Head of actuarial function (haf) services for land bank insurance soc ltd (lbic) – 5-Year appointment

Bidders must complete and sign Annexure G, the Bribery and Corruption Declaration. The declaration requires disclosure of any bribery or corruption charges, convictions, or involvement in the last 5 years for all members, directors, employees, or agents. Affirmative disclosures must be accompanied by full details as specified in the declaration.

The Land and Agricultural Development Bank of South Africa (Land Bank) seeks to appoint a suitably qualified and experienced actuarial firm to provide Head of Actuarial Function (HAF) services to Land Bank Insurance SOC Ltd (LBIC) for a period of five years. LBIC is a wholly-owned subsidiary of the Land Bank, licensed to provide short-term insurance products to the agricultural sector, including crop, livestock, and agri-asset insurance. The HAF is a material function required by the Prudential Standards (GOI 3 and GOI 5). The appointed firm will provide assurance and opinion on actuarial matters, attend IAC/Board meetings, and perform various reviews as detailed in the scope of work.

Issue date: 12 October 2026

Non-compulsory briefing: 20 October 2026 at 11:00 on Teams – https://teams.microsoft.com/meet/3624190295653802?p=Grd5jPFhThhWcYBrst

Written questions of clarification due: 23 October 2026 at 16:00

Written responses to clarifications: 27 October 2026 at 16:00

Closing: 5 November 2026 at 11:00

Enquiries (bidding procedure and technical):

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

Expression of interest: notify Land Bank Supply Chain Department via email to [email protected] with company name, contact person(s), phone, CSD registration number, B-BBEE level, and email address.

Submission address:

Land Bank Head Office, Tender Box

Lakefield Office Park, Block A, first floor

272 West Avenue

Die Hoewes, Centurion

Submission method: hand deliver or courier to the tender box at Land Bank Head Office, Lakefield Office Park, Block A, first floor, 272 West Avenue, Die Hoewes, Centurion.

Closing: 5 November 2026 at 11:00.

Copies: 1 original proposal and 1 soft copy (USB); both must contain identical information.

Returnable forms (all must be completed and signed):

• SBD 1 (Invitation to Bid): bidder and contact details, signed as cover page.
• SBD 4 (Declaration of Interest): discloses any director/shareholder employed by the state or connected to the institution; a declared conflict renders the bid non-responsive.
• SBD 6.1 (Preference Points Claim): claims B-BBEE points under the PPPFA 80/20 system.
• Annexure A: Vendor Information Sheet.
• Annexure B: Bidders Disclosure Form.
• Annexure C: Covenant of Integrity Declaration.
• Annexure D: FICA requirements (Know Your Customer documents).
• Annexure G: Bribery and Corruption Declaration.
• Annexure H: SBD 6.1 Preference Points Claim Form (per Preferential Procurement Regulations 2022).
• Annexure I: Valid B-BBEE certificate or sworn affidavit.
• Annexure J: Tax compliance status (TCS) PIN issued by SARS.
• Annexure K: Latest stamped bank letter confirming banking details.
• Annexure L: National Treasury CSD proof of registration.
• Annexure M: Mandatory criteria supporting documentation.
• Annexure N: Functionality criteria supporting documentation.
• Annexure O: Price breakdown supporting financial proposal.
• Annexure P: CIPC documents with ID copies of directors/owners, share certificate, trust documents if applicable, and detailed company structure up to ultimate beneficial owner.

Disqualification risks:

• Late bids are not accepted.
• Bids not on official forms or re-typed are invalid.
• Omission of any mandatory returnable form or unsigned form.
• Failure to provide outstanding essential documents within 5 working days if requested.
• Bids from persons in the service of the state, or companies/close corporations with directors/members in the service of the state, are not considered.

Evaluation in three stages:

Stage 1 – Mandatory requirements (pass/fail):

• Proposed HAF must be a Fellow of the Actuarial Society of South Africa (FASSA) with a valid Non-life Practising Certificate (PC) at closing date; PC must not have expired and must not have limitations other than not being cleared for internal model sign-off. Transitional PCs are not accepted.
• Proof of Professional Indemnity cover of at least R2,000,000, or a signed undertaking to provide such cover within 5 working days of appointment.
• Price submitted in the required template.

