REQUEST FOR PROPOSALS ( RFP ) ACTUARIAL SERVICES TO THE NEW BRUNSWICK INSURANCE BOARD

Transcription

1 55 Union Street, Suite 600 Saint John, New Brunswick E2L 5B7 REQUEST FOR PROPOSALS ( RFP ) ACTUARIAL SERVICES TO THE NEW BRUNSWICK INSURANCE BOARD RFP Issue Date: June 1, 2012 RFP Closing Date and Time: July 3, 2012 no later than 3:00PM ADT Contact Manager: Tina Jacob Hansen Telephone: Facsimile: tina.jacobhansen@nbib-canb.org

2 1. INTRODUCTION PREAMBLE RFP DEFINITIONS INTERPRETATION PROJECT INFORMATION PROJECT OVERVIEW LANGUAGE SERVICES, MANDATORY REQUIREMENTS, AND DESIRABLE PROVISIONS SERVICES REPORTING MANDATORY REQUIREMENTS - CORPORATE DESIRABLE PROVISIONS - CORPORATE MANDATORY REQUIREMENTS - PROPONENT RESOURCES DESIRABLE PROVISIONS - PROPONENT RESOURCES FACILITIES PRICING FORM OF PRICING PROJECT BUDGET PROPOSAL HOW TO ORGANIZE THE PROPOSAL WHAT TO PUT IN THE PROPOSAL PROPOSAL SUBMISSION FORM RESPONSE TO RFP REQUIREMENTS PROPONENT PROFILE SERVICE DELIVERY APPROACH APPENDICES EVALUATION SCREENING RATING PROPOSAL EVALUATION CRITERIA SHORT LISTING REFERENCE CHECKS SELECTION RESOURCE REPLACEMENT PROPOSAL CLARIFICATIONS RFP TERMS AND CONDITIONS ACCESS TO RFP DOCUMENTS RFP SCHEDULE OF EVENTS PROPONENT INFORMATION SESSION PROPOSAL SUBMISSION PROPOSAL PUBLIC OPENING MULTIPLE PROPOSALS...15 June 1,

3 7.7 PROPONENT TEAM PROPOSALS PRICE PROPONENT QUESTIONS PROPOSAL ALTERATIONS AND IRREVOCABILITY PERIOD OF COMMITMENT PROPOSAL IRREGULARITY OR NON-COMPLIANCE PROPOSAL RETURN CONFIDENTIALITY AND SECURITY OF INFORMATION RIGHT TO INFORMATION AND PROTECTION OF PRIVACY ACT (NEW BRUNSWICK) CONSENT TO THE USE OF PERSONAL INFORMATION CONFLICT OF INTEREST MODIFIED RFP PROCESS RFP TERMS AND CONDITIONS EXTENSION, AMENDMENT TO OR CANCELLATION OF RFP COSTS OF THE PROPOSAL CONTRACT AWARD REPRESENTATIONS AND WARRANTIES RELEASE OF PROPOSAL INFORMATION PROPONENT DEBRIEFING LIMITATION OF LIABILITY PROPOSAL ACCEPTANCE/REJECTION...20 APPENDIX A CONTRACT APPENDIX B SERVICES APPENDIX C - PROPOSAL SUBMISSION FORM APPENDIX D SERVICE DELIVERY APPROACH June 1,

4 1. INTRODUCTION 1.1 PREAMBLE Proponents are invited to submit Proposals for the provision of Services in accordance with the specifications and terms and conditions set out in this RFP. This competitive procurement will be conducted in accordance with one fundamental objective: to maximize the benefit to the NBIB while offering Proponents a fair and equitable opportunity to participate. Proponents are advised to pay careful attention to the wording used throughout this RFP. Failure to satisfy any term, condition or mandatory requirement of this RFP may result in rejection of the Proposal. 1.2 RFP DEFINITIONS Terminology used throughout this RFP is defined as follows and in the Contract (Appendix A): ADT means Atlantic Daylight Saving Time. Business Day means 08:30 to 16:30, ADT, Monday to Friday, excluding holidays observed by the NBIB. Contact Manager means the individual referenced on the cover page of this RFP. Contract means the written agreement between the successful Proponent and the NBIB to provide the Services and Materials contemplated by this RFP. Contractor means the legal entity that will enter into the Contract with the NBIB. Evaluation Team means individuals who will evaluate the Proposals on behalf of the NBIB. Facilities means adequate office space and equipment including desk and chair, personal computer, telephone and office supplies and access to printer and facsimile, as are determined to be necessary by the NBIB for the performance of the Services by the Contractor. Fixed Hourly Rate means the definite and predetermined hourly rate charged for the performance of the Services by the successful Proponent s resources. Fixed Price means a definite and predetermined price charged for the performance of the June 1,

