Appointment of an actuarial service provider for head of actuarial function (haf) services to land bank life insurance soc ltd (lblic) – 5-Year contract

Land Bank Life Insurance SOC Ltd (LBLIC) is seeking an actuarial firm to provide Head of Actuarial Function (HAF) services for 5 years. LBLIC is a licensed life insurer providing credit life insurance to the agricultural sector. The HAF is a material outsourced function required by the Insurance Act and Prudential Standards (GOI 3 and GOI 5). The appointed firm will provide assurance, opinions, and reviews on actuarial matters including technical provisions, capital requirements, IFRS 17, ORSA, and other actuarial functions.

Closing date: 05 November 2026 at 11:00

Non-compulsory briefing: 20 October 2026 at 11:00 on Teams (link provided in tender)

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

Responses to clarifications issued: 27 October 2026 at 16:00

Tender validity period: 120 business days from closing date

Non-compulsory briefing session: 20 October 2026 at 11:00 on Teams. The link is provided in the tender document. Written questions of clarification are due 23 October 2026 at 16:00; responses will be issued 27 October 2026 at 16:00.

Contact person: Mr. S. Mthombeni

Role: Bidding procedure and technical enquiries

Email: [email protected]

Telephone: (not stated in the document)

Submission address: Land Bank Head Office, Tender Box, Lakefield Office Park, Block A, First Floor, 272 West Avenue, Die Hoewes, Centurion

Service/delivery address: as above

Submission method: hard copy (1 original) plus 1 soft copy on USB delivered to the Land Bank Head Office Tender Box, Lakefield Office Park, Block A first floor, 272 West Avenue, Die Hoewes, Centurion, before 11:00 on 05 November 2026. Late bids are not accepted. Bids must be on official forms, not retyped. The soft copy and original must be identical.

Returnable documents (all must be completed and signed):

• SBD 1 (Invitation to Bid) — signed cover page with bidder details.
• SBD 4 (Declaration of Interest) — disclose any conflict of interest; a declared conflict makes the bid non-responsive.
• SBD 6.1 (Preference Points Claim Form) — claim B-BBEE points under the 80/20 system.
• SBD 7 (Contract Form) — successful bidder must sign the written contract.
• SBD 8 (Declaration of Bidder's Past SCM Practices) — declare past supply chain practices.
• SBD 9 (Certificate of Independent Bid Determination) — certify no collusion and independent pricing.
• Annexure A: Vendor Information Sheet.
• Annexure B: Bidders Disclosure.
• Annexure C: Covenant of Integrity.
• Annexure D: FICA requirements.
• Annexure E: SBD 6.1 Preference Points Claim Form.
• Annexure G: Bribery and Corruption Declaration.
• Annexure H: SBD 6.1 Preference Points Claim Form (provided twice in the pack).
• Annexure I: Valid BBBEE certificate or sworn affidavit.
• Annexure J: Tax compliance status (TCS) PIN from SARS.
• Annexure K: Latest stamped bank confirmation letter.
• Annexure L: 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, ID copies of directors/owners, share certificate; if shareholders are trusts, provide Trust Deed, Letter of Authority and certified ID copies of all trustees and beneficiaries.
• Detailed company structure up to the ultimate beneficial owner (UBO) with supporting documentation for each layer.
• Proof of authority for the signatory (e.g. company resolution).

Also required:

• Proof of CSD registration (via https://secure.csd.gov.za).
• SARS tax compliance PIN or printed TCS certificate; each party in a JV/consortium must submit their own.
• Notification of intent to bid must be emailed to [email protected] with company name, contact person, phone, CSD registration number, BBBEE level, and email address.

Prices must be valid for 120 business days from closing.

The bid is subject to the Preferential Procurement Policy Framework Act and its Regulations, the General Conditions of Contract, and special conditions.

