RFQ Nevada Workers Compensation Brokers

The Nevada Department of Administration's Risk Management Division is seeking proposals from qualified insurance brokers to assist in marketing and structuring the state's Workers Compensation Insurance Program pursuant to Nevada Revised Statute 331.184(3). The selected brokers will be responsible for soliciting insurance policy quotes, developing RFPs for program services, providing oversight and monitoring of awarded contracts, and making recommendations regarding the program structure. The RFQ specifies that the total cost of services/commission fees will not exceed $1,000,000 in any fiscal year, and that brokers may be compensated through fees or commissions. The State intends to establish a small pool of qualified brokers, with a minimum of two and a maximum of five, to provide the required services. Brokers must meet certain mandatory minimum requirements and will be evaluated based on their qualifications and experience. The contract term is anticipated to begin on July 1, 2023.

The procurement is open to all qualified insurance brokers, with no set-aside designations or restrictions on the types of organizations that can respond. The current incumbent broker is Willis Towers Watson, but the State has not disclosed the revenue received for placing the current policy. The State has explored other potential insurance markets in the past three years, including Safety National, Chubb, Genesis, Old Republic, Allied World Assurance Company, and Ascent Group Limited. The State has not explored alternative workers compensation risk financing or coverage options in the past five years, and the current policy is set to expire on June 30, 2023.