Specifications include, but are not limited to: A.1. The Contractor shall provide actuarial services as assigned by the Captives Insurance Section of the Department of Commerce and Insurance, Division of Insurance, in connection with financial and market conduct examinations of captive insurance companies, including pure captive companies, protected cell captive companies, associations and Risk Retention Groups, in order to provide an independent analysis of the adequacy of a company's reserves and the soundness of the assumptions on which underwriting and policy reserve practices are based. A.2. Services shall be performed by a fully qualified actuary Associate or Fellow of Casualty Actuarial Society (“FCAS or ACAS”) and Member of the American Academy of Actuaries (“MAAA”) in accordance with all applicable laws, regulations and standards of practice. A.3. When requested to do so by the Director, the Contractor shall provide an estimate of the number of hours required to complete a specific work assignment, in which event the Contractor shall provide the estimate within three (3) business days following the date of the request. The Contractor shall not begin work for which an estimate has been requested until written authorization has been provided by the Director. A.4. All services shall be provided in accordance with applicable law, regulations and National Association of Insurance Commissioners (“NAIC”) standards, including NAIC Accounting Practices and Procedures and Statements of Statutory Accounting Principles ("SSAP"s).