The Workers Compensation Board of Manitoba (WCB) invites firms to submit a Proposal for the following: A peer review of the WCB Chief Actuary's insurance contract liability valuation and report and the claimant benefit liability valuation and report.
Description of Services
Peer Review of Accounting and Funding Valuations
The WCB requires a Contractor which is a qualified actuarial firm (the "Peer Review Actuary") to independently peer review the following:
a) the insurance contract liability valuation and report of the Chief Actuary for financial reporting purposes in accordance with IFRS 17 (the "Accounting Valuation"); and
b) the claimant benefit liability and report of the Chief Actuary for funding purposes (the "Funding Valuation").
This mandate comes from the Chief Actuary and the Peer Review Actuary's reports should be addressed to the Chief Actuary with a copy to the Chief Financial Officer.
The WCB requires the Accounting Valuation, including the peer review, to be completed by approximately February 10 of each year. The completion of the Funding Valuation report and the peer review of the Chief Actuary's report is required by approximately February 17 of each year.
The Chief Actuary, in conjunction with the Peer Review Actuary, will establish a schedule prior to yearend which will include each of the target dates noted above. In addition, this schedule will establish timing of release of each component of the valuations and expected timing of confirmation of each component by the Peer Review Actuary.
As an outcome of the peer review, the Peer Review Actuary shall submit to the WCB one (1) electronic copy of the Accounting Valuation peer review report and actuarial review letter and one (1) electronic copy of the Funding Valuation peer review report. The valuation peer review reports and actuarial review letter should reflect the scope of the work identified above and at a minimum include the following deliverables:
a) Detailed description of the methodology used in the peer reviews and actuarial review letter;
b) Findings and results;
c) Noteworthy practices; and
d) Recommendations.
The Peer Review Actuary is required to meet with the WCB's Audit Committee to review actuarial reports (meeting annually in April).
The WCB's current external auditor has an audit actuary included in its audit team. The Peer Review Actuary is expected to work with this audit actuary in support of the audit of the WCB.
Consultation
From time to time throughout the Term, the Chief Actuary or designate will seek consultation from the Peer Review Actuary on issues related to the valuations. The Peer Review Actuary may be asked to provide opinions on appropriateness of potential models or assumptions.
Actuarial Support
The Chief Actuary is supported internally by a technical group which includes an Associate Actuary (currently an Associate of the Canadian Institute of Actuaries) and an Actuarial Analyst. The Peer Review Actuary may be required, on an "as needed basis", to support the work of the Chief Actuary's internal technical group. This may include checking models during the yearend process to confirm reasonableness. It may also involve the creation of models for use in the yearend process or the preparation of cost studies, as requested by the WCB.
Other Ad Hoc Services
During the term of the Agreement, ad hoc services may be required for the following:
a) Asset/liability or other actuarial studies or analyses;
b) Research and reporting on specific actuarial topics, as requested by the WCB, and
c) Other actuarial consulting services, as requested by the WCB.
The Proposal shall provide the following information:
a) Profile of the Vendor:
(i) State whether the Vendor is local, regional, or national. Give the location of the office from which the Services will be performed, and the number of staff specific to the engagement; and
(ii) Describe the Vendor's workers compensation and/or insurance industry experience and expertise.
b) Summary of the Vendor's qualifications:
(i) List the Vendor's staff who will be involved in the peer review, specifying each individual's role, experience/qualifications, and location. Brief resumes for each person should be attached to the Proposal. Resumes should be no longer than three (3) pages in length per staff member and clearly demonstrate how their experience and qualifications relate to the Services to be provided and their role in providing the Services.
The Contractor will not be required to have and maintain workers compensation coverage for its workers who will be providing the Services, unless required pursuant to The Workers Compensation Act.
The Services shall be provided onsite at the WCB's facilities and from the Contractor's facilities located in Canada, as applicable, unless otherwise agreed in writing.
The Services shall normally be performed during Business Hours. However, the WCB may request some of the Services to be performed outside Business Hours from time to time, as deemed necessary, in the unfettered discretion of the WCB. The Contractor shall not be entitled to charge overtime rates unless specified in the Fee Schedule.
The Services are expected to continue for a five (5) year period to cover the fiscal years 2023 through 2027, unless sooner terminated in accordance with the Agreement.
Proposals will be evaluated by a review team comprised of the Chief Financial Officer, the Chief Actuary, and representatives of the WCB Actuarial Services Department.
