Description
The State of Michigan’s Department of Insurance and Financial Services (DIFS) is issuing a Request for Proposal to create a pool of pre‑qualified contractors capable of performing financial examinations and analyses of insurance companies operating in Michigan (including out‑of‑state entities). Qualified firms will be called on a “second‑tier” basis to submit detailed proposals for individual examination projects, which may involve on‑site visits, data testing, and preparation of NAIC‑compliant examination reports and management letters. The work includes:
• Performing statutory financial examinations and/or agreed‑upon procedures for insurers;
• Analyzing solvency, compliance with Michigan insurance statutes, regulations, bulletins, and NAIC standards;
• Providing timely deliverables (initial reports within 10 days of on‑site completion, final reports within 10 days of approval);
• Maintaining strict independence (no financial ties to examined entities);
• Supplying qualified staff (CPAs, Certified Financial Examiners) and senior auditors on‑site ≥ 50 % of the time;
• Supporting DIFS during potential Chapter 81 actions, NAIC reviews, or auditor‑general inquiries;
• Adhering to State IT, ADA, and data‑retention policies;
• Submitting monthly progress reports and meeting DIFS‑defined service‑level credits for missed deadlines.