KELLY HANCOCK

ACTING TEXAS COMPTROLLER OF PUBLIC ACCOUNTS

Request for Proposals (RFP No. 240b) for Insurance and Risk Management Brokerage Services for the Texas Prepaid Higher Education Tuition Board

TABLE OF CONTENTS

PART I

INTRODUCTION AND BACKGROUND

1.1 Introduction

The Texas Prepaid Higher Education Tuition Board (Board), acting by and through the Office of the Texas Comptroller of Public Accounts (Comptroller), an agency of the state of Texas, invites proposals from qualified persons or entities interested in providing insurance and risk management brokerage services (Services) to the Board. Responses to this RFP (Proposals) may be submitted by any qualified person or entity (Respondent) able to provide the Services under the terms and conditions of this RFP. Respondent’s Proposal is a legal offer to contract based upon the terms, conditions, and specifications set forth in this RFP, including the Sample Contract (Exhibit A). All references in this RFP to Comptroller include the Board.

As a result of this RFP, the Board, acting by and through Comptroller, intends to award and execute a contract with one Respondent (Successful Respondent) to perform the Services (Contract). The time and number of contracts and all procedures relating to such contracts are within the discretion of Comptroller. Successful Respondent, as an independent contractor, shall provide Services at its facilities and with its own personnel.

1.2 Background

A. General

Under Texas law, the Board is comprised of seven (7) members. The Comptroller is the Board’s presiding officer. The Governor appoints two Board members, and the Lieutenant Governor appoints four, two of which come from persons recommended by the Speaker of the Texas House of Representatives. Board members must have knowledge, skill, and experience in higher education, business, or finance. Comptroller employees serve as Board staff; references to “the Board” shall mean Comptroller employees serving as Board staff where applicable herein. The Board meets at least quarterly in Austin, Texas or virtually, at the discretion of the Comptroller. The Board administers the following qualified tuition and savings plans, subparagraphs (a) – (d), and programs, subparagraphs (e) and (f):

(a) the Texas Guaranteed Tuition Plan;

(b) the LoneStar 529 Plan® (“LS529” or “LoneStar 529 Plan”);

(c) the Texas College Savings Plan® (“TCSP” or “Texas College Savings Plan”);

(d) the Texas Tuition Promise Fund® (“TTPF” or “Texas Tuition Promise Fund”);

(e) the Texas Save and Match Program, in cooperation with the Texas Match the Promise FoundationSM; and

(f) the Texas Achieving a Better Life Experience Program (“Texas ABLE®” or “Texas ABLE”)

For purposes of this RFP, these plans and programs are collectively referred to as “the Funds.”

The Board’s mission is to assist Texas families by providing a means to save sufficient funds for higher education through the Texas Guaranteed Tuiton Plan, the Texas Tuition Promise Fund, the Texas College Savings Plan, and the LoneStar 529 Plan, and to encourage and assist individuals and families in saving funds for the purpose of supporting individuals with disabilities to maintain health, independence, and quality of life through Texas ABLE®.

The Board is responsible for managing $2.8B in assets and an estimated 150,000 accounts owned by individuals participating in Texas college savings plans and Texas ABLE®. The Board’s annual financial report can be found at https://tgtp.org/reports.

B. Municipal Securities Experience

Successful Respondent will have experience with offering services to entities designated as or holding municipal securities. The Texas College Savings Plan and LoneStar 529 Plan fall under the category of municipal fund securities and are subject to their associated rules and regulations. Texas ABLE offers various investment options to account holders, including Managed Allocation Options and a Bank Savings Account Option. These investment options, which are pooled investment vehicles, also fall under the umbrella of "municipal fund securities" for regulatory purposes. While the Funds do not issue municipal securities in the traditional sense of issuing bonds for public projects, they are considered municipal securities under federal securities laws and are regulated as "municipal fund securities" by the Municipal Securities Rulemaking Board (MSRB).

C. Current Insurance

Comptroller, through the State Office of Risk Management (SORM), currently utilizes a broker to procure public officials’ liability and employment practices liability and privacy and security insurance policies for the Board. Comptroller assigns a line of insurance to a broker through a market assignment, which extends for one (1) year and/or until the expiration date of the initial insurance policy. Comptroller reserves the right to renew or not renew the market assignment after the initial term or to terminate the market assignment in accordance with contract provisions.

Arthus J. Gallagher & Co. currently serves as broker to the Board, through which public officials and employment practices liability and privacy and security policies have been secured with ACE American Insurance Company (Chubb). This contract with the Board expires on November 30, 2026.

