Invites Offers from Consulting Actuary

Transcription

1 Invites Offers from Consulting Actuary The Chief General Manager, Postal Life Insurance, Chanakyapuri P.O. building, New Delhi invites offers from interested fellow members of the Actuarial Society of India for engagement of consulting Actuary for a period of two years initially and extendable by one year on the prescribed application form. The Consulting Actuary will be required to do Actuarial Valuation of Post Office Insurance Fund (POIF), Rural Post Office Life Insurance Fund (RPOIF) and Extra Departmental Agents Group Insurance Fund (EDAGIF). He will also be a member of POIF and RPOIF investment board. The Consulting Actuary would also be required to provide actuarial advice of different types as per requirements of Life Insurance business from time to time. The interested eligible Actuaries may submit their offer, which should reach the PLI Directorate latest by15.00 hrs of The Proforma of application form and terms and conditions can be obtained from this office on any working day between to hours or downloaded from our website Incomplete applications and those received after due date will not be entertained. (General Manager) (A K Poddar) General Manager

2 Ministry of Communications and IT Department of Posts Directorate of Postal Life Insurance Chanakyapuri, New Delhi No. 29-7/2009-LI Dated: Issue of Request For Proposal for engagement of consulting actuary (1) Letter of Invitation: You are invited on behalf of President of India to participate in the process of selection for engagement of consulting Actuary for undertaking Actuarial Valuation of (i) Post Office Life Insurance Fund (POIF), (ii) Rural Post Office Life Insurance Fund (RPOIF) and (iii) Extra Departmental Agents Group Insurance Fund (EDAGIF). The Consulting Actuary shall also be required to tender actuarial advices of different types as per requirements of Life Insurance Business. (2) Information on proposal: The POIF has around 40 lac Policies of six different Plans while RPOIF has around 135 lac policies of six different Plans at the end of March The total number of beneficiaries in case of EDAGIS is 2.5 lacs. Director (PLI), Kolkata, will supply the input data required for valuation of fund in the shape of movement schedules, which are compiled in that office, to the Actuary at his office. All the data required for the valuation of the fund will be supplied in a consolidated manner, class-wise and valuation year of birth-wise. (3) Terms of Reference: The valuation is required to be done annually for POIF and RPOIF and triennially for EDAGIF or as may be decided from time to time. The valuation work consists of, inter-alia, examination of following aspects: - A. Analysis of the experience of the fund for the inter-valuation period. B. Mortality investigation during the inter-valuation period. C. Analysis of expenses. D. Analysis of premium income. E. Preparation of new premium tables/products and review of existing premium tables/products. F. Calculation of liabilities for different types of policies having regard to the provision for expenses and vested bonus. G. Analysis of surplus arising in the inter-valuation period and recommendation for bonus and risk management for investment of surplus Fund. H. Certification of solvency of respective Funds.

3 2 I. Checking of calculation of service tax payable on premium and on incentive/commission paid to the agents. J. He will be the member of Investment Board for investment of Post Office Life Insurance Fund and Rural Post Office Life Insurance Fund. K. The valuation of the fund is required to be completed within one month from the date of supply of complete data required for the purpose. L. The selected actuary will be required to visit the PLI Dte., Delhi/ Investment Division, Mumbai/ DPLI Kolkata and any other place as and when required. The principal actuary will be eligible for TA/DA as per the entitlement of a Government officer in SAG grade. Assistant actuary will be eligible for TA/DA as per entitlement of a Government officer in JAG grade. Departmental Inspection Quarters can be booked subject to availability. (4) Eligibility and prequalification criteria: Eligibility conditions for Consulting Actuary: (a) Ordinarily resident in India. (b) A fellow member of Institute of Actuaries, India (earlier Actuarial Society of India) (c) A person who has not committed breach of professional conduct. (d) A person against whom no disciplinary action by the Institute of Actuaries of India or any other Actuarial professional body is pending. (5) List of Key positions of the candidate: The intended Actuary should have experience of doing similar work for another Life Insurance company for a minimum period of three years. Experience Certificate from the Competent Authority of the Life Insurance Company should be submitted. (Necessary Documents confirming all past and present occupied positions should be enclosed) (6) Bid valuation Criteria and selection procedure: a. Receipt of Offer The offers should be sealed and sent by Registered Post or by Speed Post. The desirous Actuary or his representative may also drop the sealed bid in tender box kept in the office of the CGM (PLI), New Delhi up to the prescribed date and time.

