Actuarial Services

The New York State Insurance Fund (NYSIF) is seeking proposals for comprehensive Actuarial Services in a procurement opportunity located in Albany County and Albany City. The solicitation (NYSIF 2025-53-ADM) requires qualified firms to provide specialized actuarial support across multiple fund areas, including the Workers' Compensation Fund and Disability Benefits Fund. Key deliverables include preparing an annual Statement of Actuarial Opinion, conducting quarterly reserve reviews, developing loss payment projections, advising on Loss Cost Multiplier methodologies, and creating predictive models for risk rating and pricing. Prospective bidders must demonstrate expertise in developing sophisticated actuarial recommendations, reviewing pricing strategies, and evaluating policy and procedural frameworks for actuarial departments. The proposal submission deadline is November 7, 2025, at 2:00 p.m. EST, with all potential questions to be emailed to contracts@nysif.com. Interested firms must obtain solicitation documents from NYSIF's procurement website and are responsible for monitoring the site for any amendments or clarifications that might impact their proposal.

NYSIF anticipates awarding a single contract to a responsive and responsible bidder, though specific set-aside designations are not explicitly detailed in the procurement notice. The procurement is subject to State Finance Law restrictions on communication between NYSIF personnel and prospective bidders during the procurement process. While a specific budget range is not provided, the comprehensive nature of the required actuarial services suggests a substantial contract value commensurate with the complexity of the work. Potential bidders must carefully review all documentation and ensure full compliance with submission requirements, as failure to incorporate amendment information could result in the proposal being deemed non-responsive. The solicitation appears open to qualified actuarial firms with demonstrated expertise in workers' compensation and disability benefits fund management, without apparent restrictions based on business size or type. Interested parties are encouraged to thoroughly review the full Request for Proposals available on NYSIF's procurement website to understand the complete scope of requirements and evaluation criteria.