The highlights of the Board’s current public officials liability and employment practices liability are as follows:

$100,000 Organization

PART II

SCOPE OF WORK

2.0 General

The Board is seeking one qualified Respondent with public sector insurance and risk management brokerage services experience, and specific experience with municipal securities, to provide insurance brokerage services for public officials’ liability and employment practices liability and privacy and security insurance under the direction and approval of the Board. Successful Respondent will provide the Board with Services on an annual basis and have demonstrated expertise in the laws, regulations, and official guidance regarding public sector insurance and risk management services, with particular experience related to issuers of municipal securities, including disclosure requirements for issuers of municipal securities and FINRA and MSRB rules as they apply to municipal securities distributed by broker/dealers.

2.1 Tasks

Successful Respondent will act as the Board’s advocate in the insurance market, helping it find the most appropriate and cost-effective insurance solutions for its specific circumstances. The Board expects Successful Respondent to meet industry standard qualifications, to advise the Board on the insurance solutions available, and to recommend to the Board the options, cost, and availability of appropriate insurance coverage. Successful Respondent shall provide written recommendations to Comptroller staff regarding coverage options.

Specifically, Successful Respondent shall perform the following and related tasks:

2.1.1 Coverage Assessment and Recommendations

a. Assesses the Board’s needs; including gathering information to understand the Board’s insurance requirements and potential risks.

b. Thoroughly review all existing coverage and make written recommendations to the Board regarding any changes in coverage based on such things as unintentional self insurance, gaps in coverage, overlapping coverage, restrictive limits, higher education industry trends and projections and cost of coverage.

c. Offer advice and guidance to explain complex policies, advise on suitable coverage, limits, and deductibles, and help the Board understand the differences between policy options.

d. Research and compare various insurance policies and products available from different insurance companies, aiming to find the best possible option for the Board.

e. Identify carriers who can provide the insurance coverage required by the Board.

2.1.2 Policy Recommendation Process

a. Assemble and format the Boards’s data for consideration by insurance carriers.

b. Prepare program specifications and underwriting submissions.

c. Coordinate data gathering functions and processes between all parties.

d. Verify insurer qualifications before presenting insurer quotes for Board consideration, including verification of the following minimum qualifications:

i. Shall be licensed by the state of Texas and permitted to contract with the state of Texas or any of its subdivisions.

ii. Be recommended in the latest edition of Best’s Key Rating Guide and have at least a policyholder’s rating of “A” and a Financial Size Category Rating of at least XI.

iii. Any agents of record must be appointed by the carrier. Comptroller is to be informed of the agent’s office location and the agent’s services to be provided.

iv. Agents of record and carrier shall have toll free “800” number for accessibility during the policy period.

e. Facilitate negotiations with insurance carriers who submit the most favorable quotes to maximize the Board’s coverage and to minimize its costs.

f. Maintain complete records of the quote solicitation process and provide copies of such records to Comptroller.

g. Provide a written summary of quotations and declinations from insurance carriers including analysis and comparison of program alternatives with best recommendation.

2.1.3 Selection Process

a. Assist in the selection of the insurers and policies most suitable for risk.

b. Attend Board meetings as needed to present recommended insurers and policy options, beginning with the November 17, 2026 Board meeting.

c. After the Board has approved a suitable policy, facilitate the purchase and arrangement of insurance coverage for the Board.

d. Confirm policies issued conform to specifications.

e. Provide written policy outlines including but not limited to coverage type, policy number, insurance carrier, renewal date, and exclusions.

2.1.4 Post-Selection Duties

a. Verify that rates and premiums are properly calculated and charged.

b. Communicate information between the Board and selected insurance carriers including information regarding policy renewals, premium pay-ins, audit returns and buy-out provisions.

c. Schedule meetings between the Board and selected insurance carriers as needed.

d. Request, implement, and monitor coverage changes requested by the Board.

e. Assist the Board with renewing or revising existing policies to meet changing needs.

f. Offer expertise in reducing the cost of risks by designing risk mitigation programs and offering insights into risk management trends.

g. Answer phone calls and field questions from Comptroller during regular business hours.

2.1.5 Claims Process

a. Provide support and guidance to Comptroller throughout the claims process, advocating on Comptroller’s behalf to ensure smooth resolution.

b. When requested by Comptroller, communicate information to insurance carrier, and report and monitor claims activity to Comptroller.

c. Provide electronic data submission at no additional fee, including any software or upgrades to software.

d. Provide on-line access that allows Comptroller to monitor pending claims, reserves, adjuster notes, and final settlements.

e. Provide training as needed on utilization of software.

PART III

GENERAL PROVISIONS

3.1 Authority

This RFP is issued pursuant to the authority granted in Chapter 403 of the Texas Government Code and Chapter 54, Subchapters F, G, H, I, and J of the Texas Education Code.

3.2 Comptroller Rights

In the best interest of Comptroller and the state of Texas, Comptroller, in its sole discretion, may amend or modify any provisions of this RFP or the Sample Contract (Exhibit A), or withdraw this RFP at any time prior to award of a Contract. Comptroller reserves the right, in its sole discretion, to reject any or all submitted Proposals or to select one or more qualified Respondents without discussion of Proposals with the respective Respondents.

