3.1 The contractor will provide actuarial services to the Division of Insurance for the purposes of reviewing filings to ensure increases/decreases are actuarially supported in accordance with South Dakota Codified Law. The contractor will consult with the Division of Insurance concerning requirements imposed by the federal government, including statistical reports, surveys, and alternative approaches to federal requirements. The contractor may be asked to provide actuarial analysis on special projects. 3.2 Listed below are the line(s) of insurance that a contractor must review if providing actuarial services for health insurance rates. An offeror may submit a bid for either one or both lines of insurance as laid out in Section 3.2.1 or 3.2.2 as a separate contract will be awarded for each section. 3.2.1 The contractor providing actuarial services for health insurance rates will review the following lines of Insurance: 3.2.1.1 Individual Health Insurance 3.2.1.2 Group Health Insurance 3.2.1.3 Major Medical Insurance 3.2.1.4 Others as specified by the Division of Insurance 3.2.2 The contractor providing actuarial services for long term care rates will review the following lines of insurance: 3.2.2.1 Long Term Care Insurance 3.2.2.2 Others as specified by the Division of Insurance 3.3 The contractor will monitor changes in the South Dakota Insurance Code, rules and regulations to ensure filings comply with South Dakota law. The contractor will also monitor any changes in Federal law relative to rate review standards. 3.4 The contractor shall be familiar with the Actuarial Standards of Practice (ASOP’s) and Guidelines for Professional Conduct. 3.5 The contractor shall utilize the internal guidelines developed by the Division of Insurance when reviewing filings to ensure increases/decreases are actuarially supported. 3.6 The contractor may be required to agree to a confidentiality agreement.
