THE NEW INDIA ASSURANCE COMPANY LIMITED, TOKYO, JAPANTHE NEW INDIA ASSURANCE COMPANY(Tokyo, Japan)

TENDER FOR THE PROVISION OF
ACTUARY SERVICES

Date of Publishing Tender
Last Date and Time of Tender
Submission in sealed cover
Address for Communication andSubmission of Bids

: 06.11.2024: 06.28.2024 4.00 P.M.
: Chief Manager, Accounts
The New India Assurance Co..Ltd.,Regional Office, STEC Joho Building,22F,
1-24-1, Nishi Shinjuku
Shinjuku-ku, Tokyo – 1600023.
Email – tsuchiya@newindia.co.jp

THE NEW INDIA ASSURANCE COMPANY LIMITED, TOKYO, JAPANCONTENTS
Page

1Introduction........................................................................................................... 32

Background of New India Assurance Company (Japan) ....................................... 3

3Tender Instructions. .............................................................................................. 4

4Tender Conditions ................................................................................................ 5

5

Scope of Tender. ..................................................................................................76Proposal Specification ..........................................................................................87General................................................................................................................. 9

8Selection Criteria ................................................................................................ 10

9Provision of Supplementary Information. ............................................................10

THE NEW INDIA ASSURANCE COMPANY LIMITED, TOKYO, JAPAN1Introduction
The New India Assurance Co Ltd (NIA Japan) is seeking to appoint an Actuary for aperiod of Five continuous years:
From 1st Augus 2024 to 31st July 2029 (Five years)

2

Background of New India Assurance Company (Japan)

2.1

Background

The New India Assurance (NIA), Japan is an authorised insurer, regulated by theFinancial Services Agency (FSA), Japan.
NIA started its branch operations in Japan, in 1950 as a General Insurer. Building upon
its knowledge of the Japanese market, NIA focused its activities on direct insurance andreinsurance business upto certain extent, and group annual gross written premium over
JPY 4.40 billion.
•NIA's current counterparty rating from A. M. Best is ‘B++’ Stable.

•The principal objectives of NIA Japan are:

•2.2

a.

To provide insurance/reinsurance support to Japan’s insuringpublic.

b.

To operate to a high standard of public conduct.

c.

To demonstrate a high transparency in operations.

The core business activities of NIA Japan are:a.

To underwrite insurance of property, Motor, PA, liability and Miscellaneousline of business.

b.

Demonstrate compliance with the regulatory requirements set by theFinancial Services Agency (FSA), Japan.

c.

To make ourselves accountable via the submission of quarterly review
report and annual reports detailing the performance of the Japan
operations to Head Office.

d.

Submission of quarterly and annual actuarial reports as required by FSA.

Actuarial reports
NlA Japan Actuarial reports are presented as at every Quarter (provisional) andfinal as at 31st March each year. The provision of Actuarial Services may be madeat any time suitable to the provider and NIA Japan within the financial year. Target
completion dates for actuarial service will be agreed prior to the commencement of
any contract.

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THE NEW INDIA ASSURANCE COMPANY LIMITED, TOKYO, JAPAN

Tender Instructions
3.1

Confidentiality
This Tender Document, together with any information already distributed or yet to beprovided in future discussions or in response to specific requests is confidential and has
been or will be produced only for the purposes of preparing a proposal for the provision ofActuarial services.

3.2

Enquiries
All Enquiries to be sent via email including any supporting documentation to:
1. tsuchiya@newindia.co.jp
2. ceo@newindia.co.jp
3. dy.ceo-hor@newindia.co.jp

3.3

Submission Deadline
Tenders must be received by 4.00 p.m. (JST) on 06.28.2024.

3.4

Tender Evaluation Committee
Tenderers may be required to attend a meeting with the Tender evaluation committee.

3.5

AddendaNIA Japan, makes no warranty that the data within this Tender Document is the totalof all information that is or may be required by Tenderer in order that they might fix theirterms.
Tenderer may ask for clarification on any matter in the Tender Document.
Should NIA Japan require the Tender document to be amended an addendum will be issued.

3.6

Supporting Material Provided by Tenderer
Supporting material is material additional to the Tender which elaborates or clarifies theTender.
Supporting material must be provided by any Tenderer at any time at the request of NIA
Japan.
Unsolicited supporting material must be received on or before the day set for lodgment ofTenders.

3.7

Extension of Submission Deadline
The deadline set for lodgment of Tenders will be extended, if required, only by written
notice via email from NIA Japan.

