Examination of Insurance Companies Service

The Insurance Division of the State of Hawaii, located in Honolulu, requires statutory financial examination, financial analysis, accounting and reporting, and other regulatory compliance services for insurance companies. The agency is seeking to ensure that these examinations are conducted in strict accordance with the Financial Condition Examiners Handbook and meet all Financial Regulation Requirement and Accreditation Standards. The selected contractor will help the agency monitor the financial solvency and regulatory compliance of insurance companies operating within the jurisdiction. The scope of work covers performing risk-focused financial analysis and examinations of insurance companies offsite. Bidders must demonstrate proficiency with statutory accounting principles and generally accepted accounting principles as they apply to insurance companies. The agency requires the contractor to provide staff members with expertise in actuarial, reinsurance, investment, legal, and other specialty services, as well as an experienced Examiner-In-Charge. Eligibility is restricted to onshore organizations based in the United States of America. The agency will evaluate bidders based on their proven experience in statutory financial examination, risk-focused analysis, and adherence to agency handbook and accreditation standards. The contract period will span one year, and the agency is currently looking for proposals to determine the budget and cost structure for these services.