230000001715.pdf

This is a Contract Change Notice and accompanying indefinite delivery vehicle contract between the State of Michigan, Department of Insurance and Financial Services (DIFS), and INS Regulatory Insurance Services, Inc., a Delaware Corporation. The change notice (Change Notice Number 1) extends the existing contract by exercising one of two available 2-year renewal options, moving the contract expiration date from October 31, 2025, to October 31, 2027. The original contract was effective November 1, 2023, with an initial estimated aggregate value of $50,000.00. The contract administrator was updated from Darcie Payne to Drew Simon for the State, while Annette Knief remains as the contractor's contact. The primary contacts include David Piner as the State's Program Manager and Richard Foster as the contractor's Program Manager.

The contract provides captive insurance consulting services to assist DIFS in maintaining compliance with Michigan's captive insurance regulatory program under Public Act 29 of 2008. The contractor's scope includes licensing of captive insurers, ongoing and as-needed regulatory assistance, application reviews, examinations, and financial monitoring of captive financial statements. The pricing structure is hourly-based, with Project Manager/Supervising Consultants billed at $165 per hour and Staff Level/Key Personnel Consultants at $145 per hour for both licensing and ongoing services. The contract operates on a cost-reimbursable basis with firm pricing for the entire contract term, with payment made through Electronic Funds Transfer (EFT) within 45 days of invoice receipt. No minimum or maximum dollar amounts are specified per task; instead, invoices are submitted based on actual hours worked, with biweekly progress reports required. The contractor has identified multiple key personnel located across various U.S. states and has committed to providing prompt turnaround on filings with 30-day statutory deadlines.