Panel of up to five actuarial service providers per licence — ad hoc actuarial support to land bank insurance (lbic and lblic) for five years

The scope of work is to provide ad hoc actuarial services. Bidders must adhere strictly to the scope of work provided by the Land Bank, unless officially amended. In case of conflict between the Terms and Conditions and the RFP, the RFP conditions prevail. The RFP and any resulting agreement will be governed by the laws of the Republic of South Africa. By submitting a bid, the company acknowledges and accepts these terms and conditions, which are non-negotiable and binding upon successful award.

Briefing Session:

• Attendance may be required. If indicated as compulsory in the RFP, failure to attend will result in disqualification.
• Venue: Land Bank Head Office, Lakefield Office Park, Building A, First Floor, 272 Lenchen Avenue (Cnr of Lenchen Avenue and West Avenue), Die Hoewes, Centurion (unless otherwise indicated).

Closing Date and Time: 05 November 2026 at 11:00.

A briefing session may be required. If the RFP indicates a compulsory briefing session, attendance is mandatory, and failure to attend will result in disqualification. Unless otherwise stated, briefing sessions will be held at the Land Bank's offices: Land Bank Head Office, Lakefield Office Park, Building A, First Floor, 272 Lenchen Avenue (Cnr of Lenchen Avenue and West Avenue), Die Hoewes, Centurion.

Enquiries:

• For clarification on any aspect of the RFP, including specifications, tender, and evaluation process, direct queries to the contact person identified in the RFP.

Submission Address:

• Not specified in the provided text. Refer to the main RFP document.

Bids must be submitted by the closing date and time. Late bids will not be accepted. One original bid and one soft copy on a USB flash drive must be submitted. The tender number and subject must be clearly reflected on the cover of the original bid. An entity may not be involved in more than one bid for this RFP; involvement in multiple bids may lead to disqualification.

Returnable Documents:

• SBD 1 (Invitation to Bid): To be completed and signed.
• SBD 4 (Declaration of Interest): To be completed and signed.
• SBD 9 (Certificate of Independent Bid Determination): To be completed and signed.
• Proof of CSD registration.
• Valid tax compliance status PIN.
• All necessary approvals, registrations, certificates, permits, licenses, and authorisations.

Disqualification Risks:

• Submitting a bid after the closing date and time.
• Involvement in more than one bid for this RFP.
• Failure to comply with any condition imposed by the Land Bank.
• Withdrawal of bid after the closing date and time.
• Failure or refusal to sign a contract after notification of acceptance.
• Unsatisfactory contract performance or breach of contract conditions.
• Acting fraudulently or in bad faith towards the Land Bank or any public body.
• Making misleading or incorrect statements in the bid submission.
• Causing damage or costs to the Land Bank that cannot be recovered.
• Instituting court proceedings against the Land Bank in bad faith.
• Being found guilty of a serious breach of law in the preceding 5 years.
• Being listed on National Treasury's database of restricted suppliers or register of tender defaulters.

The Land Bank reserves the right to accept or reject any bid, in whole or in part, without assigning any reason. The Land Bank is not bound to accept the lowest priced bid. If a bid is accepted in part, the price will be adjusted according to the pricing schedule.

Bidders must tender strictly in accordance with the scope of work supplied by the Land Bank, unless notified otherwise by an official amendment to the RFP. Any conflict between the Terms and Conditions and the RFP will be resolved in favour of the RFP conditions.

Prices quoted must be exclusive of VAT, which must be shown separately at the standard rate on the Tax Invoice. If a bid is accepted in part, the price shall be adjusted in accordance with the pricing schedule indicated in the Bid.

Prices quoted must be exclusive of VAT, which must be shown separately on the Tax Invoice. The successful Bidder shall not increase prices for the duration of the Service Provider Agreement. Any increase in costs of production or other aspects may not be passed on to the Land Bank through price increases or changes in goods/services.

Bidders must:

• Be registered with National Treasury and listed on the Government's Central Supplier Database (CSD).
• Possess all necessary approvals, registrations, certificates, permits, licenses, and authorisations to perform the services.
• Not be on National Treasury's database of restricted suppliers or register of tender defaulters.
• Not have been found guilty of a serious breach of any law in the preceding 5 years.
• Not have acted fraudulently or in bad faith towards the Land Bank or any public body.
• Not have made misleading or incorrect statements in their bid submission.
• Not have withdrawn their bid after the advertised closing date and time.
• Not have failed to sign a contract when called upon to do so.
• Not have carried out any contract in an unsatisfactory manner or breached any condition.
• Not have instituted court proceedings against the Land Bank in bad faith.
• Warrant that they possess all necessary approvals and are registered on the CSD upon submission of the bid.