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THE NEW INDIA ASSURANCE COMPANY LIMITED, TOKYO, JAPAN

4

Tender Conditions

4.1

Assessment of Tender
The Tenderer is directed specifically to the requirements of the Services (set out in section
5 and 6 of this Tender Document) and must clearly demonstrate the capability andresources of the Tenderer and of any subcontractors the Tenderer expects will join theTenderer in carrying out the Services.
Assessment of Tenders will be based on but not limited to the information supplied byeach Tenderer in relation to the Services.
The specific performance and selection criteria for the proposed Tender are set out insection 8.
All information provided by any Tenderer in response to the Tender will be kept
confidential.

4.2

Acceptance of Tender
The tender documents should be provided in “SEALED COVER” and the same may besent by post / courier or the same may be handed over, at the address mentioned below:
The Chief Manager, Accounts
The New India Assurance Co. Ltd.,Regional Office, STEC Joho Building,
22F, 1-24-1, Nishi Shinjuku,Shinjuku-ku, Tokyo – 1600023.
NIA Japan specifically reserves to itself the right to accept no Tenders, or any Tenders
whether those Tenders are the lowest Tenders or not, whether conforming or not and it
further reserves the right that, after the Tender closing date, it may negotiate with any one
or more Tenderers with a view to modifying the terms, conditions, prices and othermatters applicable to any contract that may be subsequently entered into.

4.3

Informal Tenders
Except as provided for in clause 4.2 above, any Tender may be rejected by NIA Japan if itdoes not comply with the requirements of, or contains provisions not required by, thisTender Document and, without limiting the generality of the foregoing, section 6 of thisTender Document.

4.4

Tenderer to Become Fully Informed
The Tenderer shall be deemed to be fully informed of all conditions affecting the Tender.
If there is any doubt as to the meaning of any part of the Tender Document or anyAddendum, clarification may be requested from NIA Japan which clarification shall be valid
only if provided in writing.
Any clarification given pursuant to this clause may also be given to persons invited totender.

4.5

Collusive Tendering
The Tenderer shall not enter into any agreement with any other Tenderer or any industry
association concerning the preparation of this Tender and in particular, but without
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THE NEW INDIA ASSURANCE COMPANY LIMITED, TOKYO, JAPAN
limitation to the foregoing, shall not include in the pricing of the Tender any amount to bepaid to an unsuccessful Tenderer or any trade or industry association. The Tenderer shallnot seek to obtain knowledge of the Tender of any other Tenderer and shall not reveal theterms of the Tender including pricing of any other Tenderer at any time prior to theacceptance of a Tender by NIA Japan. Evidence of collusive tendering or any of thesepractices may lead to the rejection of all Tenders and Tenderers involved in suchpractices and may be barred from tendering for further contracts with NIA Japan for aperiod to be determined by NIA Japan.
4.6

Terms of Contracts
4.6.1

The contract will be for the provision of Actuarial services for a period of Five (5)years excluding any existing contract with NIA Japan.

4.6.2

NIA Japan reserves the right to cancel the contract in the event of performanceby the successful Tenderer which is, in the opinion of NIA Japan unsatisfactory,
upon the giving of thirty (30) days written notice.

4.6.3

The successful Tenderer shall provide professional advice, as and whenrequested by NIA Japan.

4.6.4

The successful Tenderer shall maintain a high standard of service during thecontract period.

4.7 Indemnity

The successful Tenderer will be required to indemnify NIA Japan in respect of all losses,
damages, and/or misappropriation suffered by NIA Japan and which arise from any error
or negligent act or omission of the Tenderer and/or the Tenderer's staff or agents.
4.8

Withdrawal of Invitation to Tender
NIA Japan reserves the right, without further negotiation and at its discretion, to withdraw
any or all invitations to tender.
In this event NIA Japan assures Tenderer that if, within the ensuing twelve (12) months
the same or substantially the same work is again offered, they will have the opportunity to
re- register their interest.

4.9

Bid Term
All prices and Tender conditions from all Tenderers must remain unchanged for a term of
one hundred and twenty (120) days from the closing date for the receipt of Tenders statedin clause 3.4 or such longer period agreed between any Tenderer and NIA Japan.

