- Property and Casualty Insurance Actuarial Services
- Life and Disability Insurance Actuarial Services
- Certified Public Accountant Services
- Insurer Examination Services
- Insurer Market Conduct Examination Services
- Insurer Investments Examination Services
- Insurer Automated Examination Services
contemplated to be awarded for the one-year of term October 1, 2015, through
September 30, 2016. Responses to the RFP
must be received not later than June 16,
2015, at 3:00 PM CDT. Each response
must contain an original and three identical copies of the proposal.
information is set forth in the attached files, each accessible in Adobe format:
RFP for Professional Actuarial Services for Property
and Casualty Insurance: Adobe
RFP for Professional Actuarial Services for
Life and Disability Insurance:
RFP for Professional CPA Services: Adobe
RFP for Professional Insurer Examination
RFP for Professional Insurer Market Conduct Examination
RFP for Professional Insurer Investments
Examination Services: Adobe
RFP for Professional Computer Audit Services:
Exhibit B, the TeamMate®
Confidentiality Agreement, must be submitted with every proposal except for CPA. A PDF copy is included above with each
RFP. An additional copy in Word format is
State law requires a
Disclosure Statement to be submitted with every proposal. The form can be accessed from the Attorney
General’s Web site at the following address: http://www.ago.state.al.us/Page-Vendor-Disclosure-Statement-Information-and-Instructions
For the procedures
and forms for foreign corporations to qualify to do business in the State of
Alabama, please visit the web page for the Alabama Secretary of State at http://www.sos.state.al.us/
information, please send an E-Mail request to Reyn.Norman@insurance.alabama.gov
REVISIONS TO THIS
NEWS RELEASE AND RESPONSES TO QUESTIONS WILL BE POSTED BELOW.
Listed below are questions pertaining to
RFP#ALDOI-2015-02 - Actuarial Services for Life & Disability Insurance
1. Who are the current service providers for life
and health actuarial services?
Fiscal Year 2014-2015 we have contracts for Life and Disability Actuarial
services with Harland A. Dyer, d/b/a Latta, Langston & Dyer, and with
Actuarial Group, Inc., d/b/a AGI Services, d/b/a AGI.
2. How many examinations (financial or market
conduct) are expected to be awarded to each service provider?
to contract examiners are made on an as-needed basis when employee examiners are
3. Section 1.3.5 requests experience with “detail
data testing to confirm the integrity of an actuarial database” – does this
refer to testing of the underlying policyholder data? If the firm
typically provides this service through a combined team of actuaries (to
identify the important data elements) and data specialists (who are more
efficient for data testing), is that acceptable? Is it preferred that the
actuaries actually test the data, even though they may be higher cost
usually conduct data testing to confirm the integrity of the actuarial
database. The actuary is expected to
confirm the assumptions and reasonableness of the actuarially computed reserves
based upon standards of the actuarial profession.
Listed below is a question pertaining to
RFP#ALDOI-2015-05 - Market Conduct Examination Services.
Section 4.1 states the following:
The total amount invoiced by Contractor for all
Services and Expenses during the operation of this contract shall not exceed
$_______, subject to the availability of State funds. If, during the Term, the amount available for
funding of this Contract in any one fiscal year is reduced by legislative
action, proration, or other action of State government beyond the control of
the Department, the maximum amount payable under this Contract in the fiscal
year will be adjusted accordingly.
This statement suggests that we may be subject to
budget reductions based on the state’s budget. If the DOI’s budget is reduced, it will reduce
the fees we are able to collect regardless of an approved budget. That being the case, will we be required
finish the exam without collecting the balance?
Answer: A contractor
will be paid for work done under a contract at our direction. The maximum amount payable under a contract
may have to be adjusted during the year for the reasons indicated. To date, this has never happened in the
context of a Department of Insurance examination, but this language is required
in all state contracts.
Listed below are questions pertaining to
RFP#ALDOI-2015-06 - Insurer Investments Examination Services.
1) How many investment examinations were performed in
the prior contract period? Please provide estimated number of hours and fees.
investment examinations performed during the current year have been conducted by
employee examiners as a part of complete financial examinations. No estimate of hours and fees for time attributable
to investments examinations is available.
2) Were any of the prior period investment examinations
conducted solely as it relates to categories 1.2.5 and 1.2.6 of the section 1.2
in the RFP?
3) Please clarify section 1.3 part 1.3.1. Are the
submission requirements stating that in order for a firm to qualify, its
proposed examination team needs to have at least one of each of the following
credentials – CFA, CFE and CPA?