5 Services by the successful Proponent s resources. Materials means any work, information, records or materials, regardless of form, which are made, generated, produced or acquired by the Contractor or its employees, subcontractors or agents in the course of performing the Services; must or mandatory or shall means that the requirement so described must be met in a substantially unaltered form in order for the Proposal to be compliant. NBIB or Board means the New Brunswick Insurance Board. Personal Information means personal information as defined in the Right to Information and Protection of Privacy Act (RTIPPA). Prime Proponent means the Proponent in a Proponent Team that is responsible for the provision of all Services and Materials, and with whom the NBIB will enter into the Contract should the Proponent Team be awarded the Contract pursuant to this RFP. Project means the project outlined in section 2 of this RFP. Proponent means an individual, organization or Proponent Team responding to this RFP with a Proposal. Proponent Team means two or more individuals and or organizations that together submit a Proposal. Proposal means the Proponent s response to this RFP, and includes all the Proponent s attachments and presentation materials. or RFP means this solicitation for the Services and Materials including attached appendices. RFP Closing Date and Time means the date and time as stated on the cover page of this RFP. Services means the work, duties, functions and deliverables to be provided by the Contractor as specified in Appendix B to this RFP. Service Delivery Approach means the requirements and provisions set out in Appendix D to this RFP and a Proponent s Proposal in relation to such requirements and provisions. should or desirable means that a provision so described has a significant degree of importance to the NBIB and will be scored in the evaluation of the Proposal. June 1,

6 1.3 INTERPRETATION a) Headings are used for convenience only, and they do not affect the meaning or interpretation of the clauses. b) Words in the singular include the plural and vice versa. 2. PROJECT INFORMATION 2.1 PROJECT OVERVIEW The New Brunswick Insurance Board (NBIB) is a quasi-judicial administrative tribunal established by the Government of New Brunswick in 2004 as the regulatory agency responsible for approval of automobile insurance rates. All types of automobile insurance coverage for all types of vehicles are within the purview of the NBIB. Pursuant to sections 19.1 and 267 of the Insurance Act, the NBIB receives and reviews annual insurance rate applications from all companies licensed to operate in NB. The NBIB would like to contract with a consulting actuary for a number of services that would include: Conducting actuarial reviews of selected private passenger rate applications. Conducting actuarial reviews of selected 'other' rate applications. Attending by teleconference or in person to discuss, provide analysis or advice to Board panels responsible for the review or 'hearing' a rate application. Providing general advice to the NBIB on auto insurance trends in NB. If requested by NBIB, providing an assessment of required industry pricing for NB private passenger coverage types (note this would be provided as a separate, stand-alone service as required). Providing occasional actuarial advice on other topics that may be investigated by the NBIB. Providing occasional educational seminars, usually annually, on actuarial or insurance topics to NBIB board members and/or staff. Other services and projects as circumstances demand (note these would be provided as a separate, stand-alone services as required). 2.2 LANGUAGE New Brunswick is an officially bilingual province. However, the technical nature of the work produced by the Board and the technical nature of the information received by the Board has dictated that the working language of the Board is primarily English. Therefore, proposals submitted under this RFP should be made in English or in French with English translation. At times, hearings may require that the Board provide simultaneous translation in order to accommodate parties who may wish to participate. Furthermore, decisions of the Board are issued in both official languages and are posted to the NBIB website in both languages. June 1,

7 3. SERVICES, MANDATORY REQUIREMENTS, AND DESIRABLE PROVISIONS 3.1 SERVICES The NBIB requires the Services as set out in Appendix B to this RFP. The anticipated duration of Services is from September 1, 2012 to August 31, The NBIB, at its discretion, will confirm actual start and end dates for the Services upon finalizing the Contract. The NBIB may extend the Contract, under the same terms and conditions, for subsequent work or phases for an additional term to end August 31, REPORTING The successful Proponent will be required to submit status reports as set by the NBIB in accordance with each specific service. These status reports should outline: - Overall summarization of the service progress; - Detail of services provided; - Remaining deliverables, progress and expected delivery on each review or project; - Issues and concerns affecting delivery timetable or any other issue or aspect impacting the deliverability of the review or project. 3.3 MANDATORY REQUIREMENTS - CORPORATE The Proponent must demonstrate that it meets the mandatory requirements as set out in Attachment # 1 to Appendix C to this RFP. 3.4 DESIRABLE PROVISIONS - CORPORATE The Proponent should demonstrate that it meets the desirable provisions as set out in Attachment # 1 to Appendix C to this RFP. 3.5 MANDATORY REQUIREMENTS - PROPONENT RESOURCES The Proponent must demonstrate that it meets the mandatory requirements as set out in Attachment # 2 to Appendix C to this RFP. 3.6 DESIRABLE PROVISIONS - PROPONENT RESOURCES THIS SPACE INTENTIONALLY LEFT BLANK 3.7 FACILITIES The Contractor shall be responsible for providing all Facilities. June 1,

