Specifications include, but are not limited to: The West Virginia Department of Tax and Revenue, Offices of the Insurance Commissioner ("OIC"/"State"), is soliciting bid quotations to perform financial examinations of The Health Plan Group; The mission or purpose of the project is to contract a firm (“Vendor”) to draft a formal report of examination that contains findings, conclusions and recommendations for corrective or regulatory action, and a description of issues of non-compliance with West Virginia’s statutes, regulations, filing requirements and administrative procedures for: Health Plan of West Virginia; A. Prepare and issue a separate examination planning memorandum for each company examined in accordance with the NAIC Financial Condition Examiner’s Handbook (“Handbook”). The memorandum must be timely and must have the approval of the Chief Financial Examiner/Director (“Director”) or her designee in order to continue with the examination process. B. Prepare and issue a budget of the estimated time to complete identified examination procedures identified early in the planning process. The Vendor’s time budget must have the approval of the Director in order to continue with the examination process. The Vendor must keep records of budget variances with explanations. Any budget or cost variance will require prior written approval by the Director, after full justification.
