Actuarial Service Contract for KRGF

The Commonwealth of Kentucky, Department of Natural Resources (DNR), Kentucky Reclamation Guaranty Fund (KRGF) is seeking a qualified actuary to provide actuarial services to determine the actuarial soundness of the Kentucky Reclamation Guaranty Fund (KRGF). The actuary will perform statistical calculations of risk, evaluate the KRGF structure, funding schemes, and financial soundness, and provide written recommendations to the KRGF Commission. The actuary will also analyze data provided by the Kentucky Department for Natural Resources (DNR), Kentucky Reclamation Guaranty Fund (KRGF), and the Office of the Reclamation Guaranty Fund (ORGF) to summarize KRGF activity and make recommendations on the best operation of the KRGF. Some key points to consider: * The actuary will be tasked with making professional determinations and providing written recommendations to the KRGF Commission concerning the risk, viability, impact, and maintenance of the KRGF. * The actuary will evaluate and analyze data provided by the Kentucky Department for Natural Resources (DNR), Kentucky Reclamation Guaranty Fund (KRGF), and the Office of the Reclamation Guaranty Fund (ORGF). * The actuary will provide a written report containing actuarial analysis of the collected data and an evaluation of the funding options and overall feasibility of the Kentucky Reclamation Guaranty Fund. * The actuary will provide analysis on mechanisms in place to provide adequate financial oversight to the KRGF. * The actuary will provide a detailed review of the prospective loss exposure, historic loss patterns, frequency and severity of loss activity, and estimates of ultimate incurred losses under expected and adverse scenarios for the existing Reclamation Guaranty Fund.