Actuarial Analyses Subsidy
If you’re a member of PRISM’s excess coverages, the Underwriting and Claims Administration standards require that you have an actuarial study conducted at least once every three years. However, because more frequent evaluation of self-insured funding levels is a sound fiscal practice, PRISM supports and encourages you to do so by providing an annual subsidy to help offset the cost of actuarial studies.
An annual actuarial subsidy of up to $2,000 is available to members of the following programs:
•Excess Workers’ Compensation
•General Liability 1
•General Liability 2
•Medical Malpractice (Program 1)
You may select any actuarial firm, but studies should be performed by a Fellow of the Casualty Actuarial Society (FCAS). PRISM has negotiated reduced costs for our members with our contracted actuarial firm, Bickmore Actuarial, and many of our members utilize their services. If you elect to utilize Bickmore Actuarial for their actuarial services, you’ll receive the benefit of volume pricing, and are relieved of the administrative task of requesting the actuarial subsidy. Bickmore will provide a copy of the completed report to PRISM along with an invoice for the subsidy balance, which reduces upfront expenses for your organization. If you utilize another actuary, you may request reimbursement for the actuarial subsidy by sending a request, along with a copy of the completed report and invoice to PRISM. Contact PRISM’s Underwriting Staff for more information.