The Land Bank reserves the right to cancel the RFP at any stage up to and including the award of the Service Provider Agreement. Reasons for cancellation will not be assigned, and bidders are not entitled to compensation for costs incurred in preparing their bid or negotiating the agreement.

The Land and Agricultural Development Bank of South Africa (Land Bank) is procuring ad hoc actuarial services for its insurance subsidiaries, LBIC and LBLIC. These services are required to support actuarial calculations, models, analytics, and regulatory compliance for a period of five years. The appointment will be on a panel basis, with up to five service providers per licence (LBIC and LBLIC).

Non-Compulsory briefing date: 20 October 2026 at 13:00 (Microsoft Teams link provided).

Written questions of clarification closing date: 23 October 2026 at 16:00.

Written response to all clarifications: 27 October 2026 at 16:00.

RFP Closing Time & Date: 05 November 2026 at 11:00am.

Bidding Procedure Enquiries:

• Contact Person: Mr. S. Mthombeni
• Email Address: [email protected]

Technical Enquiries:

• Contact Person: Mr. S. Mthombeni
• Email Address: [email protected]

Submission Address:

Land Bank Head Office, Tender Box

Lakefield Office Park, Block A, first floor

272 West Avenue

Die Hoewes, Centurion

Bids must be hand-delivered to the Land Bank Head Office Tender Box at Lakefield Office Park, Block A, first floor, 272 West Avenue, Die Hoewes, Centurion. Submit one original proposal and one soft copy on a USB drive. Ensure the soft copy and original document contain the same information. Tender validity period is 120 business days from the closing date.

Returnable Documents:

• SBD 1: Invitation to Bid (fully completed and signed).
• SBD 4: Disclosure Form (fully completed, signed, and all pages answered; indicate N/A where applicable; any conflict of interest declared or identified will result in disqualification).
• Proof of Professional Indemnity Cover of at least R2,000,000 or a signed letter of undertaking to provide such cover within five working days of appointment.
• Completed and signed price schedule using the provided template.
• Proof of valid professional confirmation as an actuarial service provider with the Actuarial Society of South Africa.
• Proof of registration as a vendor on the National Treasury Central Supply Database (CSD).
• Proof of good standing with SARS (verified through CSD or SARS e-filing pin).
• CIPC documents with ID copies of directors or owners and company share certificate. If shareholders are trusts, provide Trust Deed, Letter of Authority, and certified ID copies of trustees and beneficiaries.
• Detailed company structure up to the ultimate beneficial owner (UBO), including intermediate entities and supporting documentation for each layer.
• Vendor Accreditation Form.
• Cancelled cheque and/or stamped letter from the bank confirming banking details.
• Certified copies of Identity Documents of Shareholders/Directors.
• In the case of Consortium or Joint Venture, copies of signed agreements stipulating the work split.
• Know Your Customer (KYC) documents as listed in Annexure D (FICA Requirements).

Tenders will be evaluated in three stages:

Stage One: Mandatory Requirements

Bidders must comply with all mandatory requirements. Failure to meet any will result in immediate disqualification.

Stage Two: Technical/Functionality Evaluation (Minimum threshold: 70/100 points)

• Company Experience: 30 points (based on years of experience, insurance sector specific experience, and number of signed reference letters from insurance clients).
• Actuarial Consulting Team: 45 points (based on profile and average insurance experience of supporting consultants, experience of Lead Consultant, professional designation of Lead Consultant, average tenure of the consulting team, and number of dedicated team members).
• Methodology and Process: 15 points (assessed on the approach, project plan, example reports, and innovation).
• Development and Transformation: 10 points (based on the composition of Black Actuarial Analysts/Actuaries in the team and comprehensive commitments to development and transformation).

Stage Three: Price and Specific Goals

Only bidders who pass the functionality threshold will be considered. Evaluation will be based on price and specific goals.

Preference Point System: 80/20

• Price: 80 points.
• Specific Goals (B-BBEE): 20 points.
• B-BBEE Status Level Contributor: Up to 10 points allocated based on level (Level 1: 10, Level 2: 8, Level 3: 6, Level 4: 4, Level 5: 2, Level 6: 2, Level 7, 8 and non-compliant: 0).
• Additional Points: Up to 10 points for EME or QSE at least 51% Black Owned (5 points) and EME or QSE at least 31% Black Owned by Women (5 points).

