Contract Information

Summary

Agency Name: DEPARTMENT OF FINANCIAL SERVICES	Agency Contract ID: 19-OIR-RRC2
Long Title: I0732 Risk & Regulatory Consulting, LLC	Vendor Name: RISK & REGULATORY CONSULTING, L
Total Contract Amount: $111,408.00	Total Budgetary Amount: $111,408.00
Total Payment To Date: $101,587.80	Date of Execution: 02/04/2020
General Description: Assist the Office with the creation and implementation of professional development, training and succession planning; as well as overseeing the Office's review of insurer solvency matters related to corporate governance, holding company systems, and reinsurance.

Details
Deliverables
Payments
Documents
Audits

Main Information

Agency Contract ID: 19-OIR-RRC2

FLAIR Contract ID: I0732

Short Title: I0732-RRC

Long Title: I0732 Risk & Regulatory Consulting, LLC

Contract Type: Standard Two Party Agreement by Statute

Contract Status: Closed or Expired

Date of Execution: 02/04/2020

Date of Beginning: 02/04/2020

Original End Date: 02/03/2021

New Ending Date: 04/02/2021

Agency Service Area: P&C

Statutory Authority: FS 20.121(3)(a)1, FS 624.316, FS 641.27

Contract Involves State or Federal Financial Assistance: No

Recipient Type:

Provide for Administrative Cost: No

Provide for Periodic Increase: No

Procurement Information

Authorized Advanced Payment: No

Method of Procurement: Single source over Category Two [s. 287.057(3)(c), F.S] & [Rule 60A-1.045, F.A.C.]

State Term Contract ID:

Contract’s Exemption Justification: Due to the Consultant's extensive knowledge of the Office's internal structure, NAIC Accreditation Standards and risk-focused examination procedures, and prior experience serving as Deputy Supervisor and Deputy Receiver for Florida domestic insurers.

Agency Reference Number:

Business Case Study Done: No

Legal Challenges to Procurement: No

Outsourcing / Capital Improvements

Was the Contracted Function Previously Performed by the State: No

Was the Contracted Function Considered for Insourcing back to the State: No

Did the Vendor Make Capital Improvements on State Property: No

Budget Information

Original Contract Amount: $85,280.00

Total Contract Amount: $111,408.00

Total Recurring Budgetary Amount: $0.00

Total Non-Recurring Budgetary Amount: $111,408.00

Total Budgetary Amount: $111,408.00

Total Unfunded Amount: $0.00

As of Date: 3/9/2021

Download Budget Information

No Recurring Budgetary records found for this contract.

Non-Recurring Budgetary Amount	Account Code	Fiscal Year Effective Date	FY	Agency Amendment Reference
$17,600.00	43-10-2-393001-43900110-00-100777-00	03/09/2021	2020-2021	I0732 A2
$8,528.00	43-10-2-393001-43900110-00-100777-00	01/26/2021	2020-2021
$85,280.00	43-10-2-393001-43900110-00-100777-00	02/05/2020	2019-2020

Contract Change

Download Contract Change

Change Type	Amendment Amount	Agency Amendment Reference	Change Description	Amendment Effective Date	Amendment Execution Date	New Ending Date
Amendment	$17,600.00	I0732 A2	Additional hours required for exam completion.	03/08/2021	03/08/2021
Amendment	$8,528.00	I0732 A1	Additional hours necessary for project completion.	01/05/2021	01/05/2021

Vendor

Download Vendor

Name Line 1	Name Line 2	City State Zip	Minority Vendor Designation
RISK & REGULATORY CONSULTING, L		FARMINGTON CT 060320000	Non-Minority

CFDA

No CFDA Codes found for the contract.

CSFA

No CSFA Codes found for the contract.

Expand All Deliverables Download Deliverables

Deliverable Number

Commodity/Service Type

Major Deliverable

Method of Payment

Financial and Insurance Services

The Consultant will perform the following tasks, duties, and responsibilities necessary to complete ...

