Examination of Insurance Companies Service

The Insurance Division of the Hawaii Department of Commerce and Consumer Affairs in Honolulu is seeking a qualified vendor to perform statutory financial examinations, financial analysis, accounting and reporting, and other regulatory compliance services for insurance companies. The agency requires these services to ensure that regulated insurance entities comply with financial solvency and regulatory standards. Performance of all contracted work will take place offsite. Bidders must possess proven experience in conducting statutory financial examinations of insurance companies in accordance with the National Association of Insurance Commissioners Financial Condition Examiners Handbook. The agency requires the selected vendor to meet all Financial Regulation Requirement and Accreditation Standards when performing and documenting examination procedures. Bidders must demonstrate proficiency with statutory accounting principles and generally accepted accounting principles as they apply to insurance companies, as well as experience in performing risk-focused financial analysis. The agency requires the vendor to provide staff members with expertise in actuarial, reinsurance, investment, legal, and other specialty services. The vendor must also provide an experienced Examiner-In-Charge and certified financial examiners on staff. Eligibility is restricted to onshore, United States-based organizations only. The contract period will span one year. The agency has not disclosed a specific budget and is looking for proposals to determine the cost of the services. Bidders must submit proposals detailing their qualifications and pricing to meet the agency's regulatory examination requirements.