The decision of Comptroller, or its designee, with regard to the above, shall be administratively final. Comptroller, in its sole discretion, may waive administrative deficiencies and/or minor technicalities in Proposals received. All Proposals shall become a part of Comptroller’s official procurement files and may be available for public inspection upon execution of a Contract.

3.3 Respondent Obligations

Respondents are responsible for any expense related to the preparation and submission of a Proposal. Comptroller shall not pay for any cost that is incurred by Successful Respondent prior to the effective date of the Contract. Qualified persons with the requisite experience are invited to submit Proposals in accordance with this RFP. Proposals must address all specifications listed in Part IV.

3.4 Successful Respondent Obligations

Comptroller shall look solely to Successful Respondent for performance of the Contract. Successful Respondent shall provide the requested Services under the direction of Comptroller. Successful Respondent shall be the sole point of Contract responsibility. Successful Respondent shall be liable, both individually and severally, for the performance of all obligations under the Contract and shall not be relieved of the non-performance of any subcontractor.

3.5 Schedule of Events

Comptroller anticipates that the selection of Successful Respondent and execution of the Contract, if any, will proceed according to the following approximate schedule:

June 1, 2026 - Issuance of RFP (after 10:00 a.m. CT)

June 9, 2026 - Deadline for Submission of Questions (2:00 p.m. CT)

June 12, 2026 - Electronic Posting of Official Responses to Questions

August 18, 2026 - Presentations by Top-scoring Respondents, if necessary

September 1, 2026 - Contract Execution (or as soon thereafter as practical)

September 1, 2026 - Services Begin

The times stated in this document refer to Central Time (CT) in Austin, Texas, where appropriate. Comptroller’s regular office hours are 8:00 a.m. to 5:00 p.m., Monday through Friday except national and official State of Texas holidays. All deadlines are subject to change at Comptroller’s sole discretion.

Notices of changes to items directly impacting the original RFP or proposal process will be posted on the ESBD located at: http://www.txsmartbuy.gov/esbd. Any amendment to this RFP will be posted as an addendum on the ESBD. It is the responsibility of interested parties to periodically check the ESBD for updates to the procurement prior to submitting a Proposal. Respondent’s failure to periodically check the ESBD for updates will in no way release Successful Respondent from compliance with any requirements in the addenda or additional information, even if such compliance results in additional costs to meet the requirements.

3.6 Issuing Office

Comptroller, through its Contracts Section, is the Issuing Office and the sole point of contact for this RFP. The Contracts Section is the only office authorized to clarify, modify, amend, alter, or withdraw the specifications, terms, and conditions of this RFP and any Contract. Upon issuance of this RFP, other employees of Comptroller shall not answer questions or otherwise discuss the contents of this RFP with any Respondents or their representatives. Failure to observe this restriction may result in disqualification of any pending or subsequent Proposal. This restriction does not preclude discussions unrelated to this RFP or assistance completing the required Historically Underutilized Business (HUB) Subcontracting Plan (HSP). Except as otherwise indicated, all communications concerning this procurement must be in writing and addressed to the Issuing Office as follows:

Vicki Rees E-mail: contracts@cpa.texas.gov

3.7 Submission of Questions

Respondents may submit written questions by email to the Issuing Office no later than 2:00 p.m. by the deadline set forth in the Schedule of Events. On or about the date set forth in the Schedule of Events, Comptroller expects to electronically post answers to the written questions on the ESBD located at: http://www.txsmartbuy.gov/esbd.

3.8 Deadline for Submission of Proposals

An electronic copy of the Proposal must be received in the Issuing Office no later than 2:00 p.m. on the deadline set forth in the Schedule of Events. The email must be labeled with “RFP No. 240b” and include the name and address of Respondent in the body of the email. Late Proposals will not be considered under any circumstances.

Respondents are solely responsible for verifying Comptroller’s receipt of their Proposals by the deadline specified above. Comptroller shall not be liable or responsible for any costs whatsoever incurred in submission of a Proposal. Faxed or mailed Proposals are not acceptable and will not be considered.

For purposes of meeting the 2:00 p.m. delivery deadline, the Issuing Office’s electronic receipt date and time will be considered conclusive in all respects.

Under Section 322.020 of the Texas Government Code, the Legislative Budget Board (LBB) has implemented a database of state agency contracts. See the LBB website at https://www.lbb.texas.gov/. Comptroller shall upload to the LBB’s contract database the text of the complete Contract, including Successful Respondent’s Proposal (with limited redaction and appendix) after the date of Contract award. In submitting a Proposal, Respondent acknowledges that it understands and accepts this requirement.

