Fees
Consistent with the goal of Actuarial Work-Products of providing the best and least costly risk management and actuarial services, in a fair manner, the issue of fees deserves attention. Every reasonable effort has been made to offer fees that are both fair and practical – not an easy task considering the multiple parties, needs, options, etc.
This Subsite is in two parts:
Discussion
Fee Schedule.
Discussion
Analysis of Fees
The Fee Schedule anticipates the following options with respect to the duties/functions involved the Work-Products:
1. Provided by others exclusively (Approved Users usually)
Marketing
Consulting.
2. Provided by others on a shared basis
Data-handling.
3. Provided by Actuarial Work-Products, Inc. exclusively
Computer-generated Work-Products and
the requisite hardware and software.
4. Provided by Self-Funding Actuarial Services, Inc. exclusively
All functions that are administrative,
managerial, clerical, financial, regulatory,
data-editing, etc.
To the extent such work-function sharing exists, to the same extent, the Fee Schedule makes due allowance therefore.
Fee Administration
Invoices will be sent to the Approved User by Self-Funding Actuarial Services, Inc. at the end of each month for the activity during such month.
Fees vary only by (a) Work-Product and (b) inked v. facsimile signature.
The Fee Schedule is Website-posted and subject to change each January 1 and July 1.
Corporate Issues
All Work-Products are provided by and through
Self-Funding Actuarial Services, inc. Such Work-Products are generated by and through the web-embedded computer programs owned by Actuarial Work-Products, Inc. and used for the exclusive advantage of Self-Funding Actuarial Services, Inc. These two corporations are affiliates.
The professional liability for all such work-products, should such ever be an issue is assumed by Self-Funding Actuarial Services, Inc.
The Engager (as contemplated by the American Academy of Actuaries) is clearly designated on each Work-Product and will nearly always be the entity responsible for accepting the invoice and is referred to in this discussion as the Approved User.
Fee Schedule
The following is the Fee Schedule for the designated six-month period:
Actuarial Work-Product Fee Schedule
For the Period January 1, 2009 to July 1, 2009
Fees, Commissions, and Allowances
Work Product |
Base Fee |
Brokerage |
Intermediate
Data-Handling |
Advanced
Data-Handling |
| Claim Reserves |
$500 |
25% |
10% |
25% |
| Monte Carlo I |
$400 |
25% |
10% |
25% |
| Monte Carlo II |
$400 |
25% |
10% |
25% |
| Annual Report |
$700 |
25% |
10% |
25% |
| Iowa Certification |
$300 |
25% |
10% |
25% |
| Ohio Certification |
$300 |
25% |
10% |
25% |
Notes
1. No data-handling allowance is offered with
the Traditional Option.
2. The Base Fee is reduced by 20% for any
Work-Product that is delivered with a
facsimile signature.
3. Data-Handlers (i.e., Eligible Users) incur a
$50 additional charge for each Email
in excess of three with respect to any
particular Work-Product.
4. Abbreviations used as above are as follows:
RES means claim reserve
MC1 means Monte Carlo I
MC2 means Monte Carlo II
AAR means Annual Actuarial Report
IA means Iowa Title 509A Certification
OH means Ohio Section 9.833 Certification
