Specifications include, but are not limited to: (a) DETERMINATION OF REQUIRED RESERVES: Provide projections of reserves, ultimate loss, and allocated loss adjustment expenses for each self-insured program. The Vendor shall determine the reserves as required by the GASB Statement 10 as of September 30th, 2024 and for each fiscal year moving forward. The actuarial estimate of required reserves shall be identified by portions attributable to case reserves; IBNR reserves; and allocated loss adjustment methods to determine the ultimate losses and required reserves for each self-insured program. The actuary shall employ a minimum of two (2) accepted actuarial methods in determining the ultimate losses and required reserves for each self-insured program. (b) ACTUARIAL REPORT This engagement requires the preparation of a written report. The report shall provide a description of the actuarial methods employed and a summary of the assumptions underlying the work. A draft report shall be provided to the City within thirty (30) days of receiving information required for the engagement and the final report shall be delivered to the City within fifteen (15) days of the City agreeing to the draft. (c) Provide a written actuarial report that complies with GASB rule 10 for financial purposes and any additional GASB rules, as needed. (d) Complete all work performed under this solicitation in accordance with policies and procedures of the City of Ocala and all applicable State and Federal laws, policies, procedures, and guidelines. (e) Data collected by the Vendor shall be in a format compatible with, or easily converted to City’s databases. A sequential naming convention should be applied to the files and documentation provided to the city. (f) Ensure that all documents prepared under this contract have been prepared on a Windowsbased operating system computer using the most current version of Microsoft Office, which includes Word, Excel, Power Point, Access or any other software as specified and approved by City staff.
