Captive Financial RFP 260000002069 Q and A.xlsx
XLSX spreadsheet 14 KB Posted
- Solicitation number
- RFP 651 260000002069 2
- Issued by
- Michigan
About this file
This is a Questions and Answers document for a Request for Proposals (RFP) issued by the Michigan Department of Insurance and Financial Services (DIFS) for Captive Financial Examinations of Insurance Companies. The RFP is structured as a panel procurement, meaning selected firms will be called upon to perform examinations on an as-needed basis. The contract does not specify a particular scope of work or dedicated personnel at the time of proposal submission. Respondents are expected to provide narrative responses describing their capabilities and compliance with stated requirements, including organizational structure, security protocols, and key personnel qualifications. The DIFS will provide proposed statements of work for individual examination assignments during the second-tier process, at which point firms may elect to bid on specific jobs. Examinations generally follow a standard format but may be modified based on circumstances.
Key personnel requirements include staff involved in day-to-day operations of the actual services, with primary contact persons expected to hold appropriate credentials such as Certified Financial Examiner (CFE) or Associate in Captive Insurance (ACI) designations, though Certified Public Accountant credentials are not required. The Examiner-in-Charge for any examination will be a DIFS employee rather than a contractor. All hourly rates must be fully loaded to include all costs, including travel. Subcontractors are defined as any individuals who are not employees of the bidding firm and must be disclosed. Supplemental PDF documents are permissible for resume submissions and redacted confidential information. Michigan Voluntary Protection Program recognition is not a requirement for participation in this RFP.
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Other files
| File | Type | Posted |
|---|---|---|
| Proposal Instructions - Captive Financial.docx | DOCX document | |
| Vendor Questions Worksheet - Captive Financial.docx | DOCX document | |
| Schedule B - Pricing Captive Financial.docx | DOCX document | |
| Standard Contract Terms - Captive Financial.docx | DOCX document | |
| Schedule A - Statement of Work - Captive Insurance Company Financial Examinations.docx | DOCX document | |
| Confidential Treatment Form - Captive Financial.docx | DOCX document |
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ER Questions
| Q# | Document & Section | Page # | Bidder Question | DIFS Answer |
| 1 | Vendor Questions Worksheert | 7 | Is it a requirement of the RFP to be recognized in the Michigan Voluntary Protection Program? | It is not a requirement. |
| 2 | Schedule A - Statement of Work - B. Contractor Response to SOW | 2-4 | Since this is RFP is not for a specific company or SOW, is the expectation a basic narrative? If the box is selected that we agree with no exceptions, it's unclear what else is expected. Please confirm. | If there is additional information you want to provide, you can include in your response. |
| 3 | Schedule A - Statement of Work - C. Additional Requirements | 4-7 | Since this RFP is not for a specifc company or SOW, is the expectation a basic narrative? If the box is selected that we agree with no exceptions, it's unclear what else is expected. Please confirm. | If there is additional information you want to provide, you can include in your response. |
| 4 | Schedule A - Statement of Work - 4. Project Plan | 7 | Where the RFP states: "For this proposal:" followed by the narrative, since this is RFP is not for a specific company or SOW, what is the expectation since there is no due date identified yet, no personnel, etc. If the box is selected that we agree with no exceptions, it's unclear what else is expected. Please confirm. | If there is additional information you want to provide, you can include in your response. |
| 5 | Schedule A - Statement of Work - 13. Organizational Chart | 9 | Please specify "overall" in this requirement. Is the preference for the firm 's overall organizational chart, including all business units and divisions, or an organizational chart for the team that would perform work under this contract? If the latter, how does it differ from identiying Key Personnel in the response? | The company's complete organizational chart which includes the team that performs the work under this contract. |
| 6 | Schedule A - Statement of Work - 16. Security | 11, 12 | Please confirm expectations for this requirement. | In the event you will need to perform any services at a state facility, explain how you will comply with that requirement. |
| 7 | SCHEDULE A – ATTACHMENT 1 – KEY PERSONNEL | 15-17 | The footer of this schedule is for Captive Insurance Company Actuarial Examinations. Presumably, it's the same information required for this RFP? | Correct. |
| 8 | SCHEDULE A – ATTACHMENT 1 – KEY PERSONNEL | 17 | Please clarify the submission of resumes. Due to how our team resumes are created, PDF is the default. Please confirm it is permissable to upload a resume file, named accordingly per the insructions, as a separate PDF as part of the overall RFP response in SIGMA VSS. | Supplemental PDF's are permissable. |
| 9 | SCHEDULE A – ATTACHMENT 1 – KEY PERSONNEL | 15-17 | Should IT and actuarial personnel be included in this response? | Staff that are involved in the day to day operations of the actual services for this contract should be listed in key personnel. |
| 10 | Schedule B - Pricing Captive Financial | 1 | Should IT and actuarial roles and rates be included in this response? | Staff that are involved in the day to day operations of the actual services for this contract should be listed in key personnel. |
| 11 | Schedule A - Statement of Work - Requirement 7. states: Assign staff who are certified public accountants familiar with Michigan captive insurance laws, regulations, administrative rules and bulletins supervising the examination. | 5 | The key personnel, and subject matter experts of our captive financial examination team primarily do not hold CPAs, although a couple do. Any staff assigned as a supervisor or Examiner-in-Charge will hold a CFE, and two hold a ACI (Associate in Captive Insurance). Assisting Examiners will hold a CFE or AFE. Any non-credentialed staff (limited but have proven captive examination experience) will be mentored and supervised by credentialed experts with years of experience. Please confirm this is acceptable. | The EIC for any exam would be a DIFS employee, not a contractor. We would expect the primary contact person at the contracted firm to have proper credentials and preference would be given to those firms. |
| 12 | Schedule A - Statement of Work - 15. Disclosure of Subcontractors | 10 | Please confirm for purposes of this RFP subcontractors are a third party company/firm and not individuals who may work as an independent contractor solely for our firm. | If an individual is not an employee of the firm, they are a subcontractor. |
| 13 | Schedule A - Statement of Work - B.6 | 3 | Will the captive audit program developed by DIFS be provided during the second-tier process? | Panel firms would receive a proposed Statement of Work for a called examination. Firms decide whether to bid on the job or not. Generally speaking, the examinations are fairly standard though they can be modified if circumstances call for it. |
| 14 | Schedule A - Statement of Work - C. 16. and SCHEDULE A = ATACHMENT 1 -KEY PERSONNEL | 6 & 15-17 | Should receivership personnel, roles, rates, be included in this response (Chapter 81)? | No. |
| 15 | Schedule A - Statement of Work - 17. Price Term and Schedule B - Pricing Captive Financial - 2. | 12, 1 | Should hourly rates be fully loaded (e.g. travel included)? | Hourly rates must include all costs. |
| 16 | Confidential Treatment Form - PUBLIC COPY | 3 | Since the response docs are required to be submitted in their native (Microsoft Word) form, the redacted, PUBLIC COPY would be in PDF, therefore, not able to be attached to the Confidential Treatment Form as requested in the document. Please confirm a PDF, named accordingly for the redacted information can be uploaded as a separate document in SIGMA VSS. | A PDF version is acceptable for the redacted information. |
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