1.1. SCOPE AND BACKGROUND: Through this Request for Proposal (RFP) the Vermont Department of Financial Regulation (hereinafter the “State” or the “Department”) is seeking to establish contracts with one or more firms competent to perform examinations, analysis, information system review, and/or general accounting and auditing services for domestic and foreign insurance companies for the Department. The nature of the work sought by the Department in this RFP requires a broad range of financial and business expertise. The performance of these duties requires expertise in the insurance Revised: November 12, 2024 Page 2 of 21 industry, accounting and reporting, examination and analysis requirements and standards of the National Association of Insurance Commissioners (“NAIC”), and Vermont’s insurance laws and rules.
