Actuarial Services for Workers Compensation Unpaid Loss Liability - FY24 and FY25

Background
The Government of the Virgin Islands (GVI), specifically the Department of Property and Procurement on behalf of the Department of Finance, is seeking qualified actuarial consulting services. The goal is to provide comprehensive analysis, valuation, and reporting of the Workers Compensation Unpaid Loss Liability for Fiscal Years 2024 and 2025. This initiative is critical for maintaining a self-insured workers compensation program covering territorial government employees and ensuring compliance with financial reporting standards.

Work Details
The Contractor shall provide actuarial services for both Fiscal Year 2024 (October 1, 2023 – September 30, 2024) and Fiscal Year 2025 (October 1, 2024 – September 30, 2025) separately for the Districts of St. Croix and St. Thomas/St. John. Key tasks include:

1. Data Collection and Review: Analyze historical claims data including incurred losses, paid losses, case reserves, claim counts by accident year, exposure data, and identify data deficiencies.

2. Actuarial Analysis and Reserve Estimation: Perform comprehensive actuarial analysis using accepted principles to estimate unpaid loss liabilities as of September 30 for both years. This includes case reserves for reported claims, incurred but not reported (IBNR) reserves, development on known claims, and administrative expenses related to claim settlements.

3. Special Considerations: Address unique aspects of the US Virgin Islands such as local statutes, healthcare trends, and impacts from natural disasters.

4. GASB Compliance: Prepare actuarial reports that comply with GASB standards suitable for inclusion in GVI's Comprehensive Annual Financial Report (CAFR).

5. Reporting Requirements: Deliver comprehensive actuarial reports including executive summaries, detailed methodologies, reserve adequacy analyses, trend analyses, sensitivity analyses, and supporting schedules.

6. Consultation Services: Participate in meetings with GVI officials to present findings and provide technical assistance throughout the contract period.

Period of Performance
The contract will be performed over two fiscal years: FY 2024 from October 1, 2023 to September 30, 2024; FY 2025 from October 1, 2024 to September 30, 2025.

Place of Performance
The services will be performed in the Districts of St. Croix and St. Thomas/St. John within the Virgin Islands.

Bidder Requirements
The Contractor must demonstrate qualifications including licensed actuaries with Fellowship or Associate credentials from recognized actuarial societies (FCAS or ACAS), experience with public sector self-insured workers compensation programs, knowledge of GASB accounting standards and governmental financial reporting practices.