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University of Illinois at Urbana-Champaign awarded a contract for actuarial servcies in the amount of $45,674 on Wednesday, July 6, 2005 . The University obtains actuarial services to perform annual studies for various self-insurance programs and the amount of commercial excess insurance underwriting required. Based on information received from the actuary contracted to perform the service, the University could anticipate up to a 50% increase in program costs for FY06. Due to the substantial increase and in order to substantiate these figures before submission to the insurance underwriters, a second actuarial opinion was necessary within a three-week schedule. To protect the University interest, it was imperative that correct information was submitted to insurance underwriters as this information is used to determine rates charged or cancellation of insurance coverage as of July 1, 2005. Additionally, appropriate estimate of FY06 costs must be available to University administration to determine budgetary allocations. This emergency/quick purchase was required due to a situation in which immediate action was needed to prevent any disruption in University services.
(Submitted by Kathe Shinham, State Purchasing Officer.)