3.9 Confidential Information; Nondisclosure; Open Records

All information gathered, produced, derived, obtained, analyzed, controlled or accessed by Respondent in connection with a Contract (Confidential Information), shall be and remain Confidential Information and shall not be released or disclosed by Respondent without the prior written consent of Comptroller, which consent must specifically identify the Confidential Information to be disclosed by Respondent and the nature of the disclosure for which consent is sought. Relatedly, Respondent must execute and return with its Proposal a Nondisclosure Agreement with Comptroller, in the form of Exhibit D attached hereto.

Following the award of a Contract, Proposals are subject to release as public information unless the response or specific parts of the Proposal can be shown to be exempt from the Texas Public Information Act, Chapter 552 of the Texas Government Code. All Respondents are advised to consult with their legal counsel regarding disclosure issues and take the appropriate precautions to safeguard trade secrets or any other proprietary information. Comptroller assumes no obligation or responsibility relating to the disclosure or nondisclosure of information submitted by Respondents.

Respondent must complete and return with its Proposal the Certification Regarding Public Nature of the Proposal (Exhibit F). In accordance with Exhibit F, Respondent must specifically identify any parts of its Proposal it believes are confidential. Respondent must stamp in bold red letters the term “CONFIDENTIAL” on that specific part or page of the Proposal that Respondent believes to be confidential. Respondent must submit in writing specific, detailed reasons, including any relevant legal authority, stating why Respondent believes the material to be confidential. Vague and general claims of confidentiality will not be accepted. Comptroller will be the sole judge of whether a claim is general and/or vague in nature. All Proposals and parts of Proposals that are not marked as confidential will be automatically considered public information after the Contract is awarded. A Proposal resulting in an award may be considered public information even though parts are marked confidential.

In the event Comptroller receives a request under the Texas Public Information Act for portions of a Proposal marked as “CONFIDENTIAL” as specified above, Comptroller shall forward such request to the Office of the Attorney General of the State of Texas (Attorney General) for an opinion on whether such information may be withheld from disclosure under the Texas Public Information Act. Comptroller will notify Respondent whose Proposal is the subject of the request when the information is forwarded to the Attorney General. Comptroller assumes no obligation for asserting legal arguments on behalf of Respondent. Respondents are advised that Comptroller is obligated to comply with the decision of the Attorney General, including any such decision calling for the release of information marked “CONFIDENTIAL” by a Respondent.

Copyrighted Proposals are unacceptable and are subject to disqualification as non-responsive.

3.10 Media Releases

Comptroller does not endorse any vendor, commodity, or service. Media releases pertaining to this RFP, the Contract or the Services shall not be made without the prior written consent of Comptroller and then only in accordance with explicit written instructions from Comptroller. The disclosure of the contents of Proposals prior to the award of the Contract or any other violation of this section may result in disqualification.

3.11 Non-exclusivity

This RFP is not exclusive, and Comptroller reserves the right to issue additional solicitations regarding the Services or similar services at any time.

3.12 Term of Contract; Sample Contract

The initial term of the Contract shall begin September 1, 2026, or as soon thereafter as practical, and terminate August 31, 2027 (Initial Term). In accordance with the terms of the Contract, Comptroller has the option, in its sole discretion, to extend the Contract for three (3) additional periods, one year at a time, as follows: September 1, 2027 through August 31, 2028; September 1, 2028 through August 31, 2029; and September 1, 2029 through August 31, 2030 (Optional Terms). Comptroller, in its sole discretion, may extend the Contract for six (6) months following the last period of renewal or for such additional time as Comptroller deems necessary to secure and transition to a new contract or provider (Transition Term). The “Contract Term” means the Initial Term plus any Optional or Transition Term(s).

A Contract shall be based on the Sample Contract included as Exhibit A and shall incorporate this entire RFP. The Sample Contract includes boilerplate provisions, and Comptroller reserves the right, in its sole discretion, to make a contract award without negotiation of these provisions. In the event Comptroller requires negotiations with Successful Respondent, any modifications or clarifications agreed to with Successful Respondent during contract negotiations shall also be incorporated into the final executed Contract. Each Respondent must review these terms and conditions in Exhibit A and otherwise in this RFP and address any concerns or issues in its transmittal letter. Terms and conditions of this RFP and the Sample Contract not specifically objected to in the transmittal letter will be deemed to be accepted by Respondent. Comptroller has final approval of any Contract.

Comptroller reserves the right, in its sole discretion, to modify the terms and conditions of the Sample Contract in the best interests of the State prior to signature by the parties. Notwithstanding any exceptions or any other provision of Respondent’s Proposal to the contrary, Successful Respondent shall indemnify Comptroller and the State of Texas, as specified in the Sample Contract. The State of Texas, Comptroller, and their respective employees, officers, agents, and representatives, will not indemnify Successful Respondent for any amount for any purpose, and any provisions to the contrary are void.

