RFP-171-260000002108-3 | RFP: Financial Examination Services Pre-Qualification

This solicitation seeks to establish a pool of pre-qualified contractors to provide financial examination and analysis services, primarily for insurance companies, to support the Michigan Department of Insurance and Financial Services and other state entities. The objective is to ensure the financial solvency and regulatory compliance of companies doing business in Michigan according to state laws and NAIC standards. Once pre-qualified, contractors will be eligible to bid on specific projects through second-tier RFPs, which will require detailed project plans, staffing, and cost quotations. The contract term is effective from April 1, 2027, through March 31, 2030, with the possibility of three additional two-year renewals. Award selection is based on best value, requiring a minimum of 80 technical evaluation points. Evaluation factors include technical capability, pricing, past performance with the state, economic impact within Michigan, and veteran-owned business status. Contractors must adhere to strict insurance requirements, including professional and privacy liability coverage, and comply with GDBE subcontracting goals, requiring at least 20 percent of subcontracted work to be awarded to Michigan-based geographically disadvantaged businesses if subcontractors exceed 20 percent of deliverables. Payment is issued monthly via lump sum fixed price based on progress, though the state may retain 25 percent as retainage. All work must meet NAIC and DIFS work-paper and reporting standards and be approved by the State Program Manager prior to final payment.