Senate bill 890 captive insurers - premium receipts tax study

The Maryland Insurance Administration is soliciting consulting services for a comprehensive study on captive insurance companies operating in Maryland under Senate Bill 890, with proposals due August 14, 2026 at 4:00 PM via the eMaryland Marketplace Advantage (eMMA) system.

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 insurance companies; and review of investigation results related to captive insurance use in the state. The contractor must deliver a final report by November 1, 2026; the MIA will then submit findings and recommendations to the Governor, Senate Finance Committee, and House Health Committee by January 1, 2027.

The contract term is nine months with no renewal options. Compensation is structured as a fully loaded hourly rate for all satisfactory services, paid in nine equal monthly installments upon submission of itemized invoices within 30 days of service delivery. The financial proposal must specify the hourly rate; a 200-hour illustration is provided for evaluation purposes only and does not guarantee minimum or maximum hours.

Required qualifications include a minimum of ten years' experience in captive insurance, expertise in regulatory compliance and risk management, understanding of local and international regulatory frameworks, and any required licenses or certifications. Personnel must be available during MIA business hours (9:00 AM to 5:00 PM Eastern Standard Time, Monday through Friday) and may not be substituted without written approval from the Contract Monitor.

Award will be made to the offeror whose proposal is most advantageous to the State, with equal weight given to technical and financial proposals. All work product becomes the sole property of the MIA. The Procurement Officer is Anthonia Chuku; the State Contract Monitor is Pamela Giles.