PROPERTY & CASUALTY ACTUARIAL ASSISTANCE Actuarial Rate and Rating Methodology Review 2024 for the Maryland Automobile Insurance Fund

Background
The Maryland Insurance Administration (MIA) is the independent State agency that regulates the insurance industry in Maryland. The MIA is issuing this Solicitation under its small procurement authority to procure the services of an actuary to analyze and evaluate the adequacy of the Maryland Automobile Insurance Fund’s (“MAIF”) current rates, including rating methodologies, compliance with Maryland law, the impact of these rates on MAIF’s surplus levels, and the implications for triggering assessments. This evaluation may include any new rates filed during the term of this contract. The MIA expects to award one contract for a term of two years with no option to renew from a contract between the successful Offeror and the MIA.

Work Details
The actuary is required to perform an analysis of MAIF’s rates including rate adequacy, determination of whether the rates are excessive, inadequate or unfairly discriminatory, the use of certain rating factors, the impact of these rates on MAIF’s surplus and solvency, and the implications for triggering assessments.
The actuary is also required to prepare a report detailing the scope of the review, methodologies employed, findings made, and conclusions reached. Additionally, they are expected to provide actuarial opinions on MAIF’s rates and rating methodologies as to compliance with Maryland law and propose recommendations to the MIA.
The State Contract Monitor for this Solicitation and the resulting Contract shall be William Fawcett - Associate Commissioner Property & Casualty or his/her successor as named by the MIA.

Period of Performance
The contract duration is for a two-year base period.

Place of Performance
The services will be performed at locations determined by the Maryland Insurance Administration.