3.13 Incorporation of Exhibits

Exhibits A, B, C, D, E, F, G, and H are attached hereto and incorporated as part of this RFP for all purposes.

PART IV

PROPOSAL FORMAT

4.1 Introduction

Each proposal shall contain a cover sheet with the following: “RFP No. 240b” and the name and address of Respondent.

Proposals must be address each item be organized as described in Section 4.2 (Minimum Qualifications). Proposals not containing all information requested in Section 4.2 or organized according to Section 4.2 may be subject to disqualification. Conciseness and clarity of content are required; vague and general Proposals may be considered non-responsive and may result in disqualification. Proposals must be complete; failure to provide all required information may result in the disqualification of the Proposal. Proposals must be in searchable PDF format.

ALL EXHIBITS TO THIS RFP ARE PREPARED EXCLUSIVELY FOR THIS RFP. RESPONDENT’S SUBMISSION OF OTHER EXHIBITS OR DOCUMENTS, INCLUDING PRIOR RFP EXHIBITS, MAY RESULT IN DISQUALIFICATION OF THE PROPOSAL.

4.2 Minimum Qualifications

Proposals must be organized as follows:

a) Transmittal Letter;

b) Executive Summary;

c) Table of Contents;

d) Respondent Identifying Information;

e) Proposed Subcontractor(s) Identifying Information;

f) Respondent Qualifications and Experience;

g) Proposed Personnel;

h) Respondent Narrative;

i) Proposed compensation:

j) Insurance;

k) Financial Statements;

l) Execution of Proposal;

m) Criminal Conviction Certification;

n) Nondisclosure Agreement;

o) Conflict of Interest Statement; and

p) Certification of Public Nature of Proposal.

A description of the information required for each of the items listed above is set forth below.

4.2.A Transmittal Letter

Respondent must submit a transmittal letter that (a) identifies the Respondent and includes a commitment to provide the Services; (b) describes the specific experience and qualifications of Respondent, particularly highlighting experience in representing governmental entities that issue municipal securities; and (c) outlines the Respondent’s understanding of Comptroller’s plans and programs, as described herein. The transmittal letter must state that the Proposal is valid for one hundred eighty (180) days from the deadline for delivery of Proposals to Comptroller. Any Proposal containing a term of less than one hundred eighty (180) days from this deadline will be rejected as non-responsive.

The transmittal letter must be signed by a person legally authorized to bind Respondent. Respondent also must indicate in its transmittal letter why it believes it is the most qualified to provide the requisite Services and why it believes its proposed services best meet Comptroller’s objectives and RFP requirements.

The transmittal letter must include a statement of acceptance of the terms and conditions of the Sample Contract (Exhibit A). If a Respondent takes exception to any of the proposed terms and conditions provided in the Sample Contract or otherwise in this RFP, then the exception(s) must be specifically and clearly identified in the transmittal letter and an explanation of the requested change along with the proposed alternative language must also be included in the transmittal letter. However, failure to accept those terms and conditions may result in disqualification of the Proposal.

4.2.B Executive Summary

Respondent must provide an executive summary of its Proposal and a representation that the Proposal addresses all of the requirements of this RFP. The executive summary must not exceed three (3) pages and must represent a full and concise summary of the contents of the Proposal. Respondent must identify any Services that are provided beyond those specifically requested. If Respondent is providing Services that do not meet the specific requirements of this RFP but in the opinion of Respondent are equivalent or superior to those specifically requested, any such differences must be noted in the executive summary. However, failure to provide the Services specifically required may result in disqualification of the Proposal.

4.2.C Table of Contents

Each Proposal must be submitted with a table of contents that clearly identifies and denotes by page number each section of the proposal and the location of all enclosures of the Proposal. The table of contents must follow the RFP’s structure as much as possible. The table of contents must have hyperlinks corresponding to the sections and pages of the Proposal.

4.2.D Respondent Identifying Information

Respondent must provide the following identifying information:

1. name and address of business entity submitting the Proposal;

2. names of all principals;

3. type of business entity (e.g., corporation, partnership);

4. state of incorporation or organization and principal place of business;

5. name and location of Texas offices, other major offices, and other facilities that relate to Respondent’s performance under this RFP;

6. name, business address, business telephone number, cell phone number, email address, and fax number of Respondent’s principal contact person regarding the Contract;

7. Respondent’s Federal Employer Identification Number (“FEIN” or “EIN”) and Texas Tax Identification/Registration Number, if any;

8. all affiliated companies and subsidiaries, or any joint ventures or other affiliations;

9. full name and business address for each member, partner, and employee of Respondent (and any subcontractors) who will perform Services;

10. detail of any firm ownership changes which have occurred in the last five (5) years, including changes pending; and

11. indicate whether it is currently a party to litigation in process; if so, identify the parties, jurisdiction, case number, and subject matter.

