Contract Information

Summary

Agency Name: DEPARTMENT OF FINANCIAL SERVICES	Agency Contract ID: I0255
Long Title: NCCI Peer Review 2016	Vendor Name: OLIVER WYMAN ACTUARIAL CONSULTI
Total Contract Amount: $15,000.00	Total Budgetary Amount: $15,000.00
Total Payment To Date: $15,000.00	Date of Execution: 10/06/2015
General Description: The Office of Insurance Regulation (Office) issued a Statement of Work (SOW) to define the scope and requirements of the service due to Section 627.285, Florida Statutes. requiring that the Financial Services Commission (Commission) contract for an independent actuarial peer review and analysis of the ratemaking processes of any licensed rating organization that makes rate filings for workers' compensation insurance in Florida and produce a report by February 1, 2016.

Details
Deliverables
Payments
Documents
Audits

Main Information

Agency Contract ID: I0255

FLAIR Contract ID: I0255

Short Title: NC-PR16

Long Title: NCCI Peer Review 2016

Contract Type: Standard Two Party Agreement by Statute

Contract Status: Closed or Expired

Date of Execution: 10/06/2015

Date of Beginning: 10/06/2015

Original End Date: 02/28/2016

New Ending Date:

Agency Service Area: OIR

Statutory Authority: Section 627.285, F.S.

Contract Involves State or Federal Financial Assistance: No

Recipient Type:

Provide for Administrative Cost: No

Provide for Periodic Increase: No

Procurement Information

Authorized Advanced Payment: No

Method of Procurement: Agency Request For Proposals [s. 287.057(1)(b), F.S.]

State Term Contract ID:

Contract’s Exemption Justification:

Agency Reference Number:

Business Case Study Done: No

Legal Challenges to Procurement: No

Outsourcing / Capital Improvements

Was the Contracted Function Previously Performed by the State: No

Was the Contracted Function Considered for Insourcing back to the State: No

Did the Vendor Make Capital Improvements on State Property: No

Budget Information

Original Contract Amount: $15,000.00

Total Contract Amount: $15,000.00

Total Recurring Budgetary Amount: $0.00

Total Non-Recurring Budgetary Amount: $15,000.00

Total Budgetary Amount: $15,000.00

Total Unfunded Amount: $0.00

As of Date: 1/13/2016

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No Recurring Budgetary records found for this contract.

Non-Recurring Budgetary Amount	Account Code	Fiscal Year Effective Date	FY	Cost Accumulator	Agency Amendment Reference
$15,000.00	43-20-2-795003-43600100-00-100777-00	07/01/2015	2015-2016

Contract Change

No Contract Changes found for the contract.

Vendor

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Name Line 1	Name Line 2	City State Zip	Minority Vendor Designation
OLIVER WYMAN ACTUARIAL CONSULTI		MELVILLE NY 117470000	Non-Minority

CFDA

No CFDA Codes found for the contract.

CSFA

No CSFA Codes found for the contract.

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Deliverable Number

Commodity/Service Type

Major Deliverable

Method of Payment

Audit services

Produce a report regarding the peer review and analysis of the ratemaking processess of NCCI in Flor...

Fixed Price - Lump Sum

Major Deliverable: Produce a report regarding the peer review and analysis of the ratemaking processess of NCCI in Florida, which outlines objectives and approach of the project; documents the data used, materials reviewed, assumptions and methodologies employed during the project including reference to any Actuarial Standards of Practice; and details of findings and recommendations, if any. Performance Standard and Acceptance Criteria: Complies with accepted actuarial practice and any standards for such analysis established by the Casualty Actuarial Society and/or the American Academy of Actuaries.

Deliverable Price: $15,000.00

Non Price Justification:

Performance Metrics: a) Conduct peer review and analysis, in accordance with accepted actuarial practice and any standards for such analysis established by the Casualty Actuarial Society and/or the American Academy of Actuaries. b) Draft a report which outlines objectives and approach of the project; documents the data used, materials reviewed, assumptions and methodologies employed during the project including reference to any Actuarial Standards of Practice; and details of findings and recommendations, if any. c) Produce a Final Report, consistent with format and content described above, to the Office of Insurance Regulation.

Financial Consequences: Payment is not made until the report has been submitted to OIR.

Source Documentation Page Reference:

Deliverable Number:

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Payments are also referred to as expenditures (creating or incurring a legal obligation to disburse money) or disbursements (the payment of expenditures). Payments include disbursements and accounting adjustments made on a contract. Payments are always positive amounts while accounting adjustments may be positive or negative depending on the type of adjustment.

Payment Details

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"Date" in the listing below indicates the date the payment voucher was recorded in the system, not the date the payment was issued.

Fiscal Year

Total Amount

2015-2016

$15,000.00

If a payment or adjustment to a contract was made before July 1, 2012, the information may not be posted in this system.

Contract Documents

Click on the pdf icon or Agency Document Link to view the document

Document Type	Document Reference #	Executed Date	Document Add Date	Agency Document Link	View
Original Contract	Original Contract - I0255	10/06/2015	1/13/2016 4:57:18 PM

Audit results posted prior to June 30, 2012, appear in a summarized form. As of July 1, 2012, the audit reporting process was expanded to include additional questions and comments from the Bureau of Auditing. As audits are captured in electronic format, they will be posted to this system. If you are interested in seeing audit reports by Fiscal Year and Agency Action Plans, please click here to navigate to the Transparency Florida Contract Audit page.

No audits have been conducted on this contract at this time.

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Florida Department of Financial Services: F.A.C.T.S