This RFP is to obtain a Contract for Actuarial Consulting Services on an hourly rate basis to assist OCI on projects involving the financial examination of domestic insurers and the review of rate filings. OCI’s Division of Financial Regulation performs approximately thirty-five (35) examinations of domestic insurers annually pursuant to Wisconsin State Statute 601.43. OCI uses actuarial consultants on examinations of larger insurers, as well as life and fraternal insurers with significant exposures to interest sensitive products and/or principle-based reserves. OCI expects to utilize actuarial consultants on 20% to 30% of its examinations during the term of the Contract. OCI may also use actuarial consultants on occasion when technical assistance is needed outside the examination process. OCI’s Division of Market Regulation and Enforcement performs reviews on numerous rate filings each year pursuant to Wisconsin Admin Code ss. Ins 3.39, 3.455 and 3.46. These rate filings include health insurance plans compliant with the Affordable Care Act (ACA), Long Term Care insurance, and Medicare supplement plans. OCI’s Division of Market Regulation and Enforcement expects to use actuarial consultants on between seventy (70) and ninety (90) rate filings each year. In addition to these rate filings, which fluctuate by number and type year to year, contracted actuarial services are also needed for a limited number (less than ten (10)) of ACA Financial Projection opinions.