4 3 b. Schedule and Opening of bids The last date of receipt of offers is up to hrs and a committee constituted by Competent Authority will open the Technical bids at 1600 hrs on at the Directorate of PLI, Chanakyapuri PO Complex, New Delhi in the presence of such Actuaries or their representatives with a letter of Authority from his Actuary, who may like to remain present during the opening of the technical bids. The bids received after the specified date and time of receipt will not be considered. The bids received incomplete will be rejected summarily. The bids received unsealed and in open condition will not be considered. c. Right of acceptance The Department of Posts reserves the right to accept or reject any or all the Offers without assigning any reason thereof and does not bind itself to accept the lowest or any tender. The decision of DOP in this regard will be final and binding. Any failure on the part of participating actuary to observe the prescribed procedure and any attempt to canvass for the work will prejudice his participation. d. Period of engagement of Actuary will be initially for a period of two year from the date of acceptance of offer and it may be extended by another one year with the mutual consent of both the parties to the agreement. e. Criterion for evaluation of bids: The evaluation of the offers will be made first on the basis of technical information furnished in the Technical Bid given in Annexure-I and then on the basis of financial information furnished in Financial Bid given in Annexure-II. The Financial Bid (Annexure- II) of such Actuaries who qualify on technical parameters will be opened on the date and time to be intimated later at Directorate of PLI, Chanakyapuri PO Complex, New Delhi or any other office of DoP as may be decided by the DoP. It must be kept in view that the decision given by the Tender Evaluation Committee and accepted by the Competent Authority will be final and binding. The reason for selection or rejection of a particular tender will not be disclosed. The award of work will be further subject to specific terms & conditions of the contract.

5 4 f. Communication of Acceptance: Successful participating actuary shall be informed of the acceptance of his/her offer. g. Termination of offer: In case the performance of the consulting Actuary so selected is found unsatisfactory, the contract is liable to be terminated after giving one-month notice without disclosing the reasons for termination. h. Validity of Bid: The offer shall be valid for a period of 180 days from the date of opening of the bid. The bid validity period shall be extended by the bidder for a further period of 180 days if so required by DoP. (7) Format for Technical and Financial Bids are given in Annexure-I and II respectively. The bids should be kept in separate sealed covers super scribed on the covers Technical Bid and Financial Bid respectively. Both, Technical and financial bids should be kept in one sealed cover super scribed as RFP for Consulting Actuary. (8) Earnest Money: Earnest Money of 24,000/-should be deposited in cash at any Post Office and the receipt in form ACG-67 in original should be submitted along with Technical Bid. (9) Contract Terms: A tender shall be rejected summarily on the following grounds: (I) (II) (III) (IV) (V) (VI) If the offer is received after the date and time prescribed for their receipt, irrespective of the fact whether the tender has been opened or not. If the offer has not been signed by the participating actuary. If the Technical Bid and Financial Bid are kept in the same envelope or wrong envelope and not marked to indicate whether it contains Technical Bid or Commercial Bid. If the offer is incomplete in any respect. An offer is submitted without following the prescribed procedures etc. If the candidate refuses to accept any of the terms and conditions. (VII) If the conditions of the offer are altered.

6 5 (VIII) If it is found that candidate is not complying with any of the laws directly associated with the proposed offer. (IX) If he does not satisfy any of the mandatory eligibility criterion. (X) If the offer is received without Earnest Money Deposit as prescribed. (XI) If the selected candidate fails to deposit the security money, if any prescribed within 15 days from the date of receipt of offer intimation. (10) Mid term Review of the Progress of Work and review of the Valuation Report. (i) The input data required for valuation of fund will be supplied by Director (PLI), Kolkata in the form of movement schedules compiled in that office, to the Actuary at his office. All the data required for the valuation of the fund will be supplied in a consolidated manner, class-wise and valuation year of birth-wise. (ii) Actuary s performance will be reviewed at the time of receipt of Financial Review Report or otherwise to examine if the health of POIF, RPOIF and EDAGIS is robust. (11) Terms of payment of Fees: (i) No payment will be made in advance. (ii) The Actuary will submit Bill at each stage for sanction of the amount of the bill. (iii) All payments shall be made by cheque only/bank transfer. (iv) The payment of Actuarial Advice fee/retainer fee will be made monthly after completion of the Calendar Month and receipt of bill. The payment of each valuation fee will be made after acceptance of Actuarial Valuation report of the Fund by Director General, Department of Posts. (v) The term Payments mentioned in this Para includes all types of Payments due to the Actuary arising on account of this contract excluding Earnest Money and Security Deposits, if any, which are governed by separate Clauses of the contract. (12) Performance Security: The successful consulting Actuary will have to furnish performance security of a sum equal to 10% of the value of contract or Bank Guarantee from a scheduled commercial Bank in an acceptable form, for a period at least six months beyond the date of completion of work.

