BLR renews actuarial contract with Per Night for state property-insurance captive oversight

The Executive Subcommittee approved a proposed actuarial services agreement between the Bureau of Legislative Research and Per Night to provide continuing actuarial support for the state's property-insurance captive.

Jill Thayer of the Bureau of Legislative Research said the contract would begin April 1 and run through Dec. 31, 2027, to align the consultant with the bureau's biennial schedule for actuarial vendors. She told the subcommittee the agreement carries a stated maximum amount of $475,000 but reminded members that the bureau pays only for hours actually billed plus travel expenses.

Thayer said Kyle Hales is the lead contact for Per Night and that the consultant will be available to subcommittees, particularly the state insurance properties oversight subcommittee, to provide independent actuarial analysis for members. "This will be your own actuary that can give you an independent look at anything that's gonna come before you, as you request it," Thayer said.

Senator Hester asked whether the bureau had budgeted for recurring actuarial costs when the captive was established; Thayer said the bureau has the line in its budget. Representative Brooks asked whether the actuarial services would overlap with work performed by captive managers or brokers; Thayer said the services were intended for the benefit of the General Assembly and to provide an independent perspective, not to replace executive-branch contract managers.

Members moved, seconded and approved the contract by voice vote; the transcript records the chair saying the ayes had it, with no individual tallies recorded.