What the buyer needs
AI summaryThe Department of Insurance and Financial Services seeks proposals to establish a pool of pre-qualified contractors for financial examination and analysis services to assist with regulatory oversight of insurance companies. Pre-qualified contractors will subsequently bid on individual second-tier requests for proposals issued by email to perform examinations or analyses to determine company solvency and compliance with Michigan laws, regulations, and NAIC standards. Only onshore USA organizations are eligible to submit proposals. Bidders must respond digitally via email or online to every requirement in the Statement of Work, submit an organizational chart, and provide detailed chronological resumes and key personnel information. All questions regarding the opportunity must be submitted by October 19, 2026. Payments for completed contract activities will be made monthly on a lump-sum fixed-price basis, with the state withholding twenty-five percent of invoiced amounts until final acceptance.
Scope of work
- Perform financial examinations and analysis to determine solvency and compliance with Michigan insurance laws
- Develop company-specific examination plans using the NAIC Examiners Handbook process
- Review and analyze financial statements, new applications, and re-qualification applications
- Assign CPAs familiar with Michigan insurance laws, regulations, bulletins, and NAIC requirements
- Submit examination findings, work-papers, and draft reports to DIFS within specified timelines
- Provide concise written biweekly progress reports during financial analysis and examinations
- Participate in exit conferences and remain available for post-examination follow-up and legal proceedings
How proposals are evaluated
| Criterion | Weight / scoring |
|---|---|
| Vendor Questions Worksheet | 50 |
Minimum qualifications
- Supervising staff must be certified public accountants familiar with Michigan insurance laws, regulations, bulletins, and NAIC requirements
- Senior auditor must have previous experience auditing insurance companies
- Contractor staff performing examinations must not be affiliated or associated financially or contractually with the entity being examined
Documents to include with your response
- Cover Page
- Confidential Treatment Form
- Vendor Questions Worksheet
- Schedule A Statement of Work response
- Schedule B Pricing
- Resumes of Key Personnel
- Sample project plan
- Overall organizational chart
How to submit
- Method
- Electronic via SIGMA VSS
- Instructions
- Submitted online via www.michigan.gov/SIGMAVSS. Pricing proposal must be uploaded as a separate file. Files must be in modifiable native format and 30 MB or smaller.