Regulatory Examination Services

Summary (Newest Update)

Background The State of Nevada Purchasing Division, on behalf of The Department of Business & Industry, Division of Insurance (NDOI), is seeking proposals from qualified vendors to establish a pool of contract examiners. The goal is to provide statutory analysis and examination services on an as-needed basis, ensuring compliance with Nevada Revised Statutes and administrative codes. The awarded contracts will support the Division's mission to regulate and oversee the insurance industry in Nevada. Work Details The selected vendors will perform various tasks including: 1. **Actuarial Reviews**: Conduct reviews for initial applications for licensure, including rate filings and reinsurance agreements. 2. **Financial Analysis**: Perform periodic risk-focused financial examinations and market conduct examinations according to NAIC guidelines. 3. **Examination Services**: Provide statutory insurance examination or analysis services on an on-call basis across all states and territories as required by the Division. 4. **Reinsurance Review Services**: Evaluate complex reinsurance treaties and their impact on financial statements. 5. **Information Technology Examination Services**: Assess compliance with federal laws and internal controls related to information systems. 6. **Training Support**: Provide training for Division staff in financial analysis and examination techniques. 7. **Deliverables** include detailed reports summarizing findings, recommendations for actions, and bi-weekly status updates with invoices. Period of Performance The contract term is expected to last four years, subject to Board of Examiners approval, with work commencing upon contract execution. Place of Performance Services may be performed in any of the fifty states, the District of Columbia, or U.S. territories as determined by the Division. Bidder Requirements Vendors must demonstrate experience in insurance industry examinations, possess relevant certifications (CFE, CPA, etc.), and provide proof of key personnel's qualifications. Vendors are also required to maintain appropriate insurance coverage as specified in the solicitation documents.