Invitation to Negotiate (ITN) - Florida State Board of Administration

F. Approachl. Commutation of Losses – The Respondent must be able to assist the FHCF in thecommutation of losses, which includes but is not limited to, producing reports asspecified by the SBA, developing and maintaining tracking reports, reviewingcommutation documentation of outstanding losses, and participating in negotiationswith participating insurers.m. Actuarial Services – While the scope of this part of the ITN does not include actuarialservices or hurricane modeling services related to determining the premium formula,support for actuarial services is helpful. Discuss the actuarial capabilities of yourorganization. Discuss how the SBA would benefit from these services as part of theadministrative services provided to the FHCF.n. SSAE 16 – The Respondent will provide support to the SBA and the SBA’s serviceprovider in conjunction with the annual SSAE 16 (SOC 1) or similar review of theRespondent’s internal controls. This includes assisting with the drafting and reviewof the control objectives, providing process documentation, participating in testing,and assisting with the review of the final report.o. Other Administrative Capabilities – The Respondent should elaborate on itscapabilities to provide any other administrative services which are not listed abovebut which it believes are essential for the sound administration of the FHCF. Theseother services should be included in the proposed fees; however, do not indicate anyfee information here.Considering the nature of the work proposed in this ITN, describe in general your approach toproviding administrative services to the SBA.G. Other Advisory RolesThe Respondent is expected to provide advice to the SBA on a number of matters pertinent to theoperation of the FHCF. The issues that may confront the SBA may include reinsurance, capitalmarkets, Florida property insurance market issues, and actuarial and legislative analysis. TheRespondent is expected to stay current with appropriate markets and related topics. Thiscapability will allow the SBA to fulfill its obligation to consider the appropriateness of programsit may institute to protect and maximize the effectiveness of the FHCF. Define how theRespondent can benefit the FHCF in other advisory role(s).H. SBA Insurance Capital Build-up Incentive Program (Surplus Note Program)The Respondent shall provide administrative services for the Surplus Note Program created bythe Florida legislature in 2006 in Section 215.5595, Florida Statutes, including, but not limitedto, the following: 1) the calculation, preparation, and distribution of invoices for quarterlyprincipal, interest, and penalty payments made by insurers to the SBA for an outstanding surplusnote, and 2) report on the Surplus Note Program as determined by the SBA. The fee proposal for26