Examination services

The Florida Department of Financial Services, Office of Insurance Regulation (OIR), issued Invitation to Bid (ITB) Number 2526-02 to establish multiple contracts with qualified vendors to provide examination services for authorized insurers, prepaid limited health service organizations, discount plan organizations, and health maintenance organizations throughout Leon County and the state of Florida. The procurement seeks independent Certified Public Accountants, actuaries, reinsurance specialists, investment specialists, information technology specialists, or combinations thereof capable of performing financial condition examinations and market conduct examinations in accordance with Florida Statutes sections 624.316, 624.3161, and 641.27, and Rule 69O-138, Florida Administrative Code, utilizing the Risk-Focused Surveillance Approach as defined in the National Association of Insurance Commissioners (NAIC) Financial Condition Examiners Handbook. Required qualifications include demonstrated examiner availability, professional certifications, completion of NAIC training programs, prior examination experience, and adherence to NAIC Financial Condition Examiners Handbook and NAIC Market Regulation Handbook standards. Deliverables include examination reports, draft management letters, summary review memoranda, management representation letters, actuarial closing memos for actuarial specialists, and IT review summary memoranda for IT specialists, with a 10 percent holdback from invoices pending deliverable acceptance. Evaluation criteria focus on the lowest responsible and responsive bid methodology, with compensation determined through a fixed-rate structure of hourly rates submitted by contractors for various examination positions including Examination Manager, Examiner-in-Charge, Participating Examiner, Head Actuary, Participating Actuary, Cyber Security/IT Forensics Specialist, Head IT Specialist, Participating IT Specialist, Investment Specialist, and Reinsurance Specialist. The ITB timeline specifies a question deadline of May 14, 2026, with answers posted by May 21, 2026; responses are due by 3:00 PM Eastern Time on July 31, 2026, with public opening at 3:15 PM; the anticipated notice of intent to award is August 10, 2026, and the contract start date is October 1, 2026, with an initial one-year term and renewal options available for up to three additional years contingent upon satisfactory performance and available funding.

The solicitation includes set-aside considerations that prioritize certified minority-owned firms, veteran-owned businesses, Florida-based businesses, and drug-free workplace certified companies in the event of identical tie responses. Respondents must comply with Florida Statutes requirements including non-discriminatory vendor status, drug-free workplace implementation, E-Verify system utilization, and Florida Department of State registration, with supporting documentation including proof of registration, resumes of examination team members, NAIC training completion documentation, and disclosure of any litigation or regulatory suspensions. Contractors must maintain workers' compensation insurance, safeguard confidential examination information, and meet stringent data security standards including NIST Cybersecurity Framework compliance and prohibition of Non-Open Data storage outside the continental United States. The contract is not exclusive, and the Office reserves the right to award to multiple respondents or make no award if deemed in the best interest of the State. No incumbent vendors or current contractors are identified in the solicitation documents. Specific budget ranges or award values are not disclosed in the available documentation; however, Florida Administrative Code Rule 69O-138 establishes baseline daily rates of $232 for market conduct examination employees and $461 for actuarial employees, with contractors' submitted hourly rates evaluated against market standards for professional competence, objectivity, and relevant experience, and compensation not to exceed an amount authorized in writing by the Office, with contractors required to notify the Office if costs are projected to exceed 75 percent of the authorized amount.