Specialty financial examination & auditing services

The Maryland Insurance Administration is requesting proposals for specialty financial examination and auditing consulting services under RFP MIA/FR-25-001, with proposals due October 4, 2026, and the MIA intending to award up to ten contracts—one primary and one backup across five functional areas: Actuarial Services Property & Casualty, Reinsurance Services, Information Technology Services, Actuarial Services Life & Health, and Investment Services. Offerors may propose to one or more functional areas within a single proposal.

No set-aside or preference program applies. Contractors selected must demonstrate a minimum of ten years of cumulative experience providing specialty financial examination and auditing services and understanding of the Risk Focused Examination approach. Key personnel must be assigned to Maryland as a dedicated resource, available at all times but permitted to work with other state insurance departments during periods of no immediate Maryland need. Required professional designations and experience vary by functional area—examples include MAAA or FCAS for property & casualty actuaries, CISA or AES for IT auditors, and FSA for life and health actuaries.

Contract term is five years with no renewal options. Compensation is structured as a fully loaded fixed hourly rate per functional area per contract year; estimated annual hours range from 240 to 3,600 depending on functional area, but these are planning estimates with no guaranteed minimum or maximum work volume. Payment is made directly by the examined company based on actual work performed, with contractors billing monthly for work plus up to two hours of travel time and qualified travel expenses under Maryland regulations. Prior five-year contract values for primary and backup vendors ranged from approximately $405,000 to $2.354 million per functional area. Incumbent firms include Lewis & Ellis, Inc., INS Regulatory Insurance Services Inc., Risk & Regulatory Consulting LLC, and Baker Tilly.

Maryland Living Wage Law applies; this is a Tier 1 contract valued at $100,000 or more with performance in Tier 1 jurisdictions (Montgomery, Prince George's, Howard, Anne Arundel, and Baltimore Counties, and Baltimore City). Contractors must pay covered employees at least the applicable living wage rate or the State or County minimum wage, whichever is higher, and submit payroll records and compliance certification to the Maryland Department of Labor. Contractors must also comply with the DHS Hiring Agreement, execute a Non-Disclosure Agreement, complete conflict-of-interest and contract affidavits, and maintain comprehensive insurance coverage including $1 million commercial general liability, $1 million errors and omissions, $1 million crime, and $5 million cyber security. Contractors receiving contracts valued at $1 million or more must submit the Corporate Diversity Addendum upon Notice of Recommendation for Contract Award. IT Supplemental requirements include maintaining a disaster recovery site at least 100 miles from primary operations capable of restoration within 24 hours, implementing a Security Plan compliant with NIST cybersecurity framework standards, conducting annual SOC 2 Type 2 audits, maintaining criminal background checks for all personnel within six months of award, and encrypting sensitive data in transit and at rest. Amendment No. 2 extended the original March 11, 2026 deadline to April 10, 2026, and that deadline has since been further extended to October 4, 2026.