OCIA Actuarial Services

Ottawa County Insurance Authority

Buyer seeks an experienced actuarial consulting firm to provide a range of actuarial services for its risk retention program. Services include valuation of liabilities, actuarial analysis, support for rate-setting, regulatory compliance, financial reporting, and independent actuarial review. The consultant must be familiar with general finance standards, NAIC guidelines, and Michigan's Department of Insurance regulations.

• 7/1/2025 - Question Deadline
• 7/8/2025 - Addendum Issuance
• 7/15/2025 - Proposal Due Date
• 8/15/2025 - Evaluation Timeline (Estimated)
• 8/18/2025 - Intent to Award (Estimated)
• 10/1/2025 - Contract Start (Estimated)

• Ability to efficiently perform actuarial reviews with strong organizational capacity
• Expertise in actuarial science and communicating complex concepts to non-actuaries
• Experience with similar engagements for organizations of comparable size
• Understanding of relevant regulatory and financial issues
• Experience in insurance industry financial examinations
• Commitment to high professional standards and quality work

• Review professional liability, workers' compensation, automobile, and other risk reserves
• Analyze case reserves and incurred-but-not-reported (IBNR) reserves
• Evaluate adequacy of current contribution rates
• Recommend future rates based on expected losses and costs
• Analyze historical claims data, including frequency, severity, and trends
• Provide calculations for financial statements under applicable standards (GASB)
• Assist with external auditor and regulatory inquiries
• Attend meetings with Authority management, board members, or auditors
• Provide actuarial opinions, memoranda, and presentations to support decisions
• Deliver annual Actuarial Report on Self-Insured Liabilities and Loss Costs