Hiring of Reinsurance Services for SLIC Gulf Business

The State Life Insurance Corporation of Pakistan (SLIC) invites bids for the hiring of reinsurance services specifically for its Gulf business based in Karachi, Sindh. This procurement is for non-consultancy services under a single stage two-envelope procedure through the e-Pak Acquisition and Disposal System (EPADS). The contract is planned for the financial year 2026-27 and aims to secure reinsurance arrangements for individual life insurance policies written in USD and AED currencies. Items being procured: - Hiring of Reinsurance Services for SLIC Gulf Business The scope includes reinsurance for individual life insurance products and supplementary riders such as Family Income Benefit (FIB), Term Insurance Rider (TIR), Accidental Death Benefit (ADB), and Accidental Indemnity Benefit (AIB). The reinsurance sum cover is calculated using the Sum at Risk formula, with retention limits of USD 50,000 and AED 150,000 respectively. The contract duration is three years, renewable by mutual agreement, and the reinsurer will remain liable for all in-force policies at contract termination until their natural expiration. The services require guaranteed annual reinsurance risk premium rates, profit commission settlement annually, and obligatory claim settlement limits. Eligibility criteria include a minimum 'A' rating by international rating agencies, at least 15 years of experience, valid licenses, and a minimum annual net income of USD 1000 million. Bidders must be registered on EPADS and comply with PPRA rules. Technical bids will be evaluated on experience, staff strength, net income, and client base, with a minimum technical score of 70 required to qualify for financial bid opening. Bids must be submitted electronically via EPADS by 22 October 2026 before 11:00 AM, with technical bids opening at 11:30 AM the same day. Original bid security of USD 5,000 or PKR 1,425,000 must be delivered to the Central Procurement Division in Karachi before the deadline. Manual submissions are not accepted. The evaluation will follow Least Cost Based Selection (LCBS) criteria. Interested bidders should ensure timely registration on EPADS and review all bidding documents available on the PPRA and State Life websites. A practical tip for bidders: Ensure your EPADS registration is complete well before the submission deadline and upload all required documents, including the bid security, in the prescribed formats to avoid disqualification. Also, carefully review the technical criteria to meet the minimum qualification marks to proceed to the financial evaluation stage.