Insurance Supervisory Review, Consulting, and Education Services - UPDATED

The State of Tennessee's Central Procurement Office, specifically the Department of Commerce and Insurance's Insurance Division, has issued a Request for Qualifications (RFQ) for insurance supervisory review, consulting, and education services. The primary objective is to secure a contractor to assist the Division in conducting comprehensive financial analyses of Tennessee domestic insurance companies, with a focus on meeting National Association of Insurance Commissioners (NAIC) Financial Regulation Standards and Accreditation Program Manual requirements. The RFQ seeks a contractor to provide supervisory review of primary analysis, support multistate and single-state insurance company reviews, conduct training and education for Division analysts, and ensure NAIC compliance. Evaluation of respondents will be based on technical qualifications, experience, and approach, with a maximum possible score of 100 points across multiple categories including mandatory requirements, general qualifications, and technical approach. The Technical Response Deadline is set for August 18, 2025, with the contract term beginning after signature. Respondents will need to demonstrate expertise in insurance financial analysis and regulatory compliance.

The procurement appears to be open to qualified professional services firms with specific credentialing requirements, including Certified Public Accountants (CPAs), Certified Financial Examiners (CFEs), Accredited Financial Examiners (AFEs), and analysts with relevant expertise. The contract will compensate the selected vendor on an hourly basis for different professional levels. The anticipated maximum contract liability is estimated between $2,000,000 to $3,000,000, providing substantial scope for comprehensive insurance supervisory and consulting services. No specific set-aside designations or restrictions for disadvantaged enterprises were explicitly mentioned in the available documentation. The contract will focus on supporting the Insurance Division's regulatory and analytical capabilities, with a strong emphasis on professional expertise in insurance financial examination and regulatory standards. The procurement method prioritizes technical qualifications over cost, indicating a focus on securing high-quality, experienced professional services to support the state's insurance regulatory framework.