8 4. PRICING 4.1 FORM OF PRICING The Proposal must provide the Fixed Hourly Rate for each of the Proponent s resources and an estimate of the time required for each of the Proponent s resources for the Proponent to perform the Services as set out in Attachment #3 to the Proposal Submission Form in Appendix C of this RFP. 4.2 PROJECT BUDGET THIS SPACE INTENTIONALLY LEFT BLANK 5. PROPOSAL 5.1 HOW TO ORGANIZE THE PROPOSAL To assist evaluation by the Evaluation Team, Proposals should be organized in the following format using the section titles and sequence listed below: a) Table of Contents; b) Proposal Submission Form; c) RFP Requirements (as set out in Attachments 1-3 to Appendix C to this RFP); d) Proponent Profile; e) Appendices, if any. 5.2 WHAT TO PUT IN THE PROPOSAL It is mandatory that Proposals include responses to requirements described with a must, mandatory or shall in this RFP. Failure to provide a response to requirements described with a must, mandatory or shall will result in rejection of the Proposal. It is highly desirable that Proposals also respond to should provisions in this section. The Proposal response to all mandatory requirements and desirable provisions in this section will be utilized in evaluating each Proposal. In addition, a Proponent should provide cross references to any parts of the Proposal that contain information that the Proponent wishes to be considered in the evaluation of any given requirement or provision Proposal Submission Form A completed Proposal Submission Form found in Appendix C, or a cover letter containing the information required by the Proposal Submission Form, must be signed by an authorized representative of the Proponent, and submitted with the Proposal. June 1,

9 5.2.2 Response to RFP Requirements a) Services Proponents must sign and submit the Proposal Submission Form in Appendix C of this RFP, or a cover letter containing the information required by the Proposal Submission Form acknowledging that if awarded the Contract, the Proponent will perform the Services set out in Appendix B of this RFP. Proponents should also ensure that all supporting information is included so that the NBIB can evaluate the Proponent s ability and suitability to perform the Services. b) Mandatory Requirements and Desirable Provisions - Corporate Proposals must provide a response to the mandatory requirements and should provide a response to the desirable provisions set out in the Mandatory Requirements - Corporate and Desirable Provisions - Corporate, Attachment # 1 to Appendix C. c) Mandatory Requirements and Desirable Provisions - Proponent Resources Each of the Proponent s proposed resources Proposals must provide a response to the mandatory requirements and should provide a response to the desirable provisions set out in Attachment # 2 to Appendix C to this RFP. In addition, for all resources proposed, the Proposal should include the following information: - A résumé detailing each of the Proponent s proposed resource s education and experience; - The earliest date each proposed resource is available to perform the Services; and - At least three business-related references. If a résumé detailing each of the Proponent s proposed resource s education and experience is not included with the Proposal, the Proponent must provide it within two Business Days of a request by the NBIB to do so. d) Price In their Proposals, Proponents must use the Pricing Form, which is Attachment #3 to Appendix C, or a similar representation of the same information, to submit their pricing for the Services described in this RFP. June 1,

10 5.2.3 Proponent Profile a) The Proposal must include the following: - The legal name of the Proponent; - A Proponent contact for all questions and clarifications arising from the Proposal. The contact information should include the person s title, address including , telephone and facsimile number; - Details of any subcontracting arrangements proposed by the Proponent; and - The legal name and address of any proposed sub-contractors. b) The Proposal should include: - A brief corporate background, especially pertaining to experience on similar projects (including project references); and - The location of the Proponent s head office and, if applicable, service centres. In the case of Proponent Team Proposals, the following information is required in addition to the above requirements: c) The Proposal must: - Identify the members of the Proponent Team and the Prime Proponent who will be the Proponent Team s contact with the NBIB; - Provide the legal name of the Prime Proponent; and - Describe the role of the Prime Proponent and each Proponent Team member. d) The Proposal should: - Provide the location of the head office and, if applicable, service centres for each Proponent Team member; - Provide the legal name of each Proponent Team member; and - Demonstrate a Proponent Team management approach that will ensure, for the duration of the Contract, clear lines of communication and delivery of Services. Where the information requested of a Proponent in b) or a Prime Proponent in d) above is not included with the Proposal, the information must be provided within two Business Days of a request by the NBIB to do so Service Delivery Approach THIS SPACE INTENTIONALLY LEFT BLANK June 1,

11 5.2.5 Appendices 6. EVALUATION If a Proponent wishes to include any other material not specifically requested by this RFP, it may do so by including additional appendices in the Proposal. 6.1 SCREENING After receiving the Proposals, the Evaluation Team will screen each to determine if the Proponent met the mandatory requirements of this RFP. A Proponent must provide sufficient detail in its Proposal to demonstrate that it has met this RFP s mandatory requirements. The Evaluation Team will then evaluate Proposals that have passed the initial screening. 6.2 RATING The Evaluation Team will use the following evaluation criteria to rate Proposals. Subject to the requirements of RTIPPA, the ratings shall be confidential, and no totals or scores of the ratings shall be released to any party. 6.3 PROPOSAL EVALUATION CRITERIA The RFP evaluation criteria will be distributed within the following rating categories: 1. Industry Experience (20%) Proponents will be assessed on a. their broad knowledge of the Canadian auto insurance industry, b. their understanding of insurance regulatory environment in New Brunswick, and c. the résumé of the proposed lead actuary. 2. Depth of staff resources (15%) Proponents will be assessed on a. the knowledge and experience of the entire proposed actuarial team, and b. the supplemental resources the proponent can rapidly access should circumstances require additional short term efforts. 3. Proponent s Approach and Lead Actuary s fit with NBIB (30%) Proponents will be initially assessed based on an assessment of the proposed approach to providing actuarial support to NBIB and the degree of priority that this engagement will be given by each proponent. This will be re-assessed during interview process for those short-listed. 4. Resolution of Conflicts of Interest (10%) It is expected that most proponents will have some conflicts of interest with insurance company clients that may be making rate June 1,