Stage 2 – Technical/Functionality evaluation (100 points):

• Company experience in HAF/statutory actuary services (10 points).
• Reference letters from non-life insurance clients (10 points).
• HAF experience across SAM reserving, IFRS 17 reserving, regulatory capital, economic capital, ORSA, product/pricing, reinsurance, and other actuarial functions (20 points).
• Transformation and development (10 points).
• Back-up HAF (5 points).
• Project plan (15 points).
• Corporate governance (5 points).
• Team composition (10 points).
• Team tenure (5 points).
• HAF team members (5 points).

Minimum qualifying score: 70/100.

Stage 3 – Price and specific goals:

• 80/20 preference point system applies.
• Price scored out of 80 points; B-BBEE and specific goals scored out of 20 points.
• B-BBEE points: up to 10 points based on contributor level.
• Specific goals: 5 points for EME/QSE at least 51% Black-owned; 5 points for EME/QSE at least 31% Black-owned by women.

Interviews: The IAC may conduct interviews with the top two qualifying bidders before appointment; proof of concept may be required.

Scope: Appointment of an actuarial service provider to provide Head of Actuarial Function (HAF) services to Land Bank Insurance SOC Ltd (LBIC) for 5 years, monitored annually.

Background: LBIC is a wholly-owned subsidiary of the Land Bank, licensed for short-term insurance in the agricultural sector (crop, livestock, agri-asset). The HAF is a material function under Prudential Standards GOI 3 and GOI 5.

Duties of the HAF include:

• Express opinions to the Board via the IAC on technical provisions (SAM), minimum capital requirements, and solvency capital requirements.
• Review stipulated actuarial policies (Asset-Liability Management, Underwriting, Reinsurance).
• Provide advice on internal models, ORSA, investment policy, financial soundness, and actuarial-related internal controls.
• Sign-off on relevant sections of the Annual Solo Quantitative Return Template (AQRT) submitted to the Prudential Authority.
• Attend quarterly IAC meetings and ad hoc Board/Board Committee meetings.
• Perform annual IFRS 17 technical review (as-and-when required, not necessarily every year).
• Quarterly high-level review of IFRS 17 data and calculations.
• Review Embedded Value, Value of New Business, and Appraisal Value as-and-when required.
• Independent review of asset-liability modelling and investment strategy (once every 3 years).
• Review other policies (Dividend, Capital Management, ORSA, Climate Change, etc.).
• SAM SCR validation and economic capital modelling (once-off during contract).
• Review financial models used for budgeting and projections.
• Provide hourly rates for any other actuarial matters not specified, subject to annual budget per SLA.

The HAF must be independent from LBIC's first-line actuarial work (segregation of duties).

Bidders must provide a detailed project plan spanning 5 years, including key milestones, reporting timelines, frequency of HAF reports to the Board Committee, reliance on other control functions and third parties, and form and frequency of communication with management and board as a control function. The plan must be comprehensive and detailed.

The methodology must demonstrate how the HAF will provide assurance and opinion as per GOI 3 and ASSA APN 106/403 (Version 7).

The bidder must show how independence and segregation of duties between first-line actuarial work and the HAF (second line) will be maintained.

Company experience: Demonstrable experience in providing HAF services or statutory actuary services to non-life insurers. Evidence: award/appointment letters, purchase orders, reference letters, and SLAs.

• More than 8 years: 10 points
• 6-8 years: 8 points
• 4-6 years: 6 points
• Less than 4 years: 0 points

Reference letters: Signed positive reference letters from non-life insurance clients on client letterhead with verifiable contacts.

• More than 3 letters: 10 points
• 2 letters: 8 points
• 1 letter: 6 points
• No compliant letter: 0 points

Proposed HAF: Must have minimum 3 years of demonstrable experience in core SAM reserving and regulatory requirements. Experience across all 8 elements (SAM reserving, IFRS 17 reserving, regulatory capital, economic capital, ORSA, product/pricing, reinsurance, other actuarial functions) scores 20 points; deductions for lacking aspects.