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 Life Insurance Practising Certificate at closing date; transitional certificates not accepted; limitations only permitted if not cleared for internal model sign-off; certificates limited to one area (e.g. reserving) not accepted.
• Proof of Professional Indemnity cover of at least R2,000,000, or a signed undertaking to provide proof within 5 working days of accepting appointment.
• A price submitted in the prescribed table format, per service, per year, across the 5-year period.
• Independence: bidders for both HAF and Lead Consultant tenders must nominate separate lead resources; failure may render the bid non-responsive.

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

• Company experience in HAF/statutory actuary services: more than 8 years (10), 6-8 years (8), 4-5 years (6), less than 4 years (0).
• Reference letters from life insurance clients: more than 3 signed positive letters (10), 2 letters (8), 1 letter (6); no points if not compliant or not insurer.
• Proposed HAF experience (20 points): must have at least 3 years of demonstrable experience in core functions; scoring 0 if lacking in reserving (SAM or IFRS 17), regulatory capital, economic capital, ORSA, reinsurance, pricing; 12 if lacking in one aspect, 10 if in two, 8 if in more than two; 16 if experience lacking in IFRS 17; 20 if full experience including IFRS 17.
• Transformation (8 points): 5 points if more than 20% of HAF support team is Black, 3 if 10-20%, 1 if less than 10%; extra 2 points if proposed HAF is Black; 3 points for demonstrable commitment to development and transformation.
• Back-up HAF (5 points): provide a back-up FASSA with valid Practising Certificate or evidence of application; scoring based on experience in listed aspects.
• Project plan (15 points): detailed 5-year plan including milestones, reporting timelines, frequency of Board/Committee reporting; 15 if all elements detailed, 8 if only 2 elements, 0 if less than 2 elements.
• Corporate governance (5 points): demonstrate governance and internal controls ensuring independence.
• Team composition (10 points): average team combined experience supporting HAF — more than 8 years (10), 6-8 (8), 3-5 (6), less than 3 (4); no mark if no CVs.
• Team tenure (5 points): average tenure at firm — more than 5 years (5), 3-5 years (3), 1-3 years (1), less/no tenure (0).
• HAF team members (5 points): more than 5 dedicated members (5), 4-5 (4), 3 (3), less than 3 (0).

Minimum threshold: 70 points out of 100 to proceed to Stage 3. Bidders below 70 are disqualified.

Stage 3 — Price and Specific Goals (80/20 preference point system):

• Price (maximum 80 points) scored per PPPFA.
• Specific goals (maximum 10 points) for B-BBEE status level contributor as per LBIC scorecard; an EME/QSE at least 51% Black-owned scores 5 points; an EME/QSE at least 31% Black-owned by women scores 5 points.
• IAC may conduct interviews with top two bidders; proof of concept may be required. Final adjudication may consider other qualitative criteria as determined by the IAC.

The appointed actuarial firm will provide Head of Actuarial Function (HAF) services to Land Bank Life Insurance SOC Ltd (LBLIC) for a period of 5 years, monitored annually. The HAF is a material outsourced function as per GOI 5 and must comply with Prudential Standards, GOI 3, and relevant ASSA APNs (notably APN 106/403). The HAF reports to the Board via the Investment and Actuarial Committee (IAC) on a quarterly basis.

Scope of work includes:

• Express opinions on technical liabilities (SAM) and capital requirements (SCR, MCR) annually, covering appropriateness of methodologies, data sufficiency, assumptions, accuracy, and approximations.
• Review and sign-off on the Annual Solo Quantitative Return Template (AQRT) submitted to the Prudential Authority.
• Provide stipulated actuarial policies reviews: Asset-Liability Management, Underwriting, Reinsurance and Risk Transfer policies.
• Evaluate and advise on internal models, ORSA (including capital projections, stress testing, scenario testing), investment policy, and dividend declarations.
• Attend quarterly IAC meetings, Board and Board Committee meetings, and other ad hoc meetings (e.g. QRT/CBR, PA, EXCO, Strategy).
• Conduct IFRS 17 technical reviews (annual or as required) covering reserving methodology, contract grouping, risk discount rates, risk adjustment, coverage units, CSM amortisation, loss component, and reinsurance contracts.
• Quarterly high-level IFRS 17 reviews on data, calculations, assumptions, and reconciliations with SAM.
• Review Embedded Value, Value of New Business, and Appraisal Value as and when required.
• Asset-liability management and investment strategy reviews once every 3 years.
• Review other policies: Dividend, Capital Management, ORSA, Climate Change, Investment, Liquidity, Risk Management Strategy.
• Once-off validation of internal capital model, including SAM SCR validation, use of insurer-specific parameters, and support for regulatory approvals.
• Independently review financial models used for budgeting and financial projections.
• Provide hourly rates for any other actuarial control function work that may be required, subject to annual budget per SLA.