4.2.E Proposed Subcontractor(s) Identifying Information

The Proposal must identify any subcontractors and outline the contractual relationship between Respondent and each proposed subcontractor. Respondent must provide statements for each of its proposed subcontractors signed by an individual authorized to legally obligate each subcontractor and attesting to the fact that it will provide the Services as represented in Respondent’s Proposal. Proposed subcontractors may be required to submit ownership information similar to that required of Respondents in the Section above. Respondent must disclose, at Comptroller’s request, any information regarding proposed subcontractors.

4.2.F Respondent Qualifications and Experience

1. Experience

Respondent must include a detailed overview of Respondent’s experience providing the Services in its Proposal, with a particular emphasis on serving governmental entities that issue municipal securities. Respondent must demonstrate its knowledge of and experience with activities relevant to the Services. Respondent must provide a detailed profile that describes the following:

a. the size and scope of all operations, including number of Respondent’s employees and years in business;

b. the general nature of previous similar work performed by Respondent, particularly work in the last three (3) years;

c. Respondent’s depth and length of experience with public sector entities, with a particular focus on those that offer 529 plans or other municipal securities;

d. Respondent’s marketing strategies and how they differ when dealing with a state agency;

e. any competitive advantage Respondent may have in negotiating premiums and other coverage terms and conditions with insurers;

f. how Respondent can negotiate the lowest rates possible in a limited market where all brokers would, most likely, be approaching the same insurers;

g. information on Respondent’s policy retention rate, premium retention rate, and revenue (commission) retention rate;

h. Respondent workflows for each phase of an insurance transaction;

i. how Respondent will assist in evaluating and comparing premium and coverage terms offered by insurers;

j. Respondent’s procedure for reviewing policies and endorsements when received from insurers and requesting changes or corrections to underwriters;

k. value-added services, educational materials, and resources Respondent can offer;

l. For each proposed subcontractor:

1. the size and scope of all operations, including number of employees and years in business;

2. the general nature of previous similar work performed, particularly work in the last three (3) years;

3. depth and length of experience with public sector entities; and

m. any other information Respondent believes is pertinent to this RFP.

Respondent must specifically address Respondent’s experience negotiating premiums and favorable coverage terms and conditions with insurers.

2. Cancellations, Terminations, and Non-renewals

Respondent must list all contracts or purchase orders that Respondent executed or accepted within the last five (5) years and which were canceled, terminated, or not renewed prior to completion by any state agency or other entity with which Respondent contracted. For each such contract or purchase order, Respondent must include a detailed explanation for the cancellation or termination and final resolution of the matter as well as the names and telephone numbers of each such agency's or firm’s contact person. If none, specify none.

3. Vendor Reference Form (Reference Form)

Respondent must send the Reference Form (Exhibit G) to at least three (3) companies or government agencies (References). Instructions are included on the Reference Form. Respondents may send the Reference Form to References via email. Comptroller is not responsible for undeliverable emails or for non-responsive References. Respondents’ References will be evaluated in accordance with Part V (Proposal Evaluation and Selection). Vendor must include all requested information in the top portion of the Reference Form. References must respond to Comptroller on the form provided by the due date provided in the Anticipated Schedule of Events to be considered in Proposal evaluation. The Reference Form must be submitted directly from the References to Comptroller. Respondents shall not submit the Reference Form to Comptroller and Comptroller shall not consider such Reference Forms in Proposal evaluation. References may be contacted for clarification at Comptroller’s discretion. Comptroller is not obligated to contact Respondent when Reference Forms are received or in the event a Reference submits incomplete information.

4.2.G Proposed Personnel The Proposal must identify all key personnel, including a project manager for the Contract, who are to be part of the proposed team and detail their experience. Respondent must include in the Proposal résumés of all management, supervisory, and key personnel that will be involved in performing the Services, and must provide for each person:

1. a full name (including full middle name);

2. a five (5)-year employment history;

3. a specific description of relevant experience and skills that person has with this type of services, that must include at least three (3) years of experience performing work similar to the required Services (limit to one page);

4. a specific indication of what role the individual will have in this project, and

5. any additional pertinent information to indicate the individual’s ability to aid Respondent in successfully completing the required Services (limit to one page).

In addition, Respondent must provide an organizational chart indicating lines of authority, names, titles, and functions of individuals responsible for the Services.

Résumés must present the required personnel information in sufficient detail to provide Comptroller with a convincing indication that the personnel involved can successfully provide the required Services. The key personnel, as identified in the Proposal, are considered to be essential to the Services. Comptroller reserves the right, in its sole discretion, to approve each member of the team and to request substitutions. All replacements of personnel must be of equal or superior experience or skill as the person replaced.

