Specifications include, but are not limited to: 5.1. Task 1: Perform actuarial reviews for insurer and other regulated entities for initial applications for licensure.; 5.1.1. Activities: 1. Review insurer or other regulated entity’s initial rate filings and underlying data ; 2. Review pro forma projections included in the insurer or other regulated entity’s application; 3. Review initial reinsurance agreements ; 4. Represent the Division in hearings related to license denials; 5.1.2. Deliverables: 1. Memorandum including a summary of the review performed and recommendations for additional information to be requested, additional review required, conditional approval, full approval, or denial of the application including the supporting reasons for denial.; 5.2. Task 2: Perform actuarial reviews and financial analysis of insurer and other regulated entities during periodic risk-focused analysis.; 5.2.1. Activities: 1. Complete actuarial review and analysis of pricing/underwriting risks, reserving risks, reinsurance, asset valuation, cash flow modeling, pro forma projections, and other items as requested by the Division of Insurance.; 2. Complete and/or review risk-focused analysis and provide feedback as appropriate if acting as the reviewer.; 3. Review of new and existing reinsurance agreements, commutation requests, or reinsurance amendments.; 4. Participate in meetings with the insurer or other regulated entity as a representative of the Division as needed to supplement analysis procedures. ; 5. Represent the Division in hearings related to actuarial analysis performed.; 5.2.2. Deliverables: 1. Completed Financial Analysis Handbook procedures for applicable risks.; 2. Insurer Profile Summary; 3. Completed Financial Condition Examiners Handbook Exhibit N.; 4. Memorandum with summary of review and any recommendations for additional action the Division should take.; 5.3. Task 3: Perform financial and market conduct examinations of insurer and other regulated entities during periodic risk-focused analysis.; 5.3.1. Activities: 1. Perform risk-focused financial examination in accordance with the NAIC’s Financial Condition Examiner’s Handbook or other procedures as directed by the Assistant Chief Insurance Examiner or Chief Insurance Examiner of Corporate and Financial. ; 2. Perform market conduct examinations in accordance with the NAIC’s Market Regulation Handbook or other procedures as directed by the Chief Insurance Examiner of Market Conduct; 3. Some examination procedures may require actuarial, IT, investment, or other specialists ; 4. Examinations may be full-scope, limited scope, targeted, or interim in nature; 5. Communicate with assigned financial analyst, other examiners, Assistant Chief Insurance Examiner, Chief Examiner, and Commissioner as appropriate; 5.3.2. Deliverables: 1. Report of examination; 2. Management Letter; 3. Exception Memorandums; 4. All exhibits required by the NAIC Financial Condition Examiner’s Handbook as directed by the Assistant Chief Insurance Examiner; 5. Bi-weekly status reports and invoices which must include timesheets for staff; 5.4. Task 4: Review Applications for Captive Insurers.: 5.4.1. Activities: 1. Awarded vendors will provide statutory (Nevada Revised Statutes Chapter 694C) review services for captive insurance company applications on an “as needed” basis. Each application package to be reviewed will be forwarded to the vendor by the Division of Insurance.; 2. The Division will check the NAIC database to ensure there is no documented disciplinary action against the applicants.; 3. The product provided by the vendor will be a report with recommendations based upon the information provided by prospective captive insurers on their applications. Contractor may e-mail the report to the Division in a format that is to be agreed upon by the Contractor and the Division.; 4. Vendors should plan on at least one "in person" meeting with the staff of the Division of Insurance in Carson City to review the final report on each application. However, an “in person” meeting may not always be required or preferred by the Division. In the event a meeting is necessary, it may be conducted either by teleconference or videoconference.; 5.4.2. Deliverables: 1. Awarded vendors must accomplish reviews on captive insurance company applications and report conclusions regarding the qualification of the applicants and recommendations (along with comments justifying recommendation) to the Commissioner, Division of Insurance, within thirty (30) days of receipt of complete application.; 5.5. Task 5: Reinsurance Review Services.: 5.5.1. Activities: 1. Awarded vendors must possess professional competence and expertise in all areas of reinsurance, including the ability to review and evaluate complex reinsurance treaties, contracts, transactions, and programs.; 2. Awarded vendors must demonstrate extensive knowledge of statutory accounting principles, especially with regard to reinsurance transactions and their impact on an insurer’s financial statements, and a high degree of familiarity with the guidelines set forth in the Reinsurance Cycle of the NAIC Examiner’s Handbook, the Nevada Insurance Law and Division regulations, and any circular letters as they pertain to reinsurance.
