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 or 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 Chief Examiner 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 from the Chief Examiner, after full written justification. C. Coordinate work of examination team members in accordance with pre-established guidelines. D. Perform any agreed upon examination procedures as outlined within the planning process and planning memorandum. E. Document examination procedures performed and any findings within the examination work papers. Ascertain that procedures followed are those contained in the NAIC Financial Conditions Examiner’s Handbook or approved by the Chief Examiner or her designee. F. Perform Supervisory Review of EIC examination procedures. G. Draft a formal Report of Examination and if applicable, a Management Comment Letter (“MCL”) that contains the findings, conclusions, and recommendations of the examination team to be presented to the OIC no later than forty-five (45) days following the completion of the field work. Since this is the first examination of MMIC, there are no previous exams to view. H. Perform follow-up procedures identified by the Chief Examiner or her designee. I. Other tasks as assigned or appropriate under the circumstances.