12 applications to the NBIB. Proponents will be assessed on their proposed approach to addressing such conflicts of interest. 5. Price (25%) As the services required for actuarial support will fluctuate each year, proposals will be evaluated based on proposed hourly rates for each category of team member, as well as the expected blended rate for the entire team as proposed. Proposals will be evaluated against the criteria identified above to arrive at a total point score. 6.4 SHORT LISTING The NBIB may establish a shortlist of Proponents who may be asked to make formal presentations regarding their Proposal to the Evaluation Team. Key Proponent management and technical resources will be expected to participate in such presentations. These presentations will be made at no cost to the NBIB. As noted in section 7.2, short list interviews / presentations will be made July It is currently anticipated that these interviews will be held in Toronto and will be scheduled after the short list is prepared. Interviews are to be held at the offices of the proponents unless a shortlist proponent is not from Toronto in which case the interview / presentation will be at an agreed upon suitable, alternate location. 6.5 REFERENCE CHECKS The NBIB may conduct Proponent or Proponent resource reference checks. The NBIB may contact references, including references other than those submitted by the Proponent, without prior notice to the Proponent. The Proposal may be rejected if, in the opinion of the NBIB, the Proponent or any proposed Proponent resource receives unsatisfactory references. 6.6 SELECTION Proposals will be evaluated and scored based on the quality of response to the requirements and provisions of this RFP. The Evaluation Team will make the final selection, if any, based on the Proposal s evaluation scoring, presentation (if applicable), and reference checks. 6.7 RESOURCE REPLACEMENT Resource replacement is not encouraged, however, there could be circumstances following the RFP Closing Date and Time and prior to Contract execution that a Proponent may request in writing that a proposed resource be replaced. Any proposed resource replacement must have, in the opinion of the NBIB, equivalent or better June 1,

13 qualifications than the resource originally proposed. Proponents will not receive additional credit in the evaluation process if the qualifications of the replacement resource exceed that of the original resource. The NBIB reserves the right to deny any request for replacement and reject any proposed replacement. 6.8 PROPOSAL CLARIFICATIONS At any time during the evaluation process, the NBIB may ask the Proponent to clarify statements made in its Proposal. 7. RFP TERMS AND CONDITIONS 7.1 ACCESS TO RFP DOCUMENTS The NBIB uses its website ( to post procurement opportunities. The Proponent should, when submitting a Proposal, obtain the RFP directly from the NBIB website to facilitate receiving any RFP updates or amendments issued by the NBIB. The NBIB will reject Proposals that do not comply with the RFP requirements, including RFP requirements that have been updated or amended by the NBIB through the NBIB website. 7.2 RFP SCHEDULE OF EVENTS RFP Issue Date: June 1, 2012 Proponent Information Session June 13, 2012 RFP Closing Date and Time: July 3, 2012 at 3:00PM ADT Evaluation of Proposals: July 6, 2012 Shortlist Presentations: July 16-18, 2012 Selection of Preferred Proponent: July 25, 2012 The above dates are provided for information only and are subject to change at the sole discretion of the NBIB. 7.3 PROPONENT INFORMATION SESSION A Proponent information session has been scheduled to provide an opportunity for questions or clarification regarding this RFP s requirements. Date: June 13, 2012 Time: 2:00PM ADT Location: Union Street, Saint John, New Brunswick Teleconference Coordinates: Dial-in number: Conference code: The NBIB recommends that written questions be submitted to the Contact Manager in June 1,

14 advance so that comprehensive answers can be given at the session. Attendance at the session is not mandatory, but is highly recommended. The NBIB will post all written questions and answers arising from the Proponent information session on the NBIB website. 7.4 PROPOSAL SUBMISSION Proposals must be delivered by the date and time indicated in section 7.2 of this document. Proposals may initially be submitted in electronic format ( , CD/DVD, flashdrive) for purposes of meeting the submission deadline, however a hardcopy version of the proposal must be received within 48 hours from the closing date for submissions. Proposals may be delivered by hand, courier or mail. In responding to this RFP, the Proponent s attention is drawn to the following: a) A completed Proposal Submission Form found in Appendix C, or a cover letter containing the information required by the Proposal Submission Form, must be signed by an authorized representative of the Proponent, and submitted with the Proposal. b) Proposals received unsigned or after the RFP s Closing Date and Time will be rejected. c) Ambiguous, unclear or unreadable Proposals may be rejected. d) Proposals must be submitted to: tina.jacobhansen@nbib-canb.org with Actuarial RFP Proposal Submission in the subject line or New Brunswick Insurance Board Union Street, Saint John, NB, E2L 5B7 Attn: Tina Jacob Hansen, Manager of Finance and Administration Closing Date & Time: July 3, 2012 at 3:00PM ADT e) Hardcopy submissions should include four (4) bound and one (1) unbound copy of the proposal. 7.5 PROPOSAL PUBLIC OPENING Proposals will be opened publicly at the New Brunswick Insurance Board, Union Street, Saint John, New Brunswick E2L 5B7 immediately following the RFP Closing Date and Time. June 1,