4.10 Additional Expenses

NIA Japan shall neither accept nor be liable for any amounts in addition to those set out in
the Tender except as may be specifically agreed in writing.
4.11 Material Change

In the event of a materially adverse change to the financial position or the constitution ofNIA Japan, NIA Japan agrees to enter into negotiations with the successful Tenderer toestablish the terms for the continuing provision of Actuarial services which are just andequitable to each party having regard to the terms of the contract.
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THE NEW INDIA ASSURANCE COMPANY LIMITED, TOKYO, JAPANIn the event of a material change to the successful Tenderer during the tender or contract
periods NIA Japan reserves the right to terminate the contract upon the giving of ninety(90) days’ notice in writing to the successful Tenderer.
4.12 Declaration of Interests

Tenderer shall provide details of any pecuniary or other relevant interests in relation toany matter affecting their Tender or advice to be provided to NIA Japan.
414 Materials remain the property of NIA Japan
4.14.1

Where, during the term of the contract, the successful Tenderer is provided withmaterial of any kind, including but not limited to material such as copies ofstatutes, manuals, training documents, standard forms, sample documents,
evaluation questionnaires or guidelines, such material shall be treated asconfidential and shall remain the property of NIA Japan and shall not be copied
nor released to any person whatsoever without the prior written approval of NIA
Japan unless it is already in the public domain or comes into the public domain
for reasons other thana breach by you of this clause; ora disclosure, copying or release is made by a third party who has no right tomake that disclosure.
Until returned to NIA Japan any and all such material shall be securely stored by
the successful Tenderer.

4.14.2All Actuarial working papers are the property of NIA Japan. Originals are to beprovided to NIA Japan at the completion of the Actuarial work of each component
identified under Clause 5.1.

5Scope of Tender

5.1

Tenderer will be required to provide Actuarial Services (including but not restricted tothe following):
Deliverables
Providing with tangible written material specifically prepared for and delivered to us
including the following: written opinion of the appointed actuary, advice for theestimation of IBNR reserve.
Services

Scope of Consignment
Provide the following services (the “Services”):
1. The verification services of the Appointed Actuary* as defined by the Insurance
Business Act and related regulations(1) The Confirmation services of the Appointed Actuary as defined by the Insurance
Business Act and related regulations(2) Partaking in the actuarial particulars defined by the Insurance Business Act and relatedregulations(3) Advice for the estimation of IBNR reserve as of 31st March
2. The verification services of quarterly IBNR reserve for financial report to Head office inPage 7

THE NEW INDIA ASSURANCE COMPANY LIMITED, TOKYO, JAPAN
India
Appointed Actuary
The actuary will be appointed pursuant to the provisions paragraph 1 of Article 120 of theInsurance Business Act applied as mutatis mutandis pursuant to Article 199 of the said Act,
who will sign the Written Opinion as defined by the Insurance Business Act and relatedregulations.
5.2

The Tenderer shall provide Specified Person(s) to undertake the actuarial work inaccordance with the terms of the proposed Contract.

6

Proposal Specification

6.1

The Tenderer may be required to attend an interview with the evaluation committee.

6.2

The proposal must include the name, address and legal status of:
6.2.1

If a company, give full name of company, state/territory of incorporation andregistered office.

6.2.2

If a partnership, include full name and address of partner authorised to enter intocontracts.

6.2.3

If operating under a business name, insert name, address as above of company,
partner or individuals, and add “trading as” (insert business name).

6.3

The proposal should also outline familiarisation requirements and all other information
which Tenderer might consider relevant.

6.4

The proposal must outline the Tenderer's particular industry experience relevant to NIA
Japan. It is required that a list of major clients be provided and the names of three (3)referees.

6.5

The Tenderer shall provide a firm proposal for any anticipated out-of-pocket expenses.

6.6

Tenderer shall nominate their credit terms and the frequency of invoicing within theirtenders and shall advise what discounts (if any) are available for early payment.

6.7

Tenderer will be required to enter into a service agreement with NIA Japan. The
service agreement will address:• the scope of the arrangement and services to be supplied;• commencement and end dates;• review and monitoring provisions;• pricing and fee structure;• service levels and performance requirements (e.g. consider content, frequency,format, timelines, benchmarks);• business continuity plans (e.g. consider allowing NIA Japan or expert theopportunity to obtain and review BCP and/or attain a letter of representation);

6.8

Subcontracting and offshoring will not be permitted

6.9

Tenderer shall provide details of and the mechanisms by which subsequent years fees
are to be determined.

6.12 The proposal must outline with regards to: Page 8

THE NEW INDIA ASSURANCE COMPANY LIMITED, TOKYO, JAPAN
6.12.1

The core activities described in 5.1 For all the core activities, the scope andobjectives for each item listed together with total cost, estimated target dates, and6.12.2The methodology to be followed in undertaking such work and the hourly chargeout rate to apply.

