auto liability. Law enforcement liability includes claims arising from professional liability, general liability, medical professional liability, and public official’s liability. As of September 30, 2024, the discounted outstanding liabilities were $29.470 million.
The second program includes BSO’s Workers’ Compensation (WC) coverage which up until September 30, 2024, had been included in the County’s Self Insurance Program. A separate actuarial valuation for BSO’s Worker’s Compensation program was completed as of September 30, 2024, and the discounted outstanding liabilities were $53.927 million.
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