Financial Examination Services Pre-Qualification

The State of Michigan Department of Technology, Management, and Budget (DTMB) is soliciting proposals under RFP 260000002746 to pre-qualify a pool of financial examination and analysis contractors for the Michigan Department of Insurance and Financial Services (DIFS), with proposals due November 4, 2026 at 3:30 p.m. Eastern. Subcontracting carries a restriction: if subcontractors perform more than 20 percent of deliverables, at least 20 percent of subcontracted work must go to Michigan-based Geographically Disadvantaged Business Enterprises (GDBEs), with exemptions considered on a situational basis. Qualified Disabled Veteran/Service-Disabled Veteran-Owned Business preferences may be considered under Michigan law.

The scope covers statutory financial examinations and analyses of approximately 1,400 Michigan-based insurance companies, including roughly 130 domestic entities, with an average of five out-of-state examinations requested annually. Work includes determining solvency, ensuring compliance with Michigan insurance law and NAIC requirements, and reviewing financial statements, new applications, and re-qualification applications. Contractors must be prepared to travel to company sites. Pre-qualified firms receive second-tier RFPs by email for specific assignments, with about three weeks to respond. Examinations are typically completed within 180 calendar days or less, and findings and work papers are due within ten calendar days of completion. Key personnel must be State-approved and available Monday through Friday, 7:00 a.m. to 6:00 p.m. EST. Insurance requirements include professional liability of $3,000,000 per occurrence and cyber liability of $1,000,000 per loss, with all policies issued by insurers rated A- VII or higher by A.M. Best.

The source does not state a contract value. The initial term runs April 1, 2027 through March 31, 2030, with up to three two-year renewals at the State's sole discretion. Hourly rates in Schedule B serve as maximum allowable charges and remain firm for the full term. The State pays monthly lump-sum fixed-price amounts based on hours worked and progress, retaining 25 percent until final acceptance. Late or improper completion triggers liquidated damages of $5,000 plus $100 per day. Technical proposals are scored out of 100 points, and pricing is evaluated only for proposals scoring 80 or more. The State may negotiate pricing, terms, and deliverables with one or more bidders. Bidder Q&A answers were posted October 26, 2026, after the October 19 question deadline. Proposals must be submitted electronically through www.michigan.gov/SIGMAVSS, with Solicitation Manager Susan Watt-Smith reachable at 517-230-0535. Contracts valued at $250,000 or more require State Administrative Board approval, and protests are due within five business days of the award recommendation posting.