What the buyer needs
AI summaryThe Burlington County Insurance Commission seeks qualified individuals and firms to provide property and casualty actuarial services, including loss fund assessment allocations by line of coverage for its constituent members. The scope includes reviewing new applicants, computing annualized loss projections, assisting with assessment development, and promulgating upcoming-year loss funds by September 1. Eligible bidders are onshore U.S. firms or individuals whose designated representative is a qualified member of the American Academy of Actuaries or the Casualty Actuarial Society. The Commission will award the one-year contract, covering January 1, 2027 through December 31, 2027, through a fair and open process, and it is seeking fee proposals for 2027. Applicants must submit one original paper copy and two copies to the Commission's Parsippany, New Jersey office by November 20, 2026, at 11:00 AM, as faxed or emailed proposals are not accepted. Written inquiries may be directed to Cathy Dodd or Joseph Hrubash, and the Commission's current self-insured claims budget is $4,581,000.
Scope of work
- Provide loss fund assessment allocations by line of coverage for constituent members for 2027
- Certify to the actuarial soundness of the Commission within 5 working days of finalized December 31 data
- Certify loss reserves, Incurred But Not Reported (I.B.N.R.) reserves, and unearned reserves
- Promulgate the Commission's loss funds for the upcoming year by line of coverage by September 1
- Certify the adequacy of the upcoming year's budgeted loss accounts by November 15
- Review new applicants, compute annualized loss projections, and assist in developing assessments
How proposals are evaluated
| Criterion | Weight / scoring |
|---|---|
| Proposal contains all required checklist information | Not specified |
| Relevance and Extent of Qualifications, Experience, and Training | 25 points |
| Demonstrates knowledge of requirements and personnel availability | 25 points |
| Reasonableness of Cost Proposal | 20 points |
Minimum qualifications
- Seven years' experience as Actuary for a NJ joint insurance fund or County Insurance Commission, or ten years for other large self-insured governmental entities
- Fellow in good standing of the Casualty Actuarial Society with 3 years recent loss reserving experience, or Associate with 5 years, or American Academy of Actuaries member with 7 years
Documents to include with your response
- Fee proposal for 2027
- Certificate of Insurance
- State of New Jersey Business Registration Certificate
- Data Form (Exhibit C)
- Statement of Ownership Disclosure (Exhibit D)
- Conflict of Interest Certification (Exhibit E)
- Affirmative Action Statement (Exhibit F)
- Non-Collusion Affidavit properly notarized (Exhibit G)
- Political Contribution Disclosure Statement (Exhibit H)
- Disclosure of Investment Activities in Russia, Belarus & Iran (Exhibit I)
How to submit
- Method
- Hard copy delivery; faxed or e-mailed proposals will not be accepted
- Instructions
- Submit one original paper copy clearly marked ORIGINAL plus 2 copies to Burlington County Insurance Commission, Att: Cathy Dodd, 9 Campus Drive, Suite 216, Parsippany, NJ 07054 (Contains BCIC RFQ).