Captive Actuarial Examinations of Insurance Companies

The Michigan Department of Insurance and Financial Services is requesting proposals for a pre-qualified vendor pool to conduct captive actuarial examinations of insurance companies under RFP 260000002052, with proposals due June 15, 2026 at 5:00 p.m. EST. The question deadline has passed (May 28, 2026); answers were posted June 4, 2026.

Contractors must hold Fellowship or Associate-level credentials from the Casualty Actuarial Society (FCAS/ACAS) or Society of Actuaries (FSA/ASA), depending on entity type. The scope encompasses financial examinations and actuarial reviews of Michigan-licensed captive insurance companies, with an anticipated average of two to six examinations per year across a current portfolio of 27 captive companies. Upon pool establishment, DIFS will issue second-tier competitive solicitations for specific examination assignments, providing contractors approximately two weeks to submit detailed work plans, staffing assignments, cost estimates, and methodologies. Examination findings and work papers are due within 10 calendar days of examination completion; final reports are due within 14 calendar days. All contract activities must be completed within five months of examination start date.

Pricing for examination services is firm for the entire contract length. Hourly rates submitted in Schedule B must be all-inclusive of all costs with no separate line items for one-time charges. The contract term runs November 1, 2026 through October 31, 2029, with renewal options for up to three additional two-year periods at the State's sole discretion.

Evaluation criteria total 100 points: Product Quality (25 points), Service Capabilities (25 points), Delivery Capabilities (25 points), and Vendor Questions Worksheet responses (25 points). Proposals must achieve a minimum 80-point technical threshold to have pricing evaluated. Award goes to the responsive and responsible bidder offering best value. Contracts valued at $250,000 or more require State Administrative Board approval.

The contractor must maintain Professional Liability/Errors and Omissions insurance of $3,000,000 each occurrence, plus general liability, umbrella, automobile, workers compensation, and privacy/security liability coverage as specified. Liquidated damages of $5,000 plus $100 per day apply for late or improper completion. If subcontractors perform more than 20 percent of deliverables, at least 20 percent of subcontracted work must be awarded to Michigan-based Geographically Disadvantaged Business Enterprises (GDBEs).

Proposals must be submitted electronically through Michigan SIGMA VSS in modifiable native formats (Microsoft Word, Excel) with individual files not exceeding 30 MB. Pricing is submitted as a separate file. All proposals become public records upon receipt. Contact: Darcie Payne, 517-930-9402 or payned3@michigan.gov.