7 6 The security deposit can be forfeited by order of Department of Posts in the event of any breach or negligence or non-observance of any condition of the contract or for unsatisfactory performance. (13) Arbitration: The sole arbitrator will be nominated by DG (Posts). Venue of Arbitration will be Delhi and will be governed by the provisions of the Indian Arbitration and Reconciliation Act. (14) Jurisdiction of Court: The civil court Delhi alone will have exclusive Jurisdiction to decide any difference, dispute and claim for and against Department of Posts/Consulting Actuary arising out in respect of the said contract. (15) Force Majeure: Neither party will be liable in respect of failure to fulfill its obligations, if the said failure is entirely due to Acts of God, Government restrictions or instructions, natural calamities or catastrophe, epidemic or disturbances in the country. The party affected by an event of force Majeure will immediately notify the other party of such an event and will also notify the unaffected party on cessation of disability resulting from such Force Majeure. (16) Penalty (a) In the event of discovery of any error or defect, the consulting Actuary so selected shall, if called upon to do so, rectify such error or defect at his own cost within the time fixed by the Department. (b) The work of the Consulting Actuary is of important nature. Therefore, the time schedule given in Clause-3 (K) must be adhered to failing which a penalty at the rate of 2% per week of delay on the remunerations payable will be imposed and will be recovered from any payment due to the Consulting Actuary. (A K Poddar) General Manager (PLI)

8 Ministry of Communications and IT Department of Posts Directorate of Postal Life Insurance Chanakyapuri, New Delhi Annexure-I FORMAT FOR TECHNICAL BID BID No. 29-7/2009-LI (Part II) (See clause 7 of Request For Proposal) 1. Name of the Actuary : 2. Date of Birth and Age : 3. Qualifications: (i) Educational : (ii) Professional : 4. Nationality : 5. Whether ordinarily resident of India* : 6. Address: (i) Permanent Address : (ii) Correspondence Address : (iii) Telephone No. : (iv) Fax No. : (v) address :

9 2 7. Are you a Fellow Member of Institute Of Actuaries, India (earlier Actuarial Society of India)? : If yes, proof of this should be attached 8. Experience of working in Life : Organization Period Insurance Business (Attach documents in support of experience) 9. Are you appointed Actuary of any Life Insurer at present? : 10. Particulars of Earnest Money Deposit : (ACG-67) 11. My offer shall remain valid for a period of 180 days from the date of opening of bid. 12. The participating actuary should sign on each page of RFP document with his seal. Signature of the actuary with Date (Please attach/enclose self attested photocopies of supporting documents)

10 Ministry of Communications and IT Department of Posts Directorate of Postal Life Insurance Chanakyapuri, New Delhi Annexure-II FORMAT FOR QUOTING FINANCIAL BID BID No. 29-7/2009-LI (Part II) (See clause 7 of Request For Proposal) Name of the Bidder: Sl.No. Item of work Rate Total price quoted (all inclusive) 01. Actuarial advices on Life Insurance matters Per Month 02. Post Office Insurance Fund Valuation (fee for about 40 lac Policies*) Per Policy 03. Rural Post Office Insurance Fund Valuation (fee for about 120 lac Policies*) 04. EDAGIS Fund Valuation (fee for 2.5 lac beneficiaries) Per Policy Per beneficiary 05. Any other fees/charges 06. Total amount quoted (in words) Rupees Signature of the actuary with Date * Numbers likely to increase with new business.