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SPECIALTY FINANCIAL EXAMINATION & AUDITING SERVICES
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Title:  

SPECIALTY FINANCIAL EXAMINATION & AUDITING SERVICES

Agency:  

Maryland MIA - Purchasing

State:  

Maryland

NAICS Code:  

541211

Industry:  

Financial Services

Solicitation Type:  

Request for Proposal

Solicitation ID:  

BPM054787

Open Date:  

1/7/2026

Pre-Bid Meeting Date:  

1/22/2026

Questions Due Date:  

2/11/2026

Close Date:  

4/10/2026

Project Duration:  

5 years

Last Updated:  

Description:
The Maryland Insurance Administration (MIA) is seeking proposals for specialty financial examination and auditing services. The MIA intends to make up to ten contract awards, with one primary contract and one backup contract for each of the five functional areas: Actuarial Services Property & Casualty, Reinsurance Services, Information Technology Services, Actuarial Services Life & Health, and Investment Services. The selected contractor will provide services on an as-needed basis, including actuarial evaluations, reviews of complex reinsurance treaties, and analysis of investment portfolios. The contractor must have experience in risk-focused examinations and be familiar with NAIC requirements and Maryland law. • The contractor will work with the MIA's Financial Regulation Unit to perform financial examinations and analyses. • The contractor will provide staff on an as-needed basis, with a minimum of 10 years of experience in providing services of the type required under this RFP. • The contractor must be able to provide personnel up to the anticipated annual hours for each functional area. • The contractor will be required to prepare examination work papers and documents, including narratives, analysis of accounts, and risk matrices.
Attached Files:

Please visit the bid source via the “Link to Bid Source” button below for documentation.

Contact Information:

Anthonia Chuku(Procurement Officer)

[email protected]

(410) 468-2374

Budget Estimate (AI):

$500,000 – $1,000,000

Based on the historical information provided in the RFP, the total hours expended by previous contractors for the five-year period was approximately 7,340 hours. Assuming an average hourly rate of $100, the total contract value would be around $734,000. However, this is a rough estimate and the actual budget could be higher or lower, depending on the contract terms and the number of hours worked.

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