The bidder must nominate a specific individual as the proposed HAF and a back-up HAF; both must hold valid Practising Certificates, with evidence. The bidder must provide detailed CVs of the proposed HAF and support team, including experience across listed actuarial areas, tenure, qualifications, and black professional composition.

Bidders must provide a detailed project plan covering a 5-year period, including key milestones, reporting timelines, when HAF reports are presented to Board Committees and their frequency, reliance on other control functions and third parties, and the form and frequency of communication with management and board as a control function. The plan must address all elements to score full points.

The proposed HAF must be a Fellow of ASSA (FASSA) with a valid Life Insurance Practising Certificate. They must have at least 3 years of demonstrable experience in core HAF functions: SAM reserving, IFRS 17 reserving, regulatory capital, economic capital, ORSA, reinsurance, and pricing. Detailed CVs must be provided. The back-up HAF must also be a FASSA with a valid Practising Certificate or evidence of application. The support team must have actuarial qualifications; average combined experience and tenure are scored. Bidders must provide reference letters from life insurance clients on letterhead with verifiable contacts.

The bidder must describe corporate governance and internal controls that ensure independence and quality of HAF services. The HAF must comply with the ASSA Code of Professional Conduct and Continued Professional Development requirements. The firm must have processes to assure independence from LBLIC's first-line actuarial work and operations.

The price schedule is provided as a template. It must be completed in non-erasable ink, excluding VAT. Prices must be valid for 120 days and cover the 5-year contract. Items include annual SAM Technical Provisions/SCR/MCR, quarterly QRT, bi-annual IFRS 17 Technical Review, quarterly IFRS 17 High-Level Review, ad hoc meetings, and other HAF services. Provide hourly rates by category for other actuarial work. Unpriced items must be explicitly stated; no additional costs will be entertained.

Price schedule must be completed in the provided template, in non-erasable ink; no correction fluid/tape.

Prices must exclude VAT, with VAT shown separately.

Prices must be valid for 120 days and cover the full 5-year contract period, including provision for price increases.

The price must be a total bid price covering all costs; no price adjustments will be entertained. Unpriced items must be explicitly stated as no additional costs will be accepted.

The pricing schedule includes: annual SAM Technical Provisions/SCR/MCR, quarterly QRT, bi-annual IFRS 17 Technical Review, quarterly IFRS 17 High-Level Review, ad hoc meetings, and other HAF services, with monthly costs for each year over 5 years.

Hourly rates must be provided by category (e.g. actuarial analyst, senior consultant, actuary — FASSA and AMASSA).

Professional Indemnity cover: minimum R2,000,000, or a signed undertaking to provide proof within 5 working days of accepting appointment.

Payment terms: as per the tender's standard terms; banking details must be attached on original letterhead signed by CEO/Director.

The 80/20 preference point system applies.

Mandatory (fail if not met):

• Proposed HAF must be a Fellow of the Actuarial Society of South Africa (FASSA) and hold a valid Life Insurance Practising Certificate at closing date; attach copy of FASSA certificate and ASSA confirmation of good standing.
• Proof of Professional Indemnity cover of at least R2,000,000 or signed undertaking.
• Price submitted in the prescribed format.
• Independence of lead resources if bidding for both HAF and Lead Consultant tenders.