Back-up HAF: Must be a FASSA with a valid PC or evidence of application for PC; must have experience across the listed aspects.

Team composition: Majority of support team must have actuarial qualifications. Provide detailed CVs and a table of experience.

• Average combined experience >8 years: 10 points
• 6-8 years: 8 points
• 3-5 years: 6 points
• Less than 3 years: 4 points

Team tenure: Average tenure at the firm.

• 5 years: 5 points

• 3-5 years: 3 points
• 1-3 years: 1 point
• Less than 1 year: 0 points

HAF team members: Number of dedicated team members (excluding proposed HAF).

• 5 members: 5 points

• 4-5 members: 4 points
• 3 members: 3 points
• Less than 3: 0 points

Corporate governance: The bidder must indicate the firm's governance and internal controls in place to strengthen activities and assure independence on services and advice provided to clients. The bidder must demonstrate a process to ensure independence.

The HAF must comply with the ASSA Code of Professional Conduct and Continued Professional Development requirements, both at appointment and continuously during the contract.

Price schedule template: Provide pricing for each scope of work item per year across the 5-year contractual period. Items include: SAM Technical Provisions/SCR/MCR (annual), Policies review (annual), Quarterly QRT review (quarterly retainer), IFRS 17 Technical Review (bi-ennial), Quarterly IFRS 17 High-Level Review (semi-annual retainer). Also provide hourly rates for other HAF services (e.g., Actuary – FASSA, Actuary – AMASSA) subject to annual budget cap.

Prices must be valid for 120 days, exclude VAT (show VAT separately), and be complete (no adjustments entertained).

Price schedule must be completed in non-erasable ink; correction fluid/tape not permitted.

Pricing format: Price schedule template provided; must price each scope of work item per year across the 5-year contractual period.

Items include: SAM Technical Provisions/SCR/MCR (annual), Policies review (annual), Quarterly QRT review (quarterly retainer), IFRS 17 Technical Review (bi-ennial), Quarterly IFRS 17 High-Level Review (semi-annual retainer).

Also provide hourly rates for other HAF services (e.g., Actuary – FASSA, Actuary – AMASSA) subject to annual budget cap.

Price instructions:

• Prices must be valid for 120 days and for the duration of the contract, including provision for price increases.
• All pricing must EXCLUDE VAT, with VAT shown separately.
• Pricing document must be complete and cover all costs; no price adjustments will be entertained.
• Price schedule must be completed in non-erasable ink; correction fluid/tape not permitted.
• Where an item is not priced, this must be explicitly stated.

Professional Indemnity: Minimum cover of R2,000,000, or signed undertaking to provide within 5 working days of appointment.

Banking details: Attach banking details on original letterhead signed by CEO/Director.

Payment terms: As per the Service Level Agreement.

CSD registration: Proof of registration as a vendor on the National Treasury Central Supplier Database (CSD) – https://secure.csd.gov.za/.

Tax compliance: Valid SARS Tax Compliance Status (TCS) PIN or printed TCS certificate; verified via CSD or e-filing pin. Joint ventures/consortia must submit separate TCS/CSD for each party.

B-BBEE: Valid B-BBEE certificate or sworn affidavit (for EME/QSE) required to claim preference points. B-BBEE points awarded per contributor level under 80/20 system.

CIPC: CIPC documents with ID copies of directors/owners, share certificate; trust deed, letter of authority, and certified ID copies of trustees/beneficiaries if applicable.

Company structure: Detailed structure up to ultimate beneficial owner (UBO), with supporting documentation for each layer.

FICA: Submit Know Your Customer (KYC) documents as per Annexure D.

POPI: Consent to processing of personal information as per POPI Act.

No persons in the service of the state may bid; companies/close corporations with directors/members in the service of the state are excluded.

Bidders must not be listed on the Register of Tender Defaulters (Prevention and Combating of Corrupt Activities Act).

No misrepresentation in tender information; any non-performance on Land Bank projects may disqualify.

Due diligence may be conducted on preferred bidder, including financial analysis, criminal convictions, pending litigation, performance history, and reputational risk.

