Tennessee Department of General Services #RFP 30901-65626

Tennessee insurance brokerage, captive management, and risk-management services

Tennessee is seeking a single provider to broker insurance and manage its captive insurance company for the State Risk Management Program. - Government buyer: State of Tennessee, Treasury Department, Division of Claims and Risk Management; procurement administered by the Tennessee Department of General Services. - OEMs and vendors: No insurance carriers, OEMs, or incumbent vendors are identified in the available materials. The State of Tennessee Captive Insurance Company is the State’s captive, not a third-party vendor. - Services requested: - Place and maintain commercial policies for comprehensive fine arts, government crime with a social engineering endorsement, comprehensive aviation, and stand-alone terrorism. - Arrange reinsurance-market coverage for the captive’s property, equipment breakdown/boiler and machinery, and cyber liability programs. - Manage captive operations, underwriting coordination, policy issuance and renewals, regulatory compliance, financial and governance reporting, claims monitoring, and filings. - Provide insurance analysis and advice, predictive catastrophe modeling, property-program support, claims advocacy, and risk-management consulting of up to 500 hours per year. - Conduct workers’ compensation third-party administrator (TPA) performance audits twice yearly; the State may request additional audits. - Notable requirements: The contractor must support both traditional commercial insurance placements and reinsurance for the State’s captive, coordinate with the State’s actuary and other captive vendors, and help maintain the captive’s ability to provide stop-loss coverage. The contract is planned for 36 months, with a State option to extend for up to 24 additional months. Coverage and renewals follow recurring annual policy cycles.

Description

The State of Tennessee is seeking a contractor to provide insurance broker of record and captive insurance manager services through one contract. The broker will place and maintain specified commercial insurance policies and arrange property, equipment breakdown/boiler and machinery, and cyber liability coverage through the reinsurance market on behalf of the State's Captive. The work also includes insurance advisory services and support for the State's risk management program. The RFP includes requirements and schedules for procuring and renewing coverage.

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