The vendor is required to provide that insurance market conduct reviews service for the department.
-The department is seeking fair insurance rates and benefits for the citizens of state by maintaining a vigorous and competitive insurance market.
-The nature of the work sought by the department in this request for proposal requires a broad range of actuarial and business expertise.
-The performance of these duties requires sensitivity to, and familiarity with, the state insurance market, familiarity with general financial standards, examination requirements and standards of the national association of insurance commissioners and state insurance.
-The nature of work required includes satisfactory performance of the following under the direction of the state:
•Investigation, full-scope or limited scope examinations or analysis of the affairs of insurers to ascertain compliance with the provisions of law.
•Coordination and cooperation with insurance departments, attorneys, and/or other professionals and
specialists associated with the assigned work as directed by the department.
•Contractor will be responsible for all pre-examination activities, including notification to the company
to be examined and review of department records.
•Market conduct examinations may include any or all of the following: sales and marketing
practices; policy forms, endorsement and other rider filings and approvals; underwriting; rate filings
and rate applications; calculation of premiums; application of rating rules; cancellation, rejections,
and non-renewals; licensing and supervision of producers and other persons and entities required to
be licensed; claims and complaint handling; entity-specific issues and compliance with state laws
and rules.
•For each review conducted, contractor will be responsible for preparing written reports of a quality
sufficient for adoption without modification by the commissioner that cover any or all of the above
areas and will be responsible for distributing the report as required by the department. the written
reports will include:
oDetailed discussion and findings on each examination conducted.
oComprehensive written explanations and thorough documentation supporting any critical comments.
oSummary of issues raised by the review and report, and any associated recommendations.
•Contractor may be required to attend and testify at meetings in, including public,
aministrative, judicial, or legislative hearings, as requested.
•Contractor may be subject to deposition, based upon activities and findings during an examination.
•Other work as requested by the department.
-All equipment shall be delivered assembled, serviced, and ready for immediate use, unless otherwise requested by the state.
-Prices and rates shall remain firm for the initial term of the contract.
-The pricing policy submitted by Bidder must (i) be clearly structured, accountable, and auditable and (ii) cover the full spectrum of services required.
-The nature of the work required includes satisfactory performance of the following under the
direction of the State:
•Investigation, full-scope or limited scope examinations or analysis of the affairs of insurers to ascertain compliance with the provisions of law.
•Coordination and cooperation with insurance departments, attorneys, and/or other professionals and specialists associated with the assigned work as directed by the state.
•Contractor will be responsible for all pre-examination activities, including notification to the company to be examined and review of state records.
•Scope of market conduct examinations may include any or all of the following: sales and marketing practices; policy forms, endorsement and rider filings and approvals; underwriting; rate filings and rate applications; calculation of premiums; application of rating rules; cancellations, rejections, and non-renewals; licensing and supervision of producers and other persons and entities required to be licensed; claims and complaint handling; entity-specific issues and compliance with state laws and rules.
•For each review conducted, contractor will be responsible for preparing written reports of a quality sufficient for adoption without modification by the commissioner that cover any or all of the above areas and will be responsible for distributing the report as required by the state. the written reports will include:
oDetailed discussion and findings on each examination conducted.
oComprehensive written explanations and thorough documentation supporting any critical comments
oSummary of issues raised by the review and report, and any associated recommendations.
•Contractor may be required to attend and testify at meetings in, including public, administrative, judicial, or legislative hearings, as requested.
•Contractor may be subject to deposition, based upon activities and findings during an examination.
•Other related work as requested by the state.

-Contract Period/Term: 2 months