Supplier shall work with the Regent Universities' Risk Managers to develop funding guidelines for the Regents Motor Vehicle Self-Insurance Program. Supplier would provide a written analysis for use by institutional policy makers with the initial report expected in late summer/early fall 2025. The scope of work will include an actuarial review of the Fund's unpaid liabilities, fund surplus, and premium rates. The analysis would include the following: Evaluate current reserving practices as compared to industry standard and recommend adjustments if needed. Analyze the current rate structure and make recommendations for the rate structure and adjustments for each institution. Determine the adequacy of accumulated fund reserves for covering projected vehicle losses considering the premium rates and industry standards and recommend contribution adjustments if needed. Recommend appropriate contingency fund margins, reserve funding needs and rate adjustments, at different confidence levels, sufficient to cover projected losses including incurred and open claims, and incurred but not reported claims. Review the comprehensive and collision coverage and make recommendations regarding deductible level and maximum damage limits. Provide input on the impact of excess or additional coverage. Supplier will provide either an initial in-person or web-based orientation/training session to the Regent Universities regarding actuarial standards, vocabulary, proper use of credibility ratings, and industry best practices. Supplier may provide additional actuarial services to an individual school on an as-needed basis.