Contract period: 5 years, monitored annually.

The successful bidder will enter into a Service Level Agreement with the Land Bank, which forms the contractual basis for delivery and performance measurement, and includes the General Conditions of Contract.

The appointment is subject to the Preferential Procurement Policy Framework Act, 2000 and the Preferential Procurement Regulations, the GCC, and any special conditions of contract.

The successful bidder will be required to sign a written contract form (SBD7).

The HAF is deemed a material function and the engagement must comply with GOI 5 (Outsourcing by Insurers).

The HAF will report to the IAC on a quarterly basis.

The Board may rotate HAFs and service providers; the Board reserves the right to appoint new HAFs if required.

The appointment is subject to the Preferential Procurement Policy Framework Act, 2000 and the Preferential Procurement Regulations, the General Conditions of Contract (GCC), and any other special conditions of contract. Bidders must comply with FICA requirements and submit Know Your Customer (KYC) documents as listed in Annexure D. The successful bidder will be required to sign a written contract form (SBD7).

The HAF is a material function and the engagement must comply with GOI 5 (Outsourcing by Insurers).

The IAC may conduct interviews with the top two qualifying bidders before appointment; proof of concept may be required.

The Board may rotate HAFs and service providers.

Mandatory requirements (Stage 1):

• Proposed HAF must be a Fellow of the Actuarial Society of South Africa (FASSA) with a valid Non-life Insurance Practising Certificate (PC) at tender closing. The PC must not have expired and must not have limitations other than not being cleared for internal model sign-off. Transitional PCs are not accepted.
• Proof of Professional Indemnity Cover of at least R2,000,000 or a signed letter of undertaking to provide such cover within 5 working days of appointment.
• Price must be provided in the specified template.

Non-mandatory essential returnable documents (may be requested within 5 working days):

• Proof of SARS good standing (verified via CSD or e-filing pin).
• CSD vendor registration.
• Completed SBD1 (Invitation to Bid).
• Completed SBD4 (Declaration of Interest).
• CIPC documents with ID copies of directors/owners, share certificate, trust documents where applicable.
• Detailed company structure up to ultimate beneficial owner.

Evaluation in three stages. Stage 1: Mandatory requirements (pass/fail). Stage 2: Technical/Functionality evaluation (100 points) covering company experience (10), reference letters (10), HAF experience (20), transformation and development (10), back-up HAF (5), project plan (15), corporate governance (5), team composition (10), team tenure (5), HAF team members (5). Minimum threshold: 70 points. Stage 3: Price and specific goals. The IAC may conduct interviews with top two qualifying bidders before appointment.

The 80/20 preference point system applies. B-BBEE points up to 10; specific goals: 5 points for EME/QSE at least 51% Black-owned, 5 points for EME/QSE at least 31% Black-owned by women.

Briefing session: May be required at the Land Bank's discretion. If the RFP indicates a briefing session, attendance is compulsory; failure to attend results in disqualification.

• Venue (unless indicated otherwise): Land Bank Head Office, Lakefield Office Park, Building A, First Floor, 272 Lenchen Avenue (Cnr of Lenchen Avenue and West Avenue), Die Hoewes, Centurion.
• Closing date: 5 November 2026 at 11:00.

Bidders may be required to attend a briefing session should the Land Bank deem it necessary. Where the RFP indicates a briefing session will be held, it is compulsory and failure to attend will result in disqualification. Unless indicated otherwise, briefing sessions will be held at the Land Bank's offices, Lakefield Office Park, Building A, First Floor, 272 Lenchen Avenue, Die Hoewes, Centurion.

Enquiries: For clarification on any aspect of the RFP, including specifications, tender and evaluation process, before the closing date, direct queries to the contact person identified in the RFP.

• No specific contact name, email, or telephone number is provided in this document.

Submission method: One original bid plus one soft copy on a USB Flash Drive. The tender number and subject must be clearly reflected on the front cover of the original bid.