Fixed Fee / Unit Rate

Major Deliverable: The Consultant will perform the following tasks, duties, and responsibilities necessary to complete work assigned by the Property & Casualty Deputy Commissioner, Property & Casualty Financial Oversight Director, and/or other designee in confornrity with this Statement of Work and will be compensated $82 per hour; billed in 15 minute increments: Hourly rate $110 from March 8, 2021 through April 2, 2021 (A) Develop a regulatory strategy for review and approval by the Office and oversee the implementation of the agreed upon regulatory strategy. (B) Oversee the implementation of newly enacted corporate governance standards, including the development of analysis tools for review and approval by the Office prior to implementation. (C) Evaluate certain holding company systems, affiliated agreements and their impact on the operations of the insurer. Based on such evaluations, provide a plan or guidelines on how the Office can more efficiently regulate insurer holding company systems. (D) Evaluate the impact of certain reinsurance on insurers business plans and provide guidance to the Office on the effects of reinsurance on rate and regulatory oversight by the Office. (E) Develop enhanced regulatory procedures to address non-compliance issues and provide to the Office for review and approval prior to implementation. (F) Create and implement a framework for professional development, training and succession planning to the Office for its review and approval. (G) As directed by the Property & Casualty Deputy Commissioner, Director of Property & Casualty Financial Oversight Director, and/or other designee, complete other analytic, research or other projects within his area of expertise.

Deliverable Price: $111,408.00

Non Price Justification:

Performance Metrics: The Consultant must provide the Deliverables and required documentation in accordance with Sections 5 Contractor/Consultant Responsibilities.

Financial Consequences: In addition to the specific financial consequences explained in Attachment 2, Statement of Work. the state of Florida (State) reserves the right to withhold payment when the Contractor has failed to perform or comply with the provisions of this Contract. These consequences for nonperformance are not to be considered penalties.

Source Documentation Page Reference:

Deliverable Number:

Displaying 1 to 1 of 1

Payments are also referred to as expenditures (creating or incurring a legal obligation to disburse money) or disbursements (the payment of expenditures). Payments include disbursements and accounting adjustments made on a contract. Payments are always positive amounts while accounting adjustments may be positive or negative depending on the type of adjustment.

Payment Details

Expand All Payments Download Payments

"Date" in the listing below indicates the date the payment voucher was recorded in the system, not the date the payment was issued.

Fiscal Year

Total Amount

2020-2021

$71,370.80

Statewide Document #	Agency Document #	Vendor Name	Amount	L1	GF	SF	FID	BE	CAT	Date
D1000453859	V0094560001	RISK & REGULATORY CONSULTING, L	$7,902.80	43	10	2	393001	43900110	100777	04/29/2021
D1000393331	V0083120001	RISK & REGULATORY CONSULTING, L	$6,002.40	43	10	2	393001	43900110	100777	03/23/2021
D1000367918	V0078640001	RISK & REGULATORY CONSULTING, L	$9,011.80	43	10	2	393001	43900110	100777	03/08/2021
D1000317237	V0067490001	RISK & REGULATORY CONSULTING, L	$6,396.00	43	10	2	393001	43900110	100777	02/04/2021
D1000266127	V0056520001	RISK & REGULATORY CONSULTING, L	$6,707.60	43	10	2	393001	43900110	100777	12/30/2020
D1000220451	V0047540001	RISK & REGULATORY CONSULTING, L	$6,387.80	43	10	2	393001	43900110	100777	11/25/2020
D1000195484	V0042620002	RISK & REGULATORY CONSULTING, L	$5,682.60	43	10	2	393001	43900110	100777	11/09/2020
D1000183743	V0039960001	RISK & REGULATORY CONSULTING, L	$7,921.20	43	10	2	393001	43900110	100777	10/30/2020
D1000139189	V0030700001	RISK & REGULATORY CONSULTING, L	$7,273.40	43	10	2	393001	43900110	100777	10/01/2020
D1000139189	V0030700002	RISK & REGULATORY CONSULTING, L	$8,085.20	43	10	2	393001	43900110	100777	10/01/2020

2019-2020

$30,217.00

If a payment or adjustment to a contract was made before July 1, 2012, the information may not be posted in this system.

Contract Documents

Click on the pdf icon or Agency Document Link to view the document

Document Type	Document Reference #	Executed Date	Document Add Date
Original Contract	Original Contract - I0732	02/04/2020	2/5/2020 9:13:15 AM
Amendment	I0732 A1	01/05/2021	1/26/2021 3:02:27 PM
Amendment	I0732 A2	03/08/2021	3/9/2021 9:44:02 AM

Audit results posted prior to June 30, 2012, appear in a summarized form. As of July 1, 2012, the audit reporting process was expanded to include additional questions and comments from the Bureau of Auditing. As audits are captured in electronic format, they will be posted to this system. If you are interested in seeing audit reports by Fiscal Year and Agency Action Plans, please click here to navigate to the Transparency Florida Contract Audit page.

No audits have been conducted on this contract at this time.

TestCancel

BACK TO TOP

Your session is about to expire due to inactivity in:

seconds.

Florida Department of Financial Services: F.A.C.T.S