This Solicitation opportunity from Maryland was posted on June 3, 2024. The submission period has ended. Browse the details below for market research, or find similar active opportunities.

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PROPERTY & CASUALTY ACTUARIAL ASSISTANCE Actuarial Rate and Rating Methodology Review 2024 for the Maryland Automobile Insurance Fund

Closed

BPM044600State & Local

Submission Closed06/13/2024, 12:00:00 AM UTC

Contract Overview

Solicitation details, issuing organization, response deadlines, documents, and interested companies for this government contract opportunity.

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NAICS: 524298

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Employee Relations

POSTED

about 1 month ago

DEADLINE

in 8 days

AI Contract Overview

The Maryland Insurance Administration is seeking to engage an actuary through a small procurement process to assess the adequacy of the Maryland Automobile Insurance Fund’s current rates and rating methodologies. The selected actuary will analyze whether these rates comply with Maryland law, evaluate their impact on the fund’s surplus levels, and determine the potential effects on triggering assessments. The scope includes reviewing any new rates filed during the contract period to ensure ongoing compliance and financial stability. The contract is valued between $5,000 and $50,000 and aims to support the fund’s actuarial and regulatory oversight functions. The solicitation, titled "PROPERTY & CASUALTY ACTUARIAL ASSISTANCE Actuarial Rate and Rating Methodology Review 2024," was posted on June 3, 2024, with a response deadline of June 13, 2024. The Maryland Insurance Administration, a state agency, will oversee the contract, with Anthonia Chuku serving as the primary contact for inquiries. This initiative is part of the agency’s effort to ensure the financial soundness and legal compliance of the Maryland Automobile Insurance Fund’s rating practices.

General Info

Agency

Maryland Insurance Administration

NAICS

524298 - All Other Insurance Related Activities

Place of Performance

MD, USA

Set-Aside

NONE

Documents

MIA-PAC-24-0003 Financial Proposal Form

rfq

High

MIA-PAC-24-0003: Property & Casualty Actuarial Assistance

rfp

High

AI Contract Breakdown

Uniform Contract Format

Timeline

PhaseClosed

PostedJun 3

Solicitation

Response DeadlineJun 13

Deadline has passed

Submission Closed

06/13/2024, 12:00:00 AM UTC

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Organization & Contact Information

AgencyMaryland Insurance Administration

Contacts1 person available

OfficeN/A

Organization / AgencyMaryland Insurance Administration

Office AddressN/A

Contacts

Anthonia CHUKU

contact@example.gov

Full Description

The MIA is issuing this Solicitation under its small procurement authority to procure the services of an actuary to analyze and evaluate the adequacy of the Maryland Automobile Insurance Fund’s (“MAIF”) current rates, including rating methodologies, compliance with Maryland law, the impact of these rates on MAIF’s surplus levels, and the implications for triggering assessments. This evaluation may include any new rates filed during the term of this contract. This is a small procurement.