• Bids must be submitted by the closing date and time; late bids will not be accepted.
• Bids must be formulated and submitted in accordance with the RFP requirements.
• No entity may be involved in more than one bid in response to this RFP; failure may result in disqualification.
• Any material change in control or composition of a bidder after submission requires prior written approval from the Land Bank.
• Returnable forms: All required National Treasury standard forms must be completed and signed, including SBD 1 (Invitation to Bid), SBD 3.1/3.2/3.3 (Pricing Schedule), SBD 4 (Declaration of Interest), SBD 6.1 (Preference Points Claim), SBD 6.2 (Declaration for Local Production and Content), SBD 7.1/7.2 (Contract Form), SBD 8 (Declaration of Bidder's Past Supply Chain Management Practices), SBD 9 (Certificate of Independent Bid Determination), and Authority to Sign / Board Resolution.

Evaluation process: The Land Bank reserves the right not to accept any bid, including the lowest priced, and is not bound to assign reasons. It may accept a bid in whole or in part; if accepted in part, the price will be adjusted per the pricing schedule.

• Bidders must be registered with National Treasury and listed on the Government's Central Supplier Database (CSD).
• Bidders must be in possession of all necessary approvals (registrations, certificates, permits, licences, authorisations) to perform the services.
• Bidders must not be on National Treasury's database of restricted suppliers or register of tender defaulters.
• Bidders must not have been found guilty of a serious breach of any law during the preceding 5 years.
• Bidders must not have acted fraudulently or in bad faith towards the Land Bank or any public body.
• Bidders must not have withdrawn a bid after the advertised closing date, failed to sign a contract when called upon, or performed a contract unsatisfactorily.
• Bidders must not have made misleading or incorrect statements in their bid documents.
• Bidders must not have instituted court proceedings against the Land Bank in bad faith.
• Bidders must not have any director or shareholder employed by the state or connected to anyone at the procuring institution (per SBD 4 Declaration of Interest).

Scope of work: The bidder must tender for the Services strictly in accordance with the scope of work supplied by the Land Bank, unless notified to the contrary by an official amendment.

• The services are the provision of head of actuarial function services (HAF) to Land Bank Insurance SOC Ltd (LBIC) for a period of 5 years.
• The bidder must have the necessary skills, knowledge and experience to provide the services.

Prices quoted for services rendered in South Africa are to be exclusive of VAT, which must be shown separately at the standard rate on the Tax Invoice.

• The Land Bank reserves the right not to accept any particular bid, including the lowest priced, and is not bound to assign reasons. It may accept a bid in whole or in part; if accepted in part, the price will be adjusted per the pricing schedule.

Pricing: Prices quoted for services rendered in South Africa are to be exclusive of VAT, which must be shown separately at the standard rate on the Tax Invoice.

• No price increase: The successful bidder shall not increase its prices for the duration of the Service Provider Agreement. Any increase in costs may not be passed on to the Land Bank.
• Bid validity: Bids remain binding and irrevocable for 120 business days from submission. Bidders may be requested to extend the validity period; during extension, no changes to the bid are allowed unless directly and unavoidably caused by the extension.
• Security: The Land Bank may require the successful bidder to furnish security for the fulfilment of the Service Provider Agreement.

Central Supplier Database: Bidders must be registered with National Treasury and listed on the Government's Central Supplier Database (CSD).

• Approvals: Bidders must have all necessary approvals (registrations, certificates, permits, licences, authorisations) to perform the services.
• Disqualification: Bidders on National Treasury's restricted suppliers or tender defaulters database are disqualified.
• Bidders must not have been found guilty of a serious breach of any law in the preceding 5 years.
• Bidders must not have acted fraudulently or in bad faith towards the Land Bank or any public body.
• Bidders must not have any director or shareholder employed by the state or connected to anyone at the procuring institution (per SBD 4 Declaration of Interest).
• Bidders must complete and submit the required National Treasury standard forms, including SBD 1, SBD 3.1/3.2/3.3, SBD 4, SBD 6.1, SBD 6.2, SBD 7.1/7.2, SBD 8, SBD 9, and Authority to Sign / Board Resolution.

By submitting a bid, the bidder warrants that it has all necessary approvals (registrations, certificates, permits, licences, authorisations) to perform the services, and that it is registered with National Treasury and listed on the Government's Central Supplier Database.

