The Insurance Compact Releases Two Requests for Proposals
Updated: April 28, 2020
Due to an overwhelming response of questions for this RFP, the IIPRC has extended the timeline, in order to ensure a proper amount of review and response time by the selection committee. Below you will see an updated schedule as well as a revised RFP package attached.
Request For Proposal Schedule:
Thursday, 04/09/2020 Release of RFP
Friday, 04/24/2020 Submit questions to IIPRCProposals@insurancecompact.org
Monday, 05/18/2020 Responses to questions provided via email or conference call
Wednesday, 06/03/2020 Proposal due to the Insurance Compact via email by 5pm EST
June 2020 Vendor Selection and Award of RFP
Wednesday, 07/01/2020 Target Date to Commence Work
Friday, 11/13/2020 Presentation of Consultant's report and recommendation
Thank you for your patience in this process.
WASHINGTON (April 9, 2020) — The Interstate Insurance Product Regulation Commission (Insurance Compact) has released two separate and distinct Requests for Proposal (RFPs). The first is to engage a firm to conduct a corporate governance review. The second is to engage a firm to conduct a business assessment. These engagements are part of the implementation of the Insurance Compact Compass: Strategic Plan 2020 – 2022 adopted in December 2019.
The Insurance Compact is a multi-state public body which serves as an instrumentality of the Compacting States pursuant to enabling legislation to enact the Interstate Insurance Product Regulation Compact. Each Compacting State is an official member, represented by the Insurance Commissioner / Director / Superintendent, of the Insurance Compact. The purpose of the Insurance Compact is to develop uniform standards for covered insurance product lines, promptly review filed products and approve those product filings that satisfy applicable uniform standards on behalf of the members of the Insurance Compact. Today, 44 states, the District of Columbia, and Puerto Rico have enacted the Insurance Compact and are referred to as the member states.
The Corporate Governance Review RFP seeks a consultant to perform an independent review of the Insurance Compact's governing documents, organizational structure, management, decision-making and reporting processes and recommend revisions or improvements to comply with best practices for comparable organizations and to enhance the Insurance Compact's effectiveness of the current structure, procedures, communications and opportunities for improvement.
The Business Assessment RFP seeks a consultant to perform an independent review of the business model of the Insurance Compact and recommend revisions or improvements to comply with best practices of comparable organizations and to enhance the Insurance Compact's effectiveness and sustainability over the next five to ten years to support and fulfill its statutory purposes and obligations to its member states.
The Insurance Compact envisions the assessments will be conducted at the same time and by separate firms but remains open to considering a proposal responding to both RFPs. Qualified firms must have demonstrated experience with similar types of engagements that they are asking to be considered for.
Additional information about these respective projects is contained in the respective RFP's scope of work. The RFPs, which include key dates, are available on the Insurance Compact's website at www.insurancecompact.org and the National Association of Insurance Commissioners' website at www.naic.org (the Insurance Compact is affiliated with the NAIC).
For consideration, proposals must be submitted to the Insurance Compact via e-mail to firstname.lastname@example.org by 5 pm Eastern on Monday, May 11, 2020.
The Insurance Compact enables state insurance regulators to develop uniform national standards for asset protection insurance products, such as life insurance, annuities, disability income and long-term care insurance. The Insurance Compact establishes a central filing point for these insurance products, enhancing the speed and efficiency of regulatory decisions and allowing companies to compete more effectively in the modern financial marketplace, while continuing to provide protection for consumers.
For more information, visit the Insurance Compact's website.