Department of State awards $20M contract for Insurance to RF&G LIFE INSURANCE COMPANY LIMITED
Contract Overview
Contract Amount: $20,041 ($20.0K)
Contractor: RF&G Life Insurance Company Limited
Awarding Agency: Department of State
Start Date: 2026-04-01
End Date: 2026-04-01
Competition Type: FULL AND OPEN COMPETITION
Number of Offers Received: 1
Pricing Type: FIRM FIXED PRICE
Sector: Other
Official Description: INSURANCE
Plain-Language Summary
Department of State obligated $20,041.23 to RF&G LIFE INSURANCE COMPANY LIMITED for work described as: INSURANCE Key points: 1. The contract value is $20,041,230. 2. RF&G LIFE INSURANCE COMPANY LIMITED is the sole awardee. 3. The contract is for Insurance Agencies and Brokerages services. 4. The award was made under full and open competition.
Value Assessment
Rating: fair
The contract value of $20M for insurance services appears to be within a reasonable range for a large government agency. However, without specific details on the scope of coverage and services, a precise pricing assessment against similar contracts is difficult.
Cost Per Unit: N/A
Competition Analysis
Competition Level: full-and-open
The contract was awarded through full and open competition, suggesting a competitive bidding process. This method generally promotes price discovery and aims to secure the best value for the government.
Taxpayer Impact: The competitive nature of the award is intended to ensure taxpayer funds are used efficiently for necessary insurance services.
Public Impact
Ensures the Department of State has necessary insurance coverage. Supports a private sector company, RF&G LIFE INSURANCE COMPANY LIMITED. The contract duration is one year, with potential for renewals. The specific insurance needs of the agency are met.
Waste & Efficiency Indicators
Waste Risk Score: 50 / 10
Warning Flags
- Lack of detailed service scope for precise value assessment.
- No information on small business participation.
Positive Signals
- Awarded under full and open competition.
- Clear contract end date.
Sector Analysis
The insurance sector is critical for government operations, covering a wide range of risks. Spending benchmarks vary significantly based on the type and scale of insurance required by federal agencies.
Small Business Impact
There is no indication of small business participation in this contract. Further analysis would be needed to determine if opportunities were missed or if the nature of the service precluded small business involvement.
Oversight & Accountability
The Department of State is responsible for overseeing this contract to ensure RF&G LIFE INSURANCE COMPANY LIMITED meets all service requirements and adheres to the contract terms. Standard procurement regulations apply.
Related Government Programs
- Insurance Agencies and Brokerages
- Department of State Contracting
- Department of State Programs
Risk Flags
- Potential for vendor lock-in.
- Lack of transparency on specific insurance products.
- No clear small business subcontracting plan mentioned.
- Dependence on a single provider for critical insurance needs.
Tags
insurance-agencies-and-brokerages, department-of-state, delivery-order, under-100k
Frequently Asked Questions
What is this federal contract paying for?
Department of State awarded $20,041.23 to RF&G LIFE INSURANCE COMPANY LIMITED. INSURANCE
Who is the contractor on this award?
The obligated recipient is RF&G LIFE INSURANCE COMPANY LIMITED.
Which agency awarded this contract?
Awarding agency: Department of State (Department of State).
What is the total obligated amount?
The obligated amount is $20,041.23.
What is the period of performance?
Start: 2026-04-01. End: 2026-04-01.
What specific insurance policies and coverage levels are included in this $20M contract to ensure it represents good value?
The provided data lacks specifics on the insurance policies, coverage limits, deductibles, and any specialized riders included. A comprehensive assessment of value would require a detailed breakdown of the insurance products and services procured, allowing for comparison against industry standards and similar government contracts for equivalent coverage.
What are the potential risks associated with a single award for insurance services, even under full and open competition?
Even with full and open competition, a single award carries risks such as potential vendor performance issues, lack of alternative solutions if the primary vendor fails, and limited leverage for renegotiation if market conditions change. The government should have contingency plans and robust performance monitoring in place.
How effectively does this contract ensure the Department of State's operational continuity and asset protection?
The contract's effectiveness in ensuring operational continuity and asset protection hinges on the adequacy and appropriateness of the insurance coverage secured. While the award process suggests a competitive selection, the actual impact depends on the specific risks identified by the Department and the tailored solutions provided by RF&G LIFE INSURANCE COMPANY LIMITED.
Industry Classification
NAICS: Finance and Insurance › Agencies, Brokerages, and Other Insurance Related Activities › Insurance Agencies and Brokerages
Product/Service Code: SOCIAL SERVICES › SOCIAL SERVICES
Competition & Pricing
Extent Competed: FULL AND OPEN COMPETITION
Solicitation Procedures: SUBJECT TO MULTIPLE AWARD FAIR OPPORTUNITY
Offers Received: 1
Pricing Type: FIRM FIXED PRICE (J)
Evaluated Preference: NONE
Contractor Details
Address: ONE CONEY DRIVE, BELIZE CITY
Business Categories: Category Business, Not Designated a Small Business, Special Designations, U.S.-Owned Business
Financial Breakdown
Contract Ceiling: $20,041
Exercised Options: $20,041
Current Obligation: $20,041
Contract Characteristics
Commercial Item: COMMERCIAL PRODUCTS/SERVICES PROCEDURES NOT USED
Cost or Pricing Data: NO
Parent Contract
Parent Award PIID: 19BH2022D0001
IDV Type: IDC
Timeline
Start Date: 2026-04-01
Current End Date: 2026-04-01
Potential End Date: 2026-04-01 00:00:00
Last Modified: 2026-04-01
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