4.2.H Respondent Narrative Respondent must prepare and include a narrative explanation of how the offered services will meet the requirements of this RFP. In its narrative, Respondent may also concisely describe any additional features, aspects, or advantages of its services in any relevant area not covered elsewhere in its Proposal.

4.2.I Proposed Compensation

Respondent must provide, as part of their Proposal, a complete and total compensation/fee schedule for the Services. The submittal should include, at a minimum:

1. Fixed Fee, if any, for implementation of insurance program services, including all global brokering fees, for each category of coverage listed in Section 1.2(c) (Current Insurance).

2. Commission and Fee Cap for policies and services provided, including all global brokering fees, for each category of coverage listed in Section 3.1.

3. Fixed Fee or Commission for Risk Management Services.

4. Fixed Fee or Commission for claims handling services.

5. Any additional compensation for proposed services to be provided beyond those listed above.

4.2.J Insurance

In its Proposal, Respondent must provide a statement of its intent to obtain and maintain for the term of the Contract the minimum insurance and bond coverage specified in the Sample Contract. Respondent should also describe other insurance coverage maintained by Respondent in the ordinary course of business and provide proof of same in its Proposal. Proof of insurance and bond coverage may be provided in the form of current certificates of insurance.

4.2.K Financial Statements

In its Proposal, Respondent and its parent company, if applicable, must provide evidence of financial stability by providing audited financial statements for each of the last two (2) years of Respondent’s operations or, in the alternative, financial statements compiled, reviewed and attested by an independent certified public accountant or certified public accounting firm.

In lieu of providing the financial statements described above in its Proposal, a Respondent may provide a statement regarding the Respondent’s financial stability and viability to perform under a Contract. If Respondent elects this approach rather than audited financial statements, the Respondent must submit a statement, with appropriate supporting documentation, sufficiently detailed to demonstrate financial solvency, and to verify the capacity to fulfill the requirements of this RFP.

4.2.L Execution of Proposal

Exhibit B must be completed and signed by Respondent.

4.2.M Criminal Conviction Certification

Respondent must complete, sign and date, and return Exhibit C with its Proposal.

4.2.N Nondisclosure Agreement

Respondent must complete, sign and date, and return Exhibit D with its Proposal.

4.2.O Conflict of Interest Statement

Respondent must prepare, sign and date, and return Exhibit E with its Proposal.

In its Proposal, a Respondent must represent and warrant to Comptroller that it and each of its subcontractors have the requisite resources, qualifications, and independence to conduct the Services free from outside direction, control, or influence, and subject only to the accomplishment of Comptroller’s objectives. Respondents that cannot make this representation and warranty should not respond to this RFP.

Respondent must disclose any existing or potential conflicts of interest or possible issues that might create appearances of impropriety relative to the submission of a Proposal from Respondent and its possible selection as Successful Respondent, or its performance or the performance of its proposed subcontractor(s) of the Contract.

As part of this disclosure requirement, each Respondent must include in its Proposal all past and present contractual, business, financial or personal relationships between Respondent and Comptroller and between Respondent’s proposed subcontractors, if any, and Comptroller. For purposes of this disclosure requirement, (i) “past” is defined as within the two (2) calendar years prior to the deadline for submission of Proposals; (ii) “Comptroller” is defined as the statewide elected official who heads the agency as well as the agency’s employees or recent former employees; and (iii) “recent former employees” are defined as those Comptroller employees who have terminated agency employment within the two (2) calendar years prior to the deadline for submission of Proposals. For each item, Respondent must provide a detailed explanation of why Respondent does or does not believe such item poses a conflict of interest, potential conflict of interest, or appearance of impropriety issue relative to Respondent’s submission of a Proposal, possible selection as Successful Respondent or its performance of the Contract.

For purposes of this RFP, “personal relationship” is defined as a current or past connection other than a clearly contractual, business, financial, or similar relationship and includes family relationships or other connections outside simply providing a Proposal. For this purpose, “family relationship” means a relationship within the third degree of consanguinity or second degree of affinity (see Chapter 573 of the Texas Government Code) which defines these degrees of consanguinity and affinity. Connections other than such family relationships fall within this definition and must be disclosed if a reasonable person could expect the connection to diminish Respondent’s independence of judgment or effectiveness in the performance of Respondent’s responsibilities to Comptroller or the State under the Contract. Connections also fall within this definition if a reasonable person could expect the connection, within the overall context of Respondent’s submission of a Proposal, possible selection as Successful Respondent, or its performance of the Contract, to create an issue for the agency’s consideration relative to a potential appearance of impropriety or conflict of interest. Connections also fall within this definition if the relationship is with Comptroller or other State of Texas employee with authority to make decisions or recommendations on state contracting or procurement or this RFP. For purposes of this provision, those persons with authority to make decisions or recommendations are those persons who fall within the definition of “purchasing personnel” in Section 2262.004(a)(2) of the Texas Government Code.