15 7.6 MULTIPLE PROPOSALS If a Proponent submits more than one Proposal, the Proponent must submit each Proposal separately in the same format as outlined in this RFP. Each Proposal submitted by the same Proponent must meet the mandatory requirements of this RFP. The Evaluation Team will decide the acceptability of each Proposal separately. 7.7 PROPONENT TEAM PROPOSALS In the case of a Proponent Team Proposal, the NBIB requires that the Prime Proponent has responsibility for all terms and conditions of the Contract. If a Proponent Team is selected as the successful Proponent, only the Prime Proponent will be identified as the Contractor in the Contract. 7.8 PRICE Prices proposed shall be in Canadian dollars and exclusive of the Harmonized Sales Tax. The NBIB is registered for and pays HST to HST registered vendors. If any of the Proponent s Estimated Amounts or the Estimated Contract Total as proposed in the Pricing Form, which is Attachment #3 to Appendix C, are miscalculated, then the NBIB will use the individual Estimated Effort and Fixed Price Hourly Rate to calculate the correct Estimated Amount or Estimated Contract Total. In the event of any inconsistency between words and numbers, words shall govern. 7.9 PROPONENT QUESTIONS All questions and any form of communications with the NBIB regarding this RFP must be in writing and only be directed to the Contact Manager unless otherwise advised in writing from the Contact Manager. All enquiries to and responses from the Contact Manager will be recorded. is acceptable. The NBIB intends to issue all questions and their corresponding responses to all Proponents. However, the NBIB reserves the right to issue particular responses only to a particular Proponent depending on whether the question is confidential, or not to issue a response at all. Should a Proponent wish to ask a question that it considers to be confidential (i.e., the response is to be directed only to the Proponent that asks the question), the Proponent may request such a question be kept confidential provided the Proponent sets out with such request an explanation as to why the Proponent believes the question to be confidential. If the NBIB considers that the question is confidential, it will direct the response only to the Proponent that has asked the question, and not to the other Proponents. June 1,

16 If the NBIB considers that the question is not confidential, it will advise the Proponent of its view, and the Proponent can decide whether to withdraw the question. The NBIB reserves the right in its sole discretion to determine whether a question is confidential or not, and anticipates that only in exceptional circumstances will it determine a question to be confidential. The Proponent has the responsibility to notify the NBIB, in writing, of any ambiguity, divergence, error, omission, oversight, contradiction, or item subject to more than one interpretation in this RFP, as it is discovered, and to request any instruction, decision, or direction required to prepare the Proposal. In order for the NBIB to deal effectively with Proponent questions or concerns about any terms, conditions or requirements of this RFP including the Contract provisions, such questions or concerns must be communicated in writing to the NBIB at least three Business Days prior to the RFP s Closing Date and Time. Questions received after this time will be answered if time permits. Verbal responses to enquiries are not binding on any party PROPOSAL ALTERATIONS AND IRREVOCABILITY Proponents may only amend or rescind their Proposal before the RFP Closing Date and Time by submitting a clear and detailed written notice to the NBIB in accordance with section 7.4(d). Subject to section 7.11 all Proposals become irrevocable after the RFP Closing Date and Time. In either of the following circumstances: a) the Proponent has rescinded a Proposal before the RFP Closing Date and Time; or b) the NBIB has received the Proposal after the RFP Closing Date and Time; such a Proposal will, at the Proponent s choice, either be returned to the Proponent at the Proponent s expense after the RFP Closing Date and Time, or destroyed by the NBIB after the RFP Closing Date and Time PERIOD OF COMMITMENT Proposals shall be final and binding on the Proponent for ninety (90) days from the RFP s Closing Date and Time and may not be altered by subsequent offerings, discussions, or commitments unless the Proponent is asked to do so by the NBIB. The Proposal shall be used as the basis for the Contract. June 1,

17 7.12 PROPOSAL IRREGULARITY OR NON-COMPLIANCE The NBIB reserves the right to waive an irregularity or non-compliance with the requirements of this RFP where the irregularity or non-compliance is minor or inconsequential. The determination of what is or is not a minor or inconsequential irregularity or non-compliance, and the determination of whether to waive or not waive the irregularity or non-compliance, shall be at the NBIB s sole discretion PROPOSAL RETURN Subject to section 7.10, Proposals and accompanying documentation, upon receipt by the NBIB, will become the property of and will be retained by the NBIB CONFIDENTIALITY AND SECURITY OF INFORMATION The Proponent, the Proponent s employees, subcontractors, and agents shall: a) keep strictly confidential all information concerning the NBIB or third parties, or any of the business or activities of the NBIB or third parties acquired as a result of participation in the RFP; and b) only use, copy or disclose such information as necessary for the purpose of submitting a Proposal or upon written authorization of the NBIB. The Proponent shall maintain security standards, including control of access to data and other information, consistent with the highest standards of business practice in the industry. No press release or other public announcement relating to this RFP shall be issued without the prior written consent of the NBIB RIGHT TO INFORMATION AND PROTECTION OF PRIVACY ACT (NEW BRUNSWICK) (RTIPPA) The Proponent acknowledges that: a) RTIPPA applies to all information and records relating to, or obtained, generated, created, collected or provided under, the RFP or the Contract and which are in the custody or under the control of the NBIB. RTIPPA allows any person a right of access to records in the NBIB s custody or control, subject to limited and specific exceptions as set out in RTIPPA; and b) The Proponent, if it considers portions of its Proposal to be confidential, shall identify those parts of its Proposal to the NBIB considered to be confidential and what harm could reasonably be expected from disclosure. The NBIB does not warrant that this identification will preclude disclosure under RTIPPA. June 1,

