Captive Actuarial RFP 260000002052 Q and A.xlsx
XLSX spreadsheet 15 KB Posted
- Solicitation number
- RFP 651 260000002052 2
- Issued by
- Michigan
About this file
This is a Question and Answer document for a Captive Actuarial RFP issued by the Michigan Department of Insurance and Financial Services (DIFS) for actuarial examination services of captive insurance companies. The RFP solicits proposals from qualified actuarial firms to conduct examinations and provide actuarial opinions and reports for captive insurers under the direction of an Examination-in-Charge (EIC). The scope of work encompasses actuarial examination procedures, actuarial opinions, tax liability and asset adequacy testing, and work paper documentation, with deliverables consisting solely of the contractor's actuarial opinion and report in PDF format. The examination procedures and reporting requirements have not materially changed from the prior contract. Contractors must complete examinations within a set timeframe, with verbal progress reports provided as appropriate and written updates delivered within 24 hours of request. In-person meetings may be required on short notice, defined as less than 24 hours advance notice via Teams video call.
Award will be made to the bidder offering the best value after meeting an 80-point technical threshold, with pricing being a factor in the best value determination. Schedule B pricing requires submission of hourly rates that are all-inclusive of all costs, with no separate line items for one-time charges or other potential costs. Bidders must also comply with standard contract terms, which include E&O and cyber liability insurance requirements that may be modified only with approval from DTMB Risk Management. The RFP requires submission of six mandatory attachments, including the Confidential Treatment Form, Vendor Questions Worksheet, Schedule A (Statement of Work), Schedule B (Pricing), Standard Contract Terms, and Proposal Instructions. Prior contract information and the incumbent firm's identity are available through Michigan's contract database, and unsuccessful bidders will receive an Award Recommendation and Evaluation Synopsis with individual bidder scores but not individual evaluator scoresheets. Liquidated damages may apply if the contractor fails to complete examinations within the designated timeframe.
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Other files
| File | Type | Posted |
|---|---|---|
| Vendor Questions Worksheet - Captive Actuarial.docx | DOCX document | |
| Proposal Instructions - Captive Actuarial.docx | DOCX document | |
| Confidential Treatment Form - Captive Actuarial.docx | DOCX document | |
| Standard Contract Terms - Captive Actuarial.docx | DOCX document | |
| Schedule B - Pricing Captive Actuarial.docx | DOCX document | |
| Schedule A - Statement of Work - Captive Insurance Company Actuarial Examinations.docx | DOCX document |
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Bidder Questions
| Q# | Document & Section | Page # | Bidder Question | DIFS Answer |
| 1 | Proposal Instructions – RFP Timeline | 1 | Who was the incumbent firm providing captive actuarial examination services under the prior contract, and how long have they been providing these services? | Current contracts can be viewed at: https://www.michigan.gov/dtmb/procurement/contractconnect/contract-list |
In the description field, vendors can search Captive and select the box for Captive Actuarial contracts.
2 Proposal Instructions – RFP Timeline 1 What were the annual fees and contract terms under the prior engagement? Current contracts can be viewed at: https://www.michigan.gov/dtmb/procurement/contractconnect/contract-list
In the description field, vendors can search Captive and select the box for Captive Actuarial contracts.
| 3 | Schedule A – Statement of Work – Background / Scope | 1 | Has the scope of work, examination procedures, reporting requirements, or number of captives in the examination program changed materially from the prior contract? | No |
| 4 | Proposal Instructions – Confidential Treatment Form and FOIA | 6 | Is a copy of the prior successful bidder's proposal available upon request under Michigan FOIA? | Yes, if requested. |
| 5 | Proposal Instructions – Debrief Meeting and Bid Protest | 5 | Will DIFS share evaluator scoresheets as part of the debrief process for unsuccessful bidders? | Individual evaluator scoresheets are not provided, however, the State will post the Award Recommendation and Evaluation Synopsis on SIGMA VSS that includes each bidder's score. |
| 6 | Proposal Instructions – Evaluation Process / Award Recommendation | 4, 5 | The RFP states award will go to the bidder offering "best value" after meeting the 80-point technical threshold. Can DIFS clarify how price will be weighted or factored relative to the technical score in determining best value? | Bidders are advised to submit their best pricing. Best value includes pricing. |
| 7 | Standard Contract Terms (Section 6 - Insurance Requirements) | 5 | Would the Department allow for different limits of coverage for Cyber Liability and/or E&O? For example, would $2M/$2M be accepted for E&O coverage? | Any change to insurance and contract terms has to be reviewed and approved by DTMB Risk Management. The State strongly suggests bidders to avoid redlining insurance and contract terms when possible. |
| 8 | Proposal Instructions; Section 2 | 2 | Based on the Proposal Instructions, we understand the number of separate required uploaded documents to be at least five (5), including: 1) Confidential Treatment Form, 2) Vendor Questions Worksheet, 3) Schedule A – Statement of Work, 4) Schedule B – Pricing, 5) Standard Contract Terms, and 6) Proposal Instructions. We understand additional items to upload could include public copies of documents that have requested confidential treatment. Please confirm if our understanding is correct. | There are six attachments that are required to be included in the bid. Additional documentation can be uploaded and if they are deemed confidential, this should be documented in the confidential treatment form. |
| 9 | Proposal Instructions; Section 2 | 2 | If bidders are required to upload the Standard Contract Terms document, please confirm if, to be compliant, bidders are required to fill in the header with our company name, check the checkbox on page 1, and complete the green-highlighted sections. | Correct. |