Essential returnable documents (must be submitted; failure may lead to disqualification):

• Proof of tax compliance (SARS TCS PIN or CSD number).
• CSD vendor registration proof.
• SBD 1 (Invitation to Bid) — signed.
• SBD 4 (Declaration of Interest) — signed; false disclosure disqualifies.
• CIPC documents, ID copies of directors/owners, share certificate; for trusts, Trust Deed, Letter of Authority, certified IDs of trustees/beneficiaries.
• Detailed company structure up to UBO.
• Annexures as listed in the RFP (A to P).
• Valid B-BBEE certificate or sworn affidavit (for specific goals).
• FICA requirements (Annexure D): PEP screening will be conducted on successful bidder.
• POPI Act consent: submitting the bid implies consent to processing personal information.

Bidders in the service of the state, or with directors who are, are not eligible.

Foreign suppliers must answer questionnaire; if not resident, no SARS TCS PIN required but must comply with relevant requirements.

B-BBEE is evaluated in Stage 3 (Specific Goals) under the 80/20 preference point system. Bidders can score up to 10 points for B-BBEE contributor status as per LBIC's scorecard. Additionally, an EME/QSE at least 51% Black-owned scores 5 points; an EME/QSE at least 31% Black-owned by women scores 5 points. A valid B-BBEE certificate or sworn affidavit must be submitted with the bid. In the functionality stage, points are awarded for the percentage of Black actuarial analysts or actuaries in the HAF team and for a nominated black HAF.

No specific health and safety requirements are stated in this tender beyond general compliance with applicable law and the Land Bank's standard terms.

The contract will be governed by the General Conditions of Contract (GCC) and special conditions. The successful bidder will sign SBD 7 and a Service Level Agreement. The contract period is 5 years, with annual performance monitoring. The Board may rotate HAFs and service providers. The engagement must comply with GOI 5 (Outsourcing by Insurers). Additional duties may be assigned by the Board on recommendation of the IAC, subject to written confirmation and hourly rates.

Bidders may submit for both the HAF and Lead Consultant tenders but must nominate separate lead resources for each to avoid conflict of interest. The Board may rotate HAFs and service providers. The successful bidder will be required to enter into a Service Level Agreement. The HAF must attend quarterly IAC meetings. The IAC may request additional actuarial reviews not specified, subject to written confirmation and hourly rates.

General requirements: bidders must be registered on the CSD and be tax compliant. They must provide a valid B-BBEE certificate or affidavit. They must submit all mandatory and essential returnable documents as listed. The proposed HAF must be a FASSA with a valid PC. The firm must have adequate professional indemnity cover. The bidder must demonstrate transformation commitment, including plans for developing black actuaries.

As per the evaluation criteria section, the tender is evaluated in three stages. Stage 1 mandatory (pass/fail). Stage 2 functionality (100 points) with a minimum threshold of 70. Stage 3 price and specific goals (80/20). Interviews may be conducted with the top two bidders.

Closing date: 5 November 2026 at 11:00 (as per tender record). No other dates provided.

Returnable documents include the Bribery and Corruption Declaration (Annexure H, referenced as Annexure G in the document). This declaration must be completed, signed, and submitted with the bid.

Submission method: The tender record does not specify a submission channel, address, or packaging requirements. Bidders should confirm with the issuing authority.

The evaluation criteria are not detailed in the available document. Bidders should obtain the full tender document for evaluation methodology, preference points system, and minimum qualifying scores.

Bribery and Corruption Declaration (Annexure H): Bidders must disclose, for each member/partner (including directors, employees, agents) any charges, convictions, implications, or allegations of bribery/corruption in the last 5 years. If any answer is yes, full details must be furnished for each item (dates, status, court, contract details, sentences). This declaration is a mandatory returnable document.

The Land Bank requires an actuarial service provider to perform the Head of Actuarial Function (HAF) services for Land Bank Life Insurance SOC Ltd (LBLIC) for a 5-year period. The Bidder must tender strictly in accordance with the supplied scope of work unless officially amended.

Closing date and time: 5 November 2026 at 11:00.

Briefing session: may be held if the Land Bank deems it necessary; where indicated, it is compulsory and 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 Lenchen and West Avenue), Die Hoewes, Centurion.

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 results in disqualification. Unless indicated otherwise, 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.