18 7.16 CONSENT TO THE USE OF PERSONAL INFORMATION The purpose of collecting Personal Information for this RFP is to enable the NBIB to ensure the accuracy and reliability of the information, to evaluate the Proposal, and for other related program purposes of the NBIB. Authority for this collection is the RTIPPA, as amended from time to time. The Proponent may contact the Contact Manager identified in the RFP regarding any questions about collection of Personal Information pursuant to this RFP. The Proponent consents, and has obtained the written consent from any individuals identified in the Proposal, to the use of their Personal Information in the Proposal by the NBIB, the NBIB s employees, subcontractors and agents, to enable the NBIB to evaluate the Proposal and for other program purposes of the NBIB. The Proponent must provide those written consents within two Business Days of a request by the NBIB to do so CONFLICT OF INTEREST On or before the Closing Date and Time of this RFP, Proponents must fully disclose to the Contact Manager, in writing, the circumstances of any actual, possible or perceived conflict of interest in relation to the Proponent, all Proponent Team members or any proposed sub-contractor if the Proponent were to become the Contractor pursuant to this RFP. The NBIB shall review any submissions by Proponents under this provision and may reject any Proposal where, in the opinion of the NBIB, the Proponent, any Proponent Team member or any proposed sub-contractor is, could be, or could be perceived to be in a conflict of interest if the Proponent were to become the Contractor pursuant to this RFP MODIFIED RFP PROCESS If no compliant Proposals are submitted in response to this RFP, the NBIB reserves the right to undertake a Modified RFP Process in order to select a successful Proponent. The Modified RFP Process, if used, will be conducted as follows: - All Proponents submitting non-compliant Proposals, other than those who submitted Proposals after the RFP Closing Date and Time, will be asked to prepare a "Modified Proposal". The necessity, scope and the timing of such a Modified RFP Process will be solely at the NBIB s discretion; - Details regarding the manner and form of the Modified RFP Process and the expected deliverables to be included therein will be provided in advance to all Proponents who submitted a non-compliant Proposal; - Modified Proposals and accompanying documentation, upon receipt by the NBIB, will become the property of and be retained by the NBIB; - Proponents submitting Modified Proposals must meet the mandatory requirements identified in the Modified RFP Process; and June 1,

19 - At the conclusion of the Modified RFP Process, following the Proponents submission of the Modified Proposals, the Evaluation Team will evaluate Proposals in accordance with an evaluation plan developed for the Modified Proposal RFP TERMS AND CONDITIONS By submitting a Proposal, the RFP Terms and Conditions contained in this section 7 of this RFP are deemed to be accepted by the Proponent in their entirety and without any changes EXTENSION, AMENDMENT TO OR CANCELLATION OF RFP The NBIB may extend the RFP Closing Date and Time, or the NBIB may amend, suspend, postpone or cancel this RFP COSTS OF THE PROPOSAL The Proponent is responsible for all costs of preparing and presenting its Proposal and, if applicable, entering into the Contract CONTRACT AWARD Following the final selection, if any, the NBIB and the successful Proponent will enter into the Contract signing phase. Proponents must provide a copy of the proposed wording of the Contract that will detail all the proposed terms and conditions. Proposed terms and conditions will be subject to a review by NBIB legal counsel and modifications may be requested during the signing phase. If, in the opinion of the NBIB, it appears that a Contract will not be entered into with the successful Proponent within 30 days, the NBIB may contract with another Proponent based on the evaluation process. The proposed Contract must include completed schedules (A and B) as provided in Appendix A. Appendix B contains a more detailed listing of the services required for purposes of this RFP and will form a part of the final signed contract, subject to any additional modifications or addenda as may be agreed during the Contract signing phase REPRESENTATIONS AND WARRANTIES Statements made in a Proposal may be incorporated into, attached to, or otherwise included in Schedule A to the Contract, and shall constitute representations and warranties of the successful Proponent and shall form part of the Contract RELEASE OF PROPOSAL INFORMATION The NBIB reserves the right to disclose the names of responding Proponents and any June 1,