In submitting a Proposal, a Respondent affirms that it has not given, nor intends to give, at any time hereafter, any economic opportunity, future employment, gift, loan, gratuity, special discount, trip, favor, or service to a public servant or any employee or representative of same, in connection with this procurement.

Respondents must disclose any proposed personnel in the Proposal or who will provide Services who are current or recent former employees of Comptroller or the State. Recent former employees are defined above.

Disclosures under these provisions are information that will be evaluated by Comptroller. However, all information provided will not necessarily lead to a restriction or disqualification. Issues will be considered on a case-by-case basis in the best interests of the State of Texas. If a Respondent is in doubt about whether information should be disclosed, Respondent should consult its legal counsel. Failure to disclose any required information under these provisions may be cause for Proposal disqualification or termination of the Contract. Comptroller reserves the right, in its sole discretion, to determine if an issue should result in Proposal disqualification or termination of the Contract. If circumstances change or additional information is obtained subsequent to submission of Proposals, Respondent’s duty to disclose under these provisions continues under the term of the Contract and does not end with submission of a Proposal or receipt of Contract award.

4.2.P Certification Regarding Public Nature of the Proposal

Exhibit F must be completed and signed by Respondent and returned with its Proposal.

PART V

PROPOSAL EVALUATION AND SELECTION

5.1 Evaluation Process

Comptroller shall establish an Evaluation Committee. Copies of those Proposals found to be responsive and to meet the Minimum Qualifications outlined in Part IV will be distributed to the members of the Evaluation Committee for their review and evaluation. Clarifications on issues raised in the Proposals may be sought from individual Respondents. Best and Final Offers may be sought from Respondents whose Proposals are ranked most highly by the Evaluation Committee, though Respondents are encouraged to offer their best Proposals and pricing at all times.

Comptroller may request that top-scoring Respondents present an overview of the proposed services. The number of top-scoring Respondents selected to provide presentations will be determined by Comptroller in its sole discretion. Comptroller may conduct a second round of scoring if presentations are conducted to determine the final top-scoring Respondent.

Upon the selection of Successful Respondent, Comptroller shall proceed with contract negotiations and attempt to finalize a Contract with the apparent Successful Respondent. If a Contract cannot be successfully negotiated within a reasonable period of time, negotiations will be terminated, and negotiations with the next highest-ranking Respondent may commence. The process may continue until a Contract is signed or the RFP is withdrawn. However, Comptroller may at any time, upon failure of negotiations, choose to reissue or withdraw the RFP rather than continue with negotiations. As soon as possible after the execution of a written Contract with Successful Respondent, all other Respondents shall be provided with formal notification.

5.2 Selection Criteria

Only those Proposals that meet the Minimum Qualifications shall be evaluated and scored. The evaluation of the Proposals will be conducted in accordance with the best value standard set forth in Section 2156.125 of the Texas Government Code. The criteria and relative weights are as follows:

Total Possible Credit for All Evaluation Criteria = 100 Points

Comptroller reserves the right to award to Respondent that best meets Comptroller’s needs. Comptroller may elect to award multiple awards and/or partial awards under this RFP based on the type of Services proposed and the specific needs of Comptroller.

5.3 Respondent’s Past Performance

Comptroller may conduct reference checks with other entities regarding past performance. In addition to evaluating performance through the Vendor Performance Tracking System (VPTS) as authorized by 34 Texas Administrative Code §20.115, Comptroller may examine other sources of vendor performance, including, but not limited to, notices of termination, cure notices, assessments of liquidated damages, litigation, audit reports, and non-renewals of contracts. Such sources of vendor performance may include any governmental entity, whether an agency or political subdivision of the State of Texas, another state, or the Federal government. Further, Comptroller may initiate such examinations of vendor performance based upon media reports. Any such investigations shall be at the sole discretion of Comptroller, and any negative findings, as determined by Comptroller, may result in a non-award to Respondent. VPTS information is located on Comptroller’s website at:

https://comptroller.texas.gov/purchasing/programs/vendor-performance-tracking/.

5.4 Oral Presentations

If Comptroller requests oral presentations before a decision is made to award any Contract, Respondents must be prepared to make an oral presentation to the Board on or about August 18, 2026, at 10:00 a.m. CT. In the event the Board requires oral presentations, Comptroller shall notify only each top-scoring Respondent(s) of such on or about 5 (five) calendar days in advance of the oral presentation(s). Presentations will be virtual, at Board’s sole discretion, or in-person at the LBJ State Office Building, located at 111 East 17th Street, Austin, Texas 78774.

5.5 Protest Procedures

Respondents must use the protest procedures adopted by Comptroller at 34 Texas Administrative Code §1.72 in the event of a…