Senate bill 890 captive insurers - premium receipts tax study

The Maryland Insurance Administration is soliciting proposals for consulting services to conduct a comprehensive study of captive insurance companies operating in Maryland under Senate Bill 890, with proposals due July 30, 2026 at 4:00 PM.

The scope requires examination of captive insurance utilization by nonprofit and for-profit entities in Maryland, analysis of existing federal and state regulatory and taxation frameworks across multiple jurisdictions, evaluation of the feasibility of establishing a state registry for captive insurers, and review of completed investigations regarding captive insurance use in the State. The contractor must deliver a comprehensive report by November 1, 2026, and provide consulting support during the legislative session from January 13, 2027, through April 12, 2027. The MIA is required to submit findings and recommendations to the Governor, Senate Finance Committee, and House Health Committee by January 1, 2027.

Contractor qualifications include a minimum of ten years of experience in captive insurance, relevant industry licenses or certifications, and demonstrated expertise in regulatory compliance and risk management across local and international frameworks. Personnel must be available during standard business hours (9:00 AM to 5:00 PM Eastern Standard Time, Monday through Friday) and cannot be substituted without prior written approval from the State.

Compensation is based on a Fully Loaded Hourly Rate with payment in nine equal monthly installments. The financial proposal form illustrates 200 hours for pricing purposes only and does not guarantee minimum or maximum contract hours. The contract term is nine months with no renewal options. All deliverables and work product become the sole property of the MIA. Award will be made to the offeror whose proposal is most advantageous to the State, with equal weight given to technical and financial components. Proposals must be submitted electronically through the eMaryland Marketplace Advantage system in two-part format with separate technical and financial proposals.