| 10 | Proposal Instructions; Section 2 | 2 | If bidders are required to upload the Proposal Instructions document, please confirm whether including our firm name in the header is sufficient, or if any additional fields must be completed. | Include firm name in the header, no other additional fields are required. |
| 11 | SIGMA VSS Portal; Respond to Lines | N/A | In the SIGMA VSS pricing section (Line 1 – “Actuarial Services”), bidders are prompted to enter a “Bid Contract Amount” and provide details under “My Offer.” Given that detailed pricing is required to be submitted separately in Schedule B – Pricing, is it acceptable to reference “See Schedule B – Pricing” in the comments field instead of inputting a Bid Contract Amount? | Vendors can add an amount and add the comment to see Schedule B Pricing. |
| 12 | SIGMA VSS Portal; Respond to Lines | N/A | If the answer to the question above is "no," please advise what we should enter into the Bid Contract Amount field, since the Pricing Schedule only requires hourly rates and not a total bid contract amount. | We would advise vendors to enter an amount that they believe the services will amount to. |
| 13 | SIGMA VSS Portal; Respond to Criteria, Business Type Name | N/A | In the SIGMA VSS portal, the “Business Type Name” section displays several entries (Consultant, Small Business, Professional Service) populated from our vendor profile, each with an “Include?” selection. Could you please clarify: Will selecting "No" on all three of these options prevent a bidder from being selected for award? | No, but we would consider the contract to be a professional service. |
| 14 | SIGMA VSS Portal; Respond to Criteria | N/A | This section of the portal states: "Please respond to each of the criteria below. These criteria will be used in the solicitation response evaluation process." However, the fields below that statement are blank, with no options to select or input any responses. Please confirm whether bidders must complete anything in this section of the portal, and if so, how we should do that. | Please contact SIGMA VSS: Phone Number: (517) 284-0540; Email: SIGMA-Vendor@michigan.gov |
| 15 | Schedule B - Pricing | 1 | Schedule B - Pricing states that "Price proposals must include all costs, including but not limited to, any one-time or set-up charges, fees, and potential costs that Contractor may charge the State (e.g., shipping and handling, per piece pricing, and palletizing)." However, the only table provided on the form is an hourly rates table with no space for other one-time or potential costs. Please confirm if the hourly rates table is the only information required by the DIFS, or if additional pricing information is required. | Hourly rates table pricing should be all inclusive for all costs. |
| 16 | Schedule B - Pricing | 1 | If additional pricing information is required, should we include it on a sepearte attachment? | Pricing information should only be included on the Schedule B - Pricing. |
| 17 | Schedule A - Statement of Work, Section A.1.e | 2 | Please clarify the objective acceptance criteria applicable to actuarial deliverables and examination work products. | The EIC will review and approve the final actuarial opinion and report. Once approved, the Contractor will provide a finalized (signed) actuarial opinion and report to the EIC in pdf format within a week of final approval. |
| 18 | Schedule A - Statement of Work, Section B.3.a | 2 | Could you clarify whether the Contractor’s role is limited to actuarial examination procedures and actuarial opinions, or whether DIFS expects the Contractor to perform broader financial examination? procedures traditionally handled by examination staff under the EIC. | This RFP pertains to solely actuarial examination and opinions. A separate RFP has been issued for financial examination services. |
| 19 | Schedule A - Statement of Work, Section B.6.c | 3 | Could you give more clarification as to what is meant by tax liability and asset adequacy testing under the deliverables? | The actuarial report should be documented as to what the Contractor did to address the tax liability and asset adequacy testing. Deliverables are considered the actuarial opinion and report. |
| 20 | Schedule A - Statement of Work, Section B.6.g | 4 | Could you clarify what is meant by "verbal progress" reports? | While there may be more formalized progress reports during an examination, it may be appropriate for an update to be verbal instead of written. |
| 21 | Schedule A - Statement of Work, Section B.6.h | 4 | Could you please clarify the expected timeframe 9e.g., same business day, 24 hours, etc.)? | Within 24 hours. The Contractor should discuss matters with the EIC prior to discussing it with the Company. |
| 22 | Schedule A - Statement of Work Section B.6.k | 4 | Could you define "short notice" in-person meetings? | A Teams video call scheduled on short notice (less than 24 hours). |
| 23 | Schedule A - Statement of Work Section B.6.m | 4 | Please clarify the process for authorizing and pricing special projects or services outside the original SOW scope. | Special projects/services are defined as limited scope examinations outside of the normal examination schedule. |
| 24 | Schedule A - Statement of Work Section C.2 | 5 | Could you define "work paper quality standards" and clarify whether TeamMate access will be provided by DIFS? | The EIC will include all appropriate actuarial work papers within the TeamMate project. The Contractor will not have access to TeamMate. |
| 25 | Schedule A - Statement of Work, Section C.7. | 5 | Could you define what is meant by working "under the direction of the EIC, to prepare…"? | The EIC will consolidate actuarial findings into the report of examination. There will not be a management letter as part of the captive examination. |
| 26 | Schedule A - Statement of Work, Section C.15 | 6 | Can DIFS provide sample deliverables, work paper standards, and examples of prior actuarial examination reports and management letters? | No. Deliverables will be the Contractor’s actuarial opinion and report. There are no management letters. |
| 27 | Schedule A - Statement of Work, Section C. 26 | 14 | Please clarify the criteria that would constitute "improper completion" for purposes of assessing liquidated damages. | Examinations are expected to be completed in a set timeframe. If for some reason (for example, unforeseen staffing issues) the firm engaged cannot complete the work, the State may need to engage in another firm to complete the job. In such a case, the original Contractor may be liable to the State. |
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