• If the bidder, after notification of acceptance, fails to conclude a formal contract, accept an order, furnish security, or comply with any condition, the Land Bank may accept another bid or call for new bids and recover additional expenses from the defaulting bidder.
• A bidder may be disqualified for withdrawing a bid after the closing date, failing to sign a contract, performing unsatisfactorily, acting fraudulently or in bad faith, making misleading statements, causing damage, instituting court proceedings in bad faith, being found guilty of a serious breach of law in the preceding 5 years, or being on the National Treasury's restricted suppliers or tender defaulters database. Disqualification may extend to associated enterprises, agents, or employees.
• The Land Bank reserves the right to carry out site inspections or call for supporting documentation to confirm any information provided by a bidder.
• Submission of a bid constitutes acceptance of the terms and conditions of the RFP. Bidders are deemed to have the necessary skills, knowledge and experience, to have fully examined the RFP and other information, made their own reasonable enquiries, and not relied on any warranty or representation not contained in the RFP.
• The Land Bank reserves the right not to accept any particular bid, including the lowest priced, and is not bound to assign reasons. It may accept a bid in whole or in part; if accepted in part, the price will be adjusted per the pricing schedule. Upon acceptance, the parties are bound by these Terms and Conditions, the General and Special Conditions of Contract, and any contractual terms or schedules forming part of the RFP.
• The RFP document is confidential and released solely for responding to the RFP. Use, reproduction, or disclosure of its contents is strictly prohibited. All bids become the property of the Land Bank and will not be returned. The Land Bank will make reasonable efforts to maintain confidentiality; proprietary information should be identified as such.
• The Service Provider must sign a written contract prior to commencement of services and adhere to the General and Special Conditions of Contract. If the bidder finds any conditions unacceptable, it must indicate which and offer amendments/alternatives in writing; these are subject to review by the Land Bank's legal advisor.
• The contract documents comprise the Service Provider Agreement, these Terms and Conditions, the General and Special Conditions of Contract, and any schedule of additional conditions. Together with the bidder's bid response, they constitute the Service Provider Agreement upon receipt of the Land Bank's letter of acceptance/intent, subject to agreed amendments and special conditions.
• The successful bidder shall not increase its prices for the duration of the Service Provider Agreement. Any increase in costs may not be passed on to the Land Bank.
• A bid submitted in response to this RFP will constitute a binding offer that remains binding and irrevocable for 120 business days from submission. No agreement is reached unless and until a definitive Agreement and related transaction documents are concluded between the Land Bank and the Preferred Bidder. Bids are valid for acceptance within the requested validity period. Bidders may be requested to extend the validity period, during which they may not change any aspect of their bid unless the change is a direct and unavoidable consequence of the extension.
• Bidders must study the RFP carefully; the onus is on the bidder to submit a complete bid. The Land Bank will not entertain modifications after submission or after the closing date. The bidder is responsible for omissions or errors and must bring them to the Land Bank's attention. Corrections or additions must not materially alter the bid; if they do, the bid may be rejected.
• The Land Bank reserves the right to amend or modify the RFP before the closing date, or amend, modify or terminate any procedures or requirements at any time without prior notice and without liability. Amendments will be sent in writing; no oral amendments will be considered. Significant amendments may lead to an extension of the closing date.
• The Land Bank reserves the right to cancel the RFP at any stage up to and including the award of the Service Provider Agreement. It is not bound to assign reasons for cancellation, and bidders are not entitled to compensation for costs of preparing their bid or negotiating the agreement.
• Should a conflict arise between these Terms and Conditions and the RFP issued, the conditions stated in the RFP shall prevail.
• This RFP, and any Agreement concluded pursuant hereto, including non-contractual matters or obligations arising out of the Services, shall be governed by and construed in accordance with the laws of the Republic of South Africa.

Queries on the RFP, including specifications and evaluation process, must be directed to the contact person identified in the RFP before the closing date. The Land Bank reserves the right to cancel the RFP at any stage up to and including the award of the Service Provider Agreement.