Actuarial Advisory Services
- This RFP had a pre-bid event.
The Commission is seeking a qualified Actuarial firm to provide the available resources to effectively analyze and calculate the Commission's automobile and general tort self-insurance liability for fiscal years ending May 31, 2011, 2012 and 2013. The calculation will be based on GASB Statement No. 10, Accounting and Financial Reporting for Risk Financing and Related Insurance Issues, which requires that a liability for claims be recorded if information available prior to the issuance of the financial statements indicates that it is probable that a liability has been incurred at the date of the financial statements and the amount of the loss can be reasonably estimated. The liability analysis and calculation should include Incurred But Not Reported (IBNR) claims. The liability should be estimated based on the ultimate cost of settling the claims, using past experience adjusted for current trends, and any other factors that would modify past experience.
