200000000044.pdf
PDF 13 MB Posted
- Contract number
- MA200000000044
- Issued by
- Michigan
About this file
This is a contract change notice and associated standard contract terms document for Contract No. 200000000044 between the State of Michigan, Department of Insurance and Financial Services (DIFS) and INS Regulatory Insurance Services, Inc. (InsRis), a Delaware Corporation headquartered in Philadelphia, Pennsylvania. Change Notice No. 4, effective March 18, 2025, adds $150,000.00 to the contract, bringing the estimated aggregate contract value to $325,000.00. The contract also includes prior change notices documenting the exercise of renewal options and administrative updates to contractor and state contact personnel. The original contract was executed on November 1, 2019, with an initial expiration date of October 31, 2022, and includes two available two-year renewal options that have been exercised, extending the contract expiration to October 31, 2026.
The contract provides for captive insurance company financial examination services, with InsRis supplying qualified examiners to conduct risk-focused financial examinations of Michigan-licensed captive insurance companies. The contractor is compensated on an hourly basis with rates ranging from $130.00 to $165.00 per hour depending on staff role and travel requirements, with travel costs included in the hourly rates. Payment terms are Net 45 days, with the state paying invoices upon conclusion of financial examinations submitted through the state's electronic funds transfer system. The contract requires InsRis to maintain specified insurance coverage, comply with all state and federal regulations, maintain confidentiality of examination information per Michigan Insurance Code Section 222(4), and provide services under the direction of the state's Captive Unit Examiner-in-Charge. All work products, including examination reports and work papers, become the property of the Captive Unit upon completion and must be delivered electronically. The contract includes liquidated damages provisions of $5,000.00 plus $100.00 per day for late or improper completion of contract activities.
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Text version
Revised 2/2019
CONTRACT CHANGE NOTICE
Change Notice Number 4.
to
Contract Number 200000000044.
C O
N T
R A
C T
O R
INS Regulatory Insurance Services, Inc.
S T
A T
E
P ro g ra m
M a n a g e r
David Piner DIFS
419 S Second Street
New Market, Suite 206
517-284-8759
Philadelphia, PA 19147 pinerd@michigan.gov
Annette Knief
C o n tr a c t
A d m in is tr a to r Darcie Payne DIFS
913-568-7725 517-930-9402 aknief@theinscompanies.com PayneD3@michigan.gov
CV007508
STATE OF MICHIGAN PROCUREMENT
Department of Insurance and Financial Services 530 W Allegan St., Lansing MI 48933
CONTRACT SUMMARY
DESCRIPTION: Captive Insurance Company Financial Examinations
INITIAL EFFECTIVE DATE INITIAL EXPIRATION DATE
INITIAL AVAILABLE
OPTIONS
EXPIRATION DATE BEFORE
CHANGE(S) NOTED BELOW
11-01-2019 10-31-2022 2, two-year options 10-31-2026
PAYMENT TERMS DELIVERY TIMEFRAME
Net 45
ALTERNATE PAYMENT OPTIONS EXTENDED PURCHASING
☐ P-card ☐ Payment Request (PRC) ☐ Other ☐ Yes ☒ No
MINIMUM DELIVERY REQUIREMENTS
DESCRIPTION OF CHANGE NOTICE
OPTION LENGTH OF OPTION EXTENSION
LENGTH OF
EXTENSION
REVISED EXP. DATE
CURRENT VALUE VALUE OF CHANGE NOTICE ESTIMATED AGGREGATE CONTRACT VALUE
$175,000.00 $150,00.00 $325,000.00
DESCRIPTION: Effective March 18, 2025, $150,000.00 has been added to the contract.
The Contract Administrator for the State has been updated to Darcie Payne, 517-930-9402, PayneD3@michigan.gov. The Contractor Administrator has been updated to Annette Knief, 913-568-
7725, aknief@theinscompanies.com.
All other terms and conditions remain the same. Per contractor and agency agreement, and DTMB Central
Procurement Services approval.
Revised 2/2019
CHANGE NOTICE NO. 4 TO CONTRACT NO. 200000000044
FOR THE CONTRACTOR:
INS Regulatory Insurance Services, Inc._ Company Name
Authorized Agent Signature
Annette Knief________________________ Authorized Agent (Print or Type)
Date
FOR THE STATE:
Signature
Megan Ramos, CFO and Budget Director Name & Title
MI Department of Insurance and Financial Services Agency
Date
File details come from the government source that posted it. Updated .