Market Conduct Examinations: A. Prepare and plan the administration of