3.1 Application Analysis The Vendor will review captive insurance company applications and other filings remitted to it by the Division of Insurance. The Vendor will provide the Division of Insurance with the Summary Admission Memo. The Summary Admission Memo will include, but is not limited to, recommendations concerning the application, and whether the application requires amendments, modifications, or additional supporting documentation. The Vendor will also analyze the application to determine if the application contains any deficiencies or items of concern. The Vendor will provide recommendations concerning approval or disapproval of the application and whether the application satisfies the requirements of SDCL Ch. 58-46. 3.2 Annual Financial Analysis The Vendor will review annual financial filings for captive insurance companies remitted to it by the Division of Insurance. The financial filings may include an annual report of financial condition, audited of annual report, actuarial report, and other items deemed necessary to complete the annual financial analysis. The Vendor will provide the Division of Insurance with the Summary Analysis Memo. The Summary Analysis Memo will include relevant analytics, basic information concerning the captive and its financial soundness, and a solvency score.
