2.1 The nature of the work required includes satisfactory performance of the following under the direction of the State: 2.1.1 Review of a wide range of insurance company group and individual rate and form filings for compliance with state and federal law, with an emphasis on credit filings. 2.1.2 Actuarial review of group and individual life, annuity, credit life and disability rate and form filings, including: • The preparation of written reports commenting upon the actuarial methods and rate changes requested by the insurer’s filing. • Explanations of reasons behind any critical comments. • Summaries of issues raised by the filing and possible resolutions. • Attendance and testimony at public rate hearings. After Contractor receives all information, as deemed provided by the Department, preliminary review and generation of interrogatories by Contractor must be completed within 10 or 20 business days, as determined by the Department based on complexity of the filing. 2.1.3 Attendance at Department management and staff meetings in Montpelier as requested. 2.1.4 Assisting the Department in drafting legislation, and in writing rules and bulletins, and attendance and testimony at related public or legislative hearings. 2.1.5 Responding to questions raised by the Department concerning actuarial matters and insurer filings. • Phone calls and emails from the Department to the lead actuary for the Contractor will be returned the same business day 90% of the time, and by the next business day 100% of the time. 2.1.6 Examining the cost effect of legislation, proposed legislation, and potential legislation on Vermont insurance rates. 2.1.7 Providing education and training to the Department staff as requested by the Department. 2.1.8 Other work as requested by the Department.