20 summary cost information deemed appropriate by the NBIB PROPONENT DEBRIEFING At the written request of an unsuccessful Proponent, the NBIB may, in its discretion conduct a debriefing to tell the Proponent why its Proposal was not selected. The unsuccessful Proponent s written request for a debriefing must be received by the NBIB within 10 Business Days of notification to the Proponent that it was unsuccessful LIMITATION OF LIABILITY Notwithstanding any other provision in this RFP, a Proponent who responds to this RFP agrees that any claim for damages or compensation of any kind related directly or indirectly to a breach of contract or other cause of action arising from: the RFP process; the evaluation of Proposals; the awarding of the Contract; or a decision by the NBIB not to award the Contract shall be limited to the Proponent s actual Proposal preparation costs. Proposal preparation costs are the actual costs borne by a Proponent to prepare and submit its Proposal. By submitting a Proposal a Proponent acknowledges and accepts this limitation PROPOSAL ACCEPTANCE/REJECTION The NBIB is not required to accept the lowest cost Proposal, and may reject any or all Proposals. June 1,

21 APPENDIX A Schedule A (Services) 1. Services The Contractor shall perform the Services as they are described in the RFP and the Proposal which are incorporated into and form part of this Schedule. 2. Order of Precedence In the case of conflicts, discrepancies, errors or omissions among the RFP and the Proposal; the documents and amendments to them shall take precedence and govern in the following order: (a) the RFP; and (b) the Proposal. 3. Human Resource Requirements (where applicable) The Contractor will provide resources to perform the Services that meet the following criteria: as detailed in Appendix C, Attachment #2. 4. Contractor Personnel Subject to replacements approved by the NBIB, the Contractor s resources, as specified below, will perform the Services: Individual (Name) (Name) (Name) Service/Project Role (Role) (Role) (Role) 5. Approved Subcontractors (if any): 6. Facilities (where applicable) 7. Service Delivery Approach (where applicable) June 1,

22 Appendix A- Contract APPENDIX A Schedule B (Payment) 1. Pricing Payments under the Contract will be as follows using the rates specified below: Individual Service/Project Role Hourly Rate (name) (role) $ (name) (role) $ (name) (role) $ (name) (role) $ 2. Expenses (a) The NBIB will pay all pre-approved out-of-pocket expenses actually incurred by the Contractor in the performance of the Services. June 1,

23 Appendix B- Services APPENDIX B Services In accordance with any service requirements specified below, the NBIB requires the Contractor to perform the following: 1. Services The following actuarial projects are based on the NBIB s recent use of its current actuarial advisors. It is expected that future use will be similar, but not necessarily, identical to this previous use. (a) At beginning of engagement meet with NBIB staff to develop an understanding of protocol used by NBIB for pre-screening PPV rate applications and the expectations from the actuarial advisors regarding those filings identified as requiring actuarial review. (b) Annually conduct approximately 15 to 20 actuarial reviews of selected PPV rate applications and approximately 10 to 20 occasional OTHER rate applications. i. Each actuarial review may entail some dialogue with applicant insurer to confirm or verify certain details of filing but most vetting of compliance with NBIB filing criteria will be done by NBIB staff. ii. Each actuarial review will result in a one to two page summary of pertinent details of rate application, including identification of any material actuarial issues arising from the actuarial review. (c) Attend teleconferences with Board panel to discuss selected summary actuarial review reports. (d) Annually attend, in person, approximately four to six public hearings in Saint John on selected rate applications. (e) Provide general advice to NBIB on auto insurance trends in New Brunswick. (f) If requested by NBIB, provide an assessment of estimated change in industry prices for New Brunswick PPV coverages. Note that this service will not be requested every year, and so should be considered as a separate, stand-alone service. (g) Occasionally provide actuarial advice with respect to any topic that the board may choose to investigate. (h) Provide annual educational seminar on actuarial or insurance topics to help educate NBIB members. (i) Other services and projects as circumstances demand. In addition to providing the Board with support, the Proponent would be expected to be available for any public meetings relating to discussion of the analysis provided. The Contractor shall perform the Services no later than the completion dates specified as follows: June 1,

24 Appendix B- Services 2. Services Timetable (a) Protocol review: September 30, 2012 (b) Rate Reviews: Generally PPV rate applications are received in mid-september. Initial NBIB review can take 2-3 weeks. Once rate applications have been selected for further actuarial review, expectations would be for a turnaround time of 3-4 weeks. Other reviews for non-ppv rate applications are received at various intervals throughout the year, however timelines for completion are similar to those noted for PPV rate applications. (c) Attend teleconferences: As specified at time of assignment. (d) Attend, in person, public hearings: As specified at time of assignment. (e) Provide general advice to NBIB: As specified at time of assignment. (f) If requested, provide an assessment of estimated change in industry prices for New Brunswick PPV coverages: Generally this will be requested in late winter/early spring as GISA industry data becomes available. (g) Provide occasional actuarial advice: As specified at time of assignment. (h) Provide annual educational seminar: Generally occurs in late spring or early fall. (i) Other services and projects: As specified at time of assignment. 3. Facilities THIS SPACE INTENTIONALLY LEFT BLANK 4. Standards of Care The Contractor shall perform the Services with reasonable skill, care and diligence and in accordance with any applicable industry standards of suppliers of services similar to, or the same as, the Services described in this RFP. June 1,

