The Illinois Department of Insurance (Department) intends to procure actuarial consulting services of various vendors to complement the work of the Property & Casualty Actuarial Section staff in reviewing submitted property and casualty premium rate and model filings. Specifically, the filings subject to review include, but are not limited to, the following: National Council on Compensation Insurance (NCCI), Illinois Fair Access to Insurance Requirements (FAIR) Plan, Automobile Insurance Plan Service Office (AIPSO), Illinois Mine Subsidence Insurance Fund (IMSIF), Medical Professional liability, and any filed technical, actuarial models which are either used or expected to be used in conjunction with property and casualty rate filings. If future legislation expands the Department’s authority in reviewing the rates and models, additional rate and model filings may be included, at the same contracted rates/price. The Offeror will opine on whether the property and casualty rate or model filings submitted to the Department are in compliance with applicable statutory requirements and accepted actuarial ratemaking techniques. Additionally, the Department, under limited circumstances, may seek additional vendor actuarial assistance with ad hoc studies relevant and related to regulating P&C insurance.
