Captive Insurance Application & Financial Review

The South Dakota Department of Labor and Regulation's Division of Insurance is seeking a vendor to conduct comprehensive reviews and analyses of captive insurance company applications and annual financial statements through Request for Proposal #25RFP17816. The contract will commence in February 2026 for an initial one-year term with potential for up to four additional one-year renewals. Key deliverables include conducting detailed application and financial analyses of captive insurance companies, preparing summary memoranda with recommendations, and delivering annual training to Division of Insurance staff. Proposals are due by 5:00 P.M. CST on November 30, 2025, with an anticipated award and contract negotiation date of January 9, 2026. Evaluation criteria will be subjective and include the vendor's specialized expertise, technical competence, available resources, past performance record, project management techniques, and ability to manage project constraints. Interested vendors may submit inquiries via email to Johanna.Nickelson@state.sd.us with the subject line "RFP # 25RFP17816" before the specified deadline, with all inquiries and responses to be posted on the state's e-procurement system.

The RFP does not specify explicit set-aside designations or restrictions for specific enterprise types. The cost proposal must include a rate for all services performed, with a methodology for travel, lodging, meals, and miscellaneous costs that adheres to continental United States rates established by the United States General Services Administration. The State reserves the right to reject any or all proposals and to negotiate with the highest-ranked offeror, with the potential to engage subsequent ranked contractors if initial negotiations are unsuccessful. While specific budget ranges are not explicitly detailed in the available documentation, the comprehensive nature of the required services suggests a substantial professional services contract. Vendors will be expected to demonstrate significant expertise in captive insurance company financial analysis and regulatory compliance. The procurement approach indicates a preference for a vendor with robust analytical capabilities and a proven track record in insurance regulatory review processes.