Structured Settlement Services

The Florida Department of Financial Services, through its Division of Risk Management, is seeking a structured settlement consultant to act as an agent of record for Statewide Workers' Compensation and Liability claims under its self-insurance program. The primary objective is to obtain a consultant who can coordinate activities and information related to purchasing annuities for claim settlements, specifically for the state's workers' compensation and liability program. Qualified respondents must hold a General Lines, Life, Health & Annuities agent license in Florida and demonstrate at least one year of experience evaluating and finalizing structured settlements. The RFP will be evaluated using a 200-point technical scoring system that assesses the respondent's experience, ability, and proposed approach. Key dates include a question submission deadline of February 19, 2025, with proposals due by March 25, 2025 at 2:00 PM ET. The initial contract term is five years, beginning May 26, 2025, with an option to renew for up to five additional years. Historically, the Division handles approximately 10 structured settlement claims annually, with settlement amounts ranging from $38,421 to $2,327,167.

The RFP includes award preference provisions for certain types of businesses, specifically offering potential tie-breaking advantages to certified minority business enterprises, certified veteran business enterprises, companies with drug-free workplace programs, and foreign manufacturing companies with significant Florida employment. The contractor will be compensated through commissions paid by selected annuity insurers, with no direct payment from the state. Respondents must complete several mandatory certification forms, including vendor certifications, foreign country of concern attestations, and forms related to labor practices and E-Verify compliance. The solicitation includes specific restrictions, such as prohibiting the contractor from providing Medicare Set-Aside services due to potential conflicts of interest. While no specific budget range is explicitly stated, historical data suggests the scope involves settlements ranging from under $50,000 to over $2.3 million, with an average of 1-12 settlements per year. Respondents must also disclose any contract disputes from the past three years and complete comprehensive documentation demonstrating their qualifications and compliance with state procurement requirements.