Actuarial Services

The State of Idaho, through its Division of Purchasing and specifically the Department of Insurance, is seeking actuarial services via a Request for Proposal (RFP) for Event 225. The procurement aims to secure qualified individuals or firms to conduct actuarial examinations and insurance rate reviews of regulated insurance entities. Key objectives include performing comprehensive insurance company evaluations, with specific requirements for contractors to possess appropriate licensure, professional training, and prior examination experience. The RFP mandates contractors maintain specific equipment, software, and security measures during service delivery. The initial contract term is three years, with a potential total contract duration of five years contingent upon mutual agreement. Multiple contracts may be awarded, with work assignments distributed among contractors based on the Idaho Department of Insurance's needs. Proposals are subject to detailed evaluation criteria focusing on the contractor's qualifications, experience, technical approach, and understanding of regulatory requirements. The RFP includes mandatory submission requirements and specifies that pricing for renewal years may be adjusted subject to departmental approval.

There are no explicit set-aside designations or restrictions on respondent organizations mentioned in the provided documents. The RFP does not indicate preferences for disadvantaged business enterprises or small business participation. No incumbent vendors are identified, and while several document management systems like OnBase, DocuShare, and SharePoint are referenced, no specific integration requirements are outlined for this actuarial services contract. The documents do not provide a specific budget range or total contract value, though the RFP suggests flexibility in contract assignments and potential multi-year engagement. The State of Idaho reserves the right to reject proposals and cancel the solicitation if necessary. Contractors will be evaluated based on their ability to provide high-quality, comprehensive actuarial examination services that meet the regulatory oversight needs of the Idaho Department of Insurance, with an emphasis on professional expertise, technical capability, and regulatory compliance.