6.13 The Tenderer is required to propose indicators to measure their performance in terms ofboth: ••quality of actuarial services, andtimeliness of reports etc.

The remedies NIA Japan can expect for failure to meet these standards should also
be addressed.
6.14 The Tenderer will be required to perform the actuarial service in accordance with Ethicaland Statutory pronouncements.
6.15 Tenderer is encouraged to advise of any additional points not already covered in theTender Document which they feel demonstrate their ability to undertake the Actuarialwork.
6.16 Tenderer is encouraged to be innovative in their service delivery.

7General

7.1

NIA Japan shall assist the Actuary or their employees, by having made available, allaccounts, information, documentation, computer programs and printouts and othermaterial necessary to carry out the Actuarial Services.

7.2

NIA Japan will provide a space and Basic IT infrastructure, if required, at its premises for
personnel of the Actuary whilst the work is in process.

7.3

If the services of a specialist or expert outside the field of the Actuary’s expertise arerequired, they should not be engaged without permission of NIA Japan.

7.4

The successful Tenderer shall provide the Actuarial Services and carry out those services
with all reasonableness skill and care.

7.5

The successful Tenderer has discretion as to the manner in which the Actuarial Services
are to be performed but shall have regard to the practices and standards issued by FSA,
if any, and guidelines provided by NIA Head Office.

7.6

The successful Tenderer shall agree with the CEO, NIA Japan upon a timetable settingout the relevant commencement and completion dates for the various stages of theActuary and dates for submission of reports.

7.7

The successful Tenderer shall notify the CEO, NIA Japan in writing as soon as possible
and within seven (7) days of becoming aware that he/she will be unable to meet anagreed completion or submission date.

7.8

All fees shall be in Japanese Yen currency and shall include all applicable taxes, stampduties, consultancy fees and all other costs and expenses. The fees quoted should beon Annual Basis only.

7.9

NIA Japan shall neither accept nor be liable for any amounts in addition to those set out inthe Tender except as may be specifically agreed in writing.
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THE NEW INDIA ASSURANCE COMPANY LIMITED, TOKYO, JAPAN
7.10 Prices will be fixed for the contract period.
7.11 If a contract is cancelled, the contractor shall have no claim nor shall they make anyclaims against NIA Japan for any losses which they have incurred as a result of thecancellation of the contract.
7.12 All content of tender documents will form the contract conditions.
7.13 Quality of Service
7.13.1The successful tenderer shall be responsible for the quality of all the services
provided under this contract.

7.13.2

Should the CEO, NIA Japan or the Chief Manager of Accounts department
advise the successful tenderer of a problem with the quality of any part of theservice the successful tenderer should immediately rectify the service as advisedat the successful tenderer's Cost.

7.21 Claims and Disputes
Should the successful tenderer dispute any order given by the CEO, NIA Japan or theChief Manager, Accounts in connection with the Work, or considers that he/she has aclaim for any extra payment from NIA Japan, the successful tenderer shall give notice inwriting to the CEO, NIA Japan accordingly within ten (10) days of the occurrence of theevents or circumstances giving rise to such dispute or claim. Such notice shall define theclaim and/or issue in dispute, and the grounds upon which it is made.
Failure by the successful tenderer to give such notice within the time limit specified shallinvalidate such claim or dispute unless otherwise so ruled by the CEO, NIA Japan.
If the successful tenderer is dissatisfied with any determination made by the CEO, NIA
Japan, the tenderer may give written notice to NIA Japan within twenty-eight (28) days ofthe date of the determination requiring that the issue be referred to arbitration, by a single
arbitrator agreed upon in writing by both NIA Japan and successful tenderer within one(1) month.

8

Selection Criteria

8.1

Selection of the successful tenderer will be based on:••Meeting the criteria of the tenderPrice

9Provision of Supplementary Information

9.1

NIA Japan makes no w a r r a n t y t h a t t h e d a t a w i t h i n this Tender is thetotal of all information that is or may be required by tenders in order that they might
fix their terms.
If s u p p l e m e n t a r y d a t a i s desired, a l l inquiries i n this r e g a r d s h o u l db e initially directed via email to the addresses given in point no. 3.2:

9.2

It is expected that the Tenderer will conduct their own research into NIA Japan so thatthey familiarize themselves with the structure, operations, obligation and liabilities.
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