The appointment of an actuarial service provider to provide Land Bank Life Insurance SOC LTD (“LBLIC”) with head of actuarial function services (“HAF”) for a period of 5 years

Overview

Appointment of an actuarial service provider to provide LBLIC with Head of Actuarial Function (HAF) services for a period of 5 years. LBLIC (Land Bank Life Insurance SOC LTD) seeks a qualified actuarial firm to supply HAF services for five years, in line with Prudential Standards GOI 3 and ASSA guidance. Suitable bidders are actuarial firms with a FASSA-qualified HAF, a Life Insurance Practising Certificate for the nominated HAF, and capability to support IFRS17, SAM, ORSA, ALM, and related functions.

Requirements

• Proposed HAF must be a Fellow of the Actuarial Society of South Africa (FASSA) with current standing (certificate + proof) (T15-10-26).
• Bidder must have an in-employment individual serving as HAF with a valid Life Insurance Practising Certificate (PC) that is not expired at bid close; PC must allow sign-off on internal models (T15-10-26).
• Proof of Professional Indemnity Insurance >= R2,000,000 or a signed undertaking to provide such cover within 5 working days (T15-10-26).
• Provide a price in the specified template for each service year, for the 5-year period (T15-10-26).
• Independence rule: separate lead resources if bidding for both HAF and Lead Consultant; no single lead may be proposed for both (T15-10-26).
• Mandatory pre-qualifications: SARS good standing, CSD registration, complete SBDs; company information, Directors/UBO details, and tax/compliance status (T15-10-26).

How to Apply

• Briefing: non-compulsory briefing on 20 October 2026 at 11:00 via Teams (link in metadata) (T15-10-26).
• Questions: written clarifications by 23 October 2026 at 16:00; responses by 27 October 2026 at 16:00 (T15-10-26).
• Submission: bids delivered by hand to Land Bank Head Office Tender Box; 1 original + 1 USB soft copy; ensure front cover clearly shows Tender Number and subject (T15-10-26).
• Deadline: closing date and time 5 November 2026 at 11:00 (T15-10-26).
• Documents to submit: official bid forms (SBD1, SBD4, etc.), vendor information, tax/compliance PIN or CSD number, proof of SARS compliance, company structure/UBO, and Power of Attorney/resolution as applicable (T15-10-26; Annexure E).
• Compliance: bids must adhere to the RFP terms, GCC, PFP framework, and the Service Provider Agreement framework; refer to Annexure E and the SLA for contract details (ANNEXURE G - SLA.pdf).