About this opportunity
AI summaryThe Statewide Insurance Fund seeks a vendor to provide actuary services for the 2027 fund year starting January 1, 2027, or upon appointment. Eligible vendors are onshore USA organizations that register or state whether they are registered as a small business enterprise with New Jersey's Set-Aside Program. Work is to be performed offsite on an as-needed basis for the authority located in Parsippany, NJ. Applicants must submit one original paper proposal in a sealed envelope by November 12, 2026, at 2:00 PM. Submissions must include cost details per fund year with hourly rates, time estimates, expenses, a total not-to-exceed cost, and eleven completed required forms. Evaluation criteria rank vendor qualifications, experience and references, ability to perform timely services, and cost considerations.
Buyer and opportunity details
- Client
- Statewide Insurance Fund
Scope of work
- Semi-annual evaluations of loss and loss adjustment expense reserves for Workers Compensation, Automobile Liability, General Liability, Automobile Physical Damage, and Property lines
- Annual projections of funding needs of the Fund
- Pricing support for unique coverages and limits
- General actuarial analyses and consulting services
- Incurred But Not Reported (IBNR) data for prior fund years
- Draft Actuarial Analysis for the next calendar year
- Claim review services incorporated into reserve analysis
How proposals are evaluated
| Criterion | Weight / scoring |
|---|---|
| Experience and references | Not specified |
| Qualifications and experience of management, supervisory or other key personnel assigned | Not specified |
| Description of ability to provide services in a timely fashion | Not specified |
| Cost consideration | Not specified |
Minimum qualifications
- Designated Project Manager with at least ten years of relevant experience and Fellow of the Casualty Actuarial Society status
- At least one other Fellow of the Casualty Actuarial Society employed in the same office
- Firm of national reputation currently engaged in actuarial analysis with proven quantifiable ability
- Well established quality control and peer review procedures
- Extensive experience evaluating loss reserves and calculating funding needs for specified insurance lines
- Experience providing actuarial services to local governments and/or joint insurance funds
- Ability to perform analysis in accordance with New Jersey requirements and AAA, ASB, and CAS standards
Documents to include with your response
- Executive summary of not more than three pages
- Staffing plan listing assigned personnel, resumes, and DOBI data forms
- Non-Collusion Affidavit
- Disclosure of Ownership Form
- Insurance Requirement Acknowledgement Form
- Mandatory Equal Employment Opportunity Notice Acknowledgement
- Copy of applicable Business Registration Certificate
- Professional Services Entity Information Form
- Data Form
- Political Contribution Form
Key dates
- Date Issued
- October 13, 2026
- Responses Due
- November 12, 2026, by 2:00pm
How to submit
- Method
- Sealed hard copy
- Instructions
- Submit one original paper copy marked ORIGINAL in a sealed envelope marked Vendor Proposal to Caroline J. Conboy, Administrator, Statewide Insurance Fund, One Sylvan Way, Suite 100, Parsippany, NJ 07054. Faxed or emailed proposals will not be accepted.
Contract details
- Term
- January 1, 2027, to December 31, 2027, or upon appointment, whichever is later
- Place of performance
- Parsippany, NJ
- Insurance and bonding
- Commercial General Liability, Automobile Liability, Workers Compensation, and Professional Liability ($1,000,000 per claim / $3,000,000 aggregate) with Fund named as additional insured.