The Cumberland County Insurance Commission is requesting proposals from qualified individuals and firms to provide Actuarial Services for the Cumberland County Insurance Commission. Responsibilities shall include, but not be limited to: • Attend through its designated representative, such meetings of the Insurance Commission as may be requested. In addition, if someone other than the designated representative will be attending the meeting, Respondent agrees to give notification to the Executive Director/Administrator of the Insurance Commission no later than five (5) working days prior to the meeting. • Review all new applicants to the Insurance Commission, compute annualized loss projections by line of coverage and assist the Executive Director/Administrator in developing an appropriate assessment. • To professionally perform such other duties as may be determined by the Insurance Commission by the Insurance Commission Bylaws, as well as the Regulations under N.J.A.C. 11:15-2. • On a quarterly basis, calculate the Incurred but Not Reported (I.B.N.R.) claims for the purpose of establishing loss reserves in conjunction with the case reserves established by the Insurance Commission’s Claim Service Company. All calculations must be submitted to the Insurance Commission’s Executive Director/Administrator and Auditor within 45 days of the close of each quarter. • Certify to the actuarial soundness of the Insurance Commission, and report to the Insurance Commission in a manner prescribed by them, no later than five (5) working days after receipt of the finalized December 31st auditors’ statement...