Queries before the closing date must be directed to the contact person identified in the RFP. No specific contact name, email, or telephone number is provided in the source.

Bids must be submitted by the closing date and time specified in the RFP; late bids are not accepted. One original of the Bid must be submitted, together with 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.

Returnable forms:

• Annexure F: Terms and Conditions – must be acknowledged and accepted; these terms are non-negotiable and binding if the proposal is successful.

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

Bidders must possess all necessary approvals (registrations, certificates, permits, licences, authorisations) to perform the services.

No entity may be involved, directly or indirectly, in more than one bid.

Bidders must not be included 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 law in the preceding 5 years.

Failure to attend the compulsory briefing session (if indicated) will result in disqualification.

Bidders must not have withdrawn a bid after closing, failed to sign a contract, performed unsatisfactorily, acted fraudulently or in bad faith, or made misleading statements.

Evaluation preference points and scoring split are not stated in the source; the PPPFA 80/20 or 90/10 point system is not mentioned.

The tender is for the appointment of an actuarial service provider to provide Land Bank Life Insurance SOC Ltd (LBLIC) with Head of Actuarial Function (HAF) services for a period of 5 years.

The Bidder must tender strictly in accordance with the scope of work supplied by the Land Bank, unless amended officially.

The Land Bank reserves the right to carry out site inspections or ask for supporting documentation to verify any information in the Bid.

The Land Bank reserves the right not to accept any particular bid (including the lowest priced) and may accept any bid in whole or in part; if accepted in part, the price will be adjusted in accordance with the pricing schedule indicated in the Bid. Prices quoted are exclusive of VAT, which must be shown separately on the Tax Invoice. The successful Bidder may not increase prices for the duration of the Service Provider Agreement.

Prices quoted must be exclusive of VAT; VAT must be shown separately at the standard rate on the Tax Invoice.

The successful Bidder may not increase prices for the duration of the Service Provider Agreement.

The Land Bank reserves the right not to accept any bid (including the lowest priced) and may accept any bid in whole or in part; if accepted in part, the price will be adjusted in accordance with the pricing schedule.

Bids remain binding and irrevocable for 120 business days from the date of submission.

The Bidder warrants that as at the date of submission it has all necessary approvals (registrations, certificates, permits, licences, authorisations) to enter into and perform the services.

The Bidder warrants that it is registered with National Treasury and listed on the Government's Central Supplier Database (CSD).

The Bidder must not be included on National Treasury's restricted suppliers database or register of tender defaulters.

The Bidder must not have been found guilty of a serious breach of law in the preceding 5 years.

Any disqualification may extend to associated entities, agents, and employees.

Contract formation: The successful Bidder must sign a written contract prior to commencement of services. The contract documents comprise the Service Provider Agreement, these Terms and Conditions, the General and Special Conditions of Contract, and any additional schedules. These documents, together with the Bid response, will constitute the agreement upon the Land Bank's letter of acceptance/intent.

Default and disqualification: A bidder may be disqualified and liable for costs if, after notification of acceptance, it fails to conclude a formal contract, accept an order, furnish security when required, or comply with conditions. Disqualification also applies for withdrawing a bid after the advertised closing, failing to sign a contract, performing unsatisfactorily, acting fraudulently or in bad faith, making misleading statements, causing the Land Bank damage, instituting court proceedings in bad faith, being found guilty of a serious breach of law in the preceding 5 years, or being included on National Treasury's restricted suppliers database or register of tender defaulters. Disqualification may extend to associated companies, agents and employees.

Confidentiality: The RFP is released solely for responding; use, reproduction or disclosure of specifications is prohibited. Bids become the property of the Land Bank and will not be returned; proprietary information should be identified.

Governing law: The RFP and any agreement concluded pursuant to it are governed by the laws of the Republic of South Africa.

Conflict: If a conflict arises between these Terms and Conditions and the RFP, the RFP prevails.

Queries: Clarification requests must be directed to the contact person identified in the RFP before the closing date.

Queries before the closing date must be directed to the contact person identified in the RFP. No specific contact details are available in the source.