Financial Examination Assistance Services

The Maryland Insurance Administration, Financial Regulation Division, is requesting proposals for financial examination assistance services across four functional areas (Staff Examiner, Senior Examiner, Examiner-In-Charge, and Senior Manager) under RFP MIA/FR-26-002, with proposals due September 7, 2026 (as amended) and a pre-proposal conference on August 6, 2026.

The MIA intends to award up to six indefinite-quantity contracts for a five-year base term (no renewal options). All work is performed under direct supervision of an MIA Assistant Chief Examiner to support financial examinations of approximately 52 Maryland-domiciled insurers, ensuring solvency compliance with NAIC requirements and Maryland law while maintaining the MIA's NAIC accreditation standing. Place of performance varies based on the location of each company under examination.

Contractor compensation is structured as fully loaded fixed hourly rates by functional area and contract year. Historical spending (February 2022–December 2025) shows approximately 1,640 hours for Senior Manager, 10,750 for Examiner-In-Charge, 11,036 for Senior Examiner, and 5,410 for Staff Examiner; anticipated five-year totals are 2,000, 15,000, 15,000, and 7,000 hours respectively. Payment is made directly by the insurer under examination based on actual hours worked. Travel within a 50-mile radius is uncompensated; non-routine travel beyond that receives reimbursement under Maryland Standard Travel Regulations, with up to two hours labor per travel event compensated.

Minimum qualifications require performance of at least five Risk Focused Examinations and two Coordinated Risk Focused Examinations within the three years preceding proposal submission. Key personnel must hold Certified Financial Examiner (CFE) credentials for Senior Managers and Examiners-In-Charge; Accredited Financial Examiner (AFE) for Senior Examiners; and a bachelor's degree in accounting or related field for Staff Examiners. Three reference checks are required. The RFP contains zero-percent MBE and VSBE subcontracting goals and zero-percent DBE participation goals. No federal funding is involved.

Insurance requirements include Commercial General Liability ($1 million / $3 million aggregate), Errors and Omissions/Professional Liability ($1 million / $3 million), Crime Insurance ($1 million), Cyber Security/Data Breach Insurance ($5 million), and Workers' Compensation as required by law.

Evaluation emphasizes technical factors over financial factors, scoring on quality and comprehensiveness of approach, staff qualifications, organizational capability, and economic benefits to Maryland. Offerors must satisfy Maryland Living Wage Law (with exemptions for nonprofits, public service companies, contractors with ten or fewer employees proposing under $500,000, or more than ten employees proposing under $100,000), corporate diversity requirements (satisfying 33 percent—four of twelve—corporate diversity indicators for contracts valued at or expected to exceed $1 million), and the DHS Hiring Agreement within five business days of award. Questions are due August 10, 2026, at 4:00 p.m. EST.