25 Appendix C Proposal Submission Form APPENDIX C - Proposal Submission Form July 3, 2012 Tina Jacob Hansen, Manager of Finance and Administration New Brunswick Insurance Board Union Street Saint John, New Brunswick E2L 5B7 RE: (RFP) Proponent s Legal Name: Mailing Address: Contact Name: Telephone: Facsimile: Address: Proposal: The Proponent proposes to supply the services of the resource(s) identified below at the rate(s) proposed herein to perform the Services as set out in Appendix B to this RFP, subject to the terms and conditions of this RFP. The qualifications of the proposed Proponent resource(s) are identified in the supporting résumé(s). The Proponent consents, and has obtained written consent of any individuals identified in the Proposal, to the use of the Personal Information in the Proposal by: a) the NBIB; b) the NBIB s employees; and c) individuals and organizations under contract to provide services to the NBIB, to enable the NBIB to evaluate the Proposal and use this information for other program purposes of the NBIB. The Proponent acknowledges that it will provide those written consents within two Business Days of a request by the NBIB to do so. June 1,

26 Appendix C Proposal Submission Form The Proponent acknowledges that if it is awarded the Contract pursuant to this RFP, as Contractor, it will enter into the Contract with the NBIB to perform the Services as set out in Appendix A to the RFP. Authorized Signature (Print Name) (Title) June 1,

27 Appendix C Proposal Submission Form ATTACHMENT #1 MANDATORY REQUIREMENTS - CORPORATE AND DESIRABLE PROVISIONS - CORPORATE Mandatory Requirements MANDATORY REQUIREMENT(S) 1. Indicate the names of Resources eligible to be Project Leaders. A Resource eligible to be a Project Leader must be a fellow of the Canadian Institute of Actuaries or a Fellow of the Casualty Actuarial Society. 2. Identify the total number of employees available as Resources and list the qualifications and related work experience for each person identified. MINIMUM EXPERIENCE REQUIRED Minimum of 10 years experience Desirable Provisions DESIRABLE PROVISION(S) 1. Knowledge of and demonstrated experience in the automobile insurance industry. 2. Experience reviewing or auditing premium structures for automobile insurance companies, provincial governments providing automobile insurance with a premium structure or automobile insurance regulatory authorities. Include references. 3. Knowledge of the New Brunswick regulatory model for automobile insurance. 4. Describe the approach to identify and resolve issues that affect completion of and commitment to timely delivery of services described in Appendix B. 5. Demonstrate past experience at establishing and maintaining successful relationships with the client and service stakeholders. DESIRED EXPERIENCE June 1,

28 Appendix C Proposal Submission Form ATTACHMENT #2 MANDATORY REQUIREMENTS - PROPONENT RESOURCES Proponents are responsible for proposing a resource or a team of resources capable of successfully performing the Services described in this RFP, however, it is required that the Proponent resource team, at a minimum, consist of the following categories: Project Leader Senior Consultants Technical Support Mandatory Requirement(s) 1. One (1) senior consultant with experience leading projects (Fellow of the Canadian Institute of Actuaries or a Fellow of the Casualty Actuarial Society). 2. One or more senior consultants. (Fellow of the Canadian Institute of Actuaries or a Fellow of the Casualty Actuarial Society). 3. Technical staff required to manage statistical data (Student in actuarial studies or background in analysis of statistical data). Minimum Experience 10 years 5 to 10 years Name of Proposed Resource Experience Claimed Résumé Cross Reference Employee of Proponent, Subcontractor, or Employee of Subcontractor June 1,

29 Appendix C Proposal Submission Form ATTACHMENT #3 PRICING FORM The pricing for the performance of the Services described in this RFP is on a Fixed Hourly Rate basis, plus travel, subsistence and outof-pocket expenses. Anticipated Start Date: September 1, 2012 Anticipated End Date: August 31, Fixed Hourly Rates The Proponent proposes the following rates for completing the Services identified below: Individual Service/Project Role Fixed Hourly Rate (name) (role, e.g. Project Leader) $ (name) (role, e.g. Senior Consultant) $ (name) (role) $ (name) (role) $ Annual Estimated Effort Annual Estimated Amount Total Estimated Amount Estimated Contract Totals: hrs. $ $ Notes: The pricing must separately estimate the pricing for one service listed under Appendix B. This service may be required on an annual basis. The proponent may provide an estimate of the cost of an analysis for 1(f) an assessment of estimated change in industry prices for New Brunswick PPV coverages. Estimates on other projects will be requested as they arise. Pricing must include any escalation provisions for the initial contract term and for the potential two year extension from September 1, 2015 to August 31, June 1,

30 Appendix C Proposal Submission Form 2. Expenses (a) The NBIB will pay all pre-approved out-of-pocket expenses actually incurred by the Contractor in the performance of the Services provided that those expenses do not exceed the aggregate contract amount. 3. Facilities Whether or not the Proponent is required to provide Facilities for the proposed resource to perform the Services, the Fixed Hourly Rates quoted for each of the Proponents proposed resources must be inclusive of all overhead; office space and equipment including supplies, administrative burden, mark-up and all other costs to perform the Services for the duration of the performance of the Services. June 1,

31 Appendix D Approach APPENDIX D Service Delivery Approach THIS SPACE INTENTIONALLY LEFT BLANK June 1,