A valid B-BBEE certificate or sworn affidavit is required to qualify for specific goals.

The Land Bank seeks to appoint a panel of up to five (5) suitably qualified and experienced actuarial service providers per licence to assist with Ad Hoc Actuarial Support Services for LBLIC (individual and group credit life) and LBIC (agricultural insurance: crop, asset, livestock) for a period of five (5) years. Bidders must specify if they are bidding for LBLIC, LBIC, or both, and provide separate submissions.

The appointed firms must comply with Prudential Standards and relevant ASSA requirements. Services include:

• Product Development (assistance with new/enhanced/existing products).
• Actuarial Investigations and Pricing Basis (comparing AvE, surplus analysis, pricing basis development).
• Technical Pricing (development/review of rating and pricing models, profitability analyses).
• Market Feasibility Studies & Competitor Analysis (for new products, licence applications).
• Reinsurance Optimisation (evaluation of alternative risk transfer structures).
• Predictive Analytics (data analysis for balance sheet optimisation, climate change, AI, etc.).
• Technical Provisions (prudential supervisory basis) (development/calculation/review of models, assumptions, and reports).
• Economic Capital Requirements & Validation of Standard Formula (development/review of models, comparison to risk appetite).
• Regulatory Capital Requirements (development/review of models, QRT preparation/review).
• Actuarial Policies (development/review of policies like Investment, ORSA, Risk Management Strategy).
• ORSA (Own Risk and Solvency Assessment) (performing/reviewing projections, scenario/stress tests).
• Embedded Value (development and reporting of calculations).
• Asset-Liability Modelling (input/review of matching and modelling exercises).
• IFRS 17 Technical Support (review of methodology, calculations, models, assumptions, and support for calculation engine).
• Training and Skills Transfer (workshops, manuals, tools, and backup resources for the internal actuarial team).

Bidders must provide a detailed approach and methodology for delivering the required actuarial services, including:

• A detailed 5-year project plan with key milestones and reporting timelines.
• Example actuarial reports for Technical Valuation (SAM) and Technical (IFRS 17).
• Example actuarial reports for Pricing and/or Reinsurance Optimization.
• Example actuarial report for ORSA and/or Capital Requirement.
• An example of innovation, value-add, or thought-leadership (e.g., enhanced actuarial models, access to own systems, climate change modelling).

Evaluation will be based on the comprehensiveness, timelines, key milestones, project plan, detail provided, and example reports.

Company Experience (30 points):

• More than 10 years: 15 points
• 8-10 years: 12 points
• 4-7 years: 10 points
• Less than 4 years: 6 points

Evidence: Award/appointment letters, purchase orders, reference letters, SLAs. Preference for agriculture-related insurance experience.

Number of Insurance Clients (10 points):

• More than 7 signed reference letters: 10 points
• 4-6 signed reference letters: 6 points
• Less than 4 signed reference letters: 4 points

Reference letters must be on client letterhead, verifiable, and include contract value and scope.

Actuarial Consulting Team (45 points):

• Profile and Average Insurance Experience of Supporting Actuarial Consultants (excluding lead): Max 10 points (based on years of experience).
• Experience of Lead Consultant: 20 points (covering technical valuation under SAM, IFRS 17, regulatory capital, economic capital, ORSA, technical pricing/product development, reinsurance, asset-liability modelling, predictive analytics, actuarial software proficiency, and other actuarial function services).
• Lead Consultant / Actuary Confirmation: Max 2 points (FASSA or AMASSA designation).
• Team Composition (average tenure): Max 5 points.
• Number of dedicated team members: Max 10 points.

Development and Transformation (10 points):

• Composition of Black Actuarial Analysts/Actuaries: Max 5 points.
• Commitment to Development and Transformation: Max 5 points (based on internal policies, specific initiatives, and evidence of past successes).

Bidders must provide details of their governance and internal controls to ensure independence and the quality of services provided. The tenderer grants Land Bank the right to inspect records for at least 3 years after transaction conclusion. Bidders must ensure that neither the tenderer nor any of its directors, employees, or agents commits any Prohibited Practice in future, and must provide full details of any conviction, dismissal, or resignation related to such practices.

