FSRA2022-004-1 - AIP Actuarial & Operational Risk Management Consulting Contracts for Supporting

This initiative aims to address the shortage of internal credentialed actuaries and provide qualified actuarial opinions in reviewing and approving rate filing activities, as well as fulfilling operational requirements and expectations. AIP intends to issue Requests for Proposals (RFPs) for three consulting contracts that will entail the following deliverables:
1. Rate Filing Review - Experience and expertise in reviewing auto insurance rate filing applications for reasonableness of proposed changes to rate level and risk classification.
2. Predictive Model Review - Experience and expertise in comprehensive review of predictive models used in auto insurance rating and underwriting.
3. Benchmark and Product Reform - Experience and expertise in actuarial analysis on the loss cost trend in auto insurance, and actuarial costing analysis for auto insurance product reform.  
4. Trends and Emerging Issues - Experience and expertise in performing market assessments, and supporting the regulator in reviewing, analyzing, and responding to emerging issues, and providing recommendations and solutions on how to address any identified concerns.
The provision of the Deliverables will be on an as-needed basis and may comprise multiple assignments. The frequency and timings of the assignments will depend on FSRA’s needs and requirements.