Bidders must provide a pricing schedule detailing hourly rates for each resource category (Lead Consultant, Actuary – FASSA, Actuary – AMASSA, Senior Actuarial Analyst, Actuarial Analyst, Junior Actuarial Analyst) for each of the five contract years. Pricing must exclude VAT, with VAT shown separately. Prices must be valid for 120 days and cover the entire contract duration, including provision for price increases. All pricing assumptions and estimated costs must be clearly documented. Any unpriced items must be explicitly stated, as no additional costs will be entertained.

Pricing Schedule: Bidders must provide a pricing schedule with hourly rates for each resource category (Lead Consultant, Actuary – FASSA, Actuary – AMASSA, Senior Actuarial Analyst, Actuarial Analyst, Junior Actuarial Analyst) for each of the five years, excluding VAT. VAT components must be shown separately. Prices tendered must be valid for 120 days and for the duration of the contract, including provision for price increases.

All pricing assumptions and estimated costs must be clearly documented. Where an item is not priced, it must be explicitly stated as no additional costs will be entertained. Land Bank assumes the pricing document is complete and covers all costs.

Bid Security: Not explicitly mentioned.

Guarantees/Bonds: Professional Indemnity Cover of at least R2,000,000 is mandatory.

Retention: Not specified.

Payment Terms: To be agreed upon and included in the Service Level Agreement. Bidders must provide banking details on an original letterhead signed by CEO/Director/s.

Mandatory Requirements:

• Proof of Professional Indemnity Cover of at least R2,000,000 or a signed letter of undertaking.
• Completed and signed price schedule.
• Proof of valid professional confirmation as an actuarial service provider with the Actuarial Society of South Africa.

Essential Returnable Documents (Land Bank may request outstanding documents within 5 working days):

• Proof of good standing with SARS (verified via CSD or SARS e-filing pin).
• Proof of registration as a vendor on the National Treasury Central Supply Database (CSD).
• SBD 1: Invitation to Bid.
• SBD 4: Disclosure Form.
• CIPC documents with ID copies of directors/owners and company share certificate; for trusts, provide Trust Deed, Letter of Authority, and certified ID copies of trustees and beneficiaries.
• Detailed company structure up to the ultimate beneficial owner (UBO).
• Vendor Accreditation Form.
• Cancelled cheque and/or stamped letter from the Bank confirming banking details.
• Certified copies of Identity Documents of Shareholders/Directors.
• For Consortium or Joint Venture: copies of signed agreements stipulating the work split.
• Know Your Customer (KYC) documents as listed in Annexure D (FICA Requirements).

Other Compliance:

• Bidders must comply with the Financial Intelligence Centre Act (FICA).
• Bidders must consent to the processing of personal information as per the Protection of Personal Information Act (POPI Act).
• Bidders must declare that there are no conflicts of interest and that persons in the employ of the state are not permitted to submit tenders or participate in the contract, unless permitted by law.
• Bidders must not be listed on the Register of Tender Defaulters.

B-BBEE points are allocated based on the bidder's status level and specific goals, contributing to the 20 points available in the 80/20 preference point system.

B-BBEE Status Level Contributor Points:

• Level 1: 10 points
• Level 2: 8 points
• Level 3: 6 points
• Level 4: 4 points
• Level 5: 2 points
• Level 6: 2 points
• Level 7, 8, and non-compliant: 0 points

Specific Goals Points:

• EME or QSE at least 51% Black Owned: 5 points
• EME or QSE at least 31% Black Owned by Women: 5 points

A valid B-BBEE certificate or sworn affidavit must be submitted to qualify for these points.

Not explicitly detailed in the provided text, beyond general compliance and risk assessment considerations.

The contract period is five (5) years. The successful tenderer will enter into a Service Level Agreement (SLA) with Land Bank, which will form the contractual basis for service delivery and performance measurement, including General Conditions of Contract. No work is to commence without a duly signed SLA; doing so is at the bidder's own risk. Land Bank may conduct a due diligence exercise on preferred tenderers, considering financial analysis, judgements, criminal convictions, pending litigation, performance history, and reputational harm. Non-compliance with objective criteria may lead to disqualification or award to the next ranked tenderer.

Bidders must be suitably qualified and experienced actuarial service providers. Mandatory requirements include Professional Indemnity Cover, a completed price schedule, and professional confirmation from the Actuarial Society of South Africa. Bidders must also provide proof of CSD registration, SARS tax compliance, and relevant company documentation. They must be able to comply with Prudential Standards and relevant ASSA requirements. Bidders must specify if they are bidding for LBIC, LBLIC, or both, and submit separate proposals if bidding for both.

Closing date: 5 November 2026 at 11:00

Land Bank

• Physical address: 420 Witch-Hazel Avenue, Block D Eco Glades Office Park, Highveld, Centurion
• Telephone: 012 686 0789
• Contact person: not specified
• Email: not specified

Contractor details to be provided by the successful bidder.

Contractor must exercise utmost diligence, care and skill; provide services in accordance with sound and generally accepted industry practices; correct deficiencies at own cost to Land Bank's satisfaction. Joint service performance reviews conducted as notified by Land Bank; agreed improvement actions with timeframes and responsible parties; failure to implement actions constitutes breach.

Consideration per Cost Schedule (Annexure B). Invoicing requirements: tax invoice with Land Bank VAT number (4560121081), Contractor VAT number, invoice number, date, description, amount excluding VAT, banking details. Payment within 30 days of invoice. Disbursement limits: accommodation max R1,300 per person per night (3-4 star), economy airfare, B-class car hire, AA rate for own car. Amounts exclusive of VAT, inclusive of other taxes. Land Bank may dispute and withhold disputed charges.

Consideration: per Cost Schedule (Annexure B).

Invoicing: original tax invoice required on deliverable basis, must include: 'Tax Invoice', Land Bank VAT number (4560121081), Contractor VAT number, invoice number, date, description of services, amount excluding VAT, banking details.

Payment terms: within 30 days of invoice presentation.

Disbursement limits (travel and subsistence):

• Accommodation: 3-4 star, maximum R1,300 per person per night (excess requires Land Bank written approval).
• Domestic air travel: economy class, best available rate.
• Car hire: B-class vehicle.
• Own vehicle: AA rate per km.

Amounts exclusive of VAT but inclusive of other taxes, duties, levies.

Land Bank may dispute charges and withhold disputed amounts; undisputed amounts must be paid.

Exit management services compensated on time and materials basis at hourly rates not exceeding Contractor's usual rates.

Contractor must:

• Be a legal entity with full capacity and authority, holding all necessary registrations, certificates, permits, licences and authorisations.
• Comply with all applicable South African legislation, including but not limited to: Labour Relations Act, Basic Conditions of Employment Act, Skills Development Act, Skills Development Levies Act, Employment Equity Act, Income Tax Act, Value Added Tax Act, Compensation for Occupational Injuries and Diseases Act, Unemployment Insurance Act, Occupational Health and Safety Act.
• Comply with Land Bank Policies, which cover: B-BBEE laws, PFMA compliance, Land Bank Act, ethical conduct, health safety and environment, quality standards and performance requirements.
• Not cede, assign, subcontract or alienate any rights or obligations without Land Bank's prior written consent.
• Obtain Land Bank's prior written consent for any change in effective control.
• Ensure staff comply with statutory, licensing, insurance and equipment regulations.
• Maintain insurance for sub-contractors covering risks of their services.
• Indemnify Land Bank against claims arising from Contractor's acts or omissions.
• Submit to Land Bank accreditation process on 10 days' notice.
• Provide B-BBEE compliance evidence as per Land Bank Policies (specific level not stated in this document).

Contractor must comply with all applicable health and safety legislation, including the Occupational Health and Safety Act, and ensure statutory, licensing, insurance and other regulations pertaining to equipment used by staff are complied with.

Service procurement agreement covering: appointment (non-exclusive), commencement, duration (3 years from Commencement Date, extendable by Land Bank on 30 days' notice), termination (30 days' notice by Land Bank without reason), general obligations of Contractor (diligence, compliance, indemnities), Land Bank rights (suspend/terminate services, refuse entry), service performance reviews, Land Bank policies and accreditation, PFMA compliance, staff responsibilities, indemnities, confidentiality (6 months post-termination), intellectual property assignment to Land Bank, inventions ownership, cession/assignment restrictions, sub-contractor management, force majeure (Land Bank may terminate if force majeure exceeds 20 business days), warranties (capacity, qualified personnel), dispute resolution (mediation then AFSA arbitration), breach remedies, post-termination obligations, exit management (30 business days), notices and domicilia, general provisions (written amendments, entire agreement, severability, counterparts, costs, South African law).

Land Bank domicilium: Physical address: 420 Witch-Hazel Avenue, Block D Eco Glades Office Park, Highveld, Centurion; Telephone: 012 686 0789; Contact person and email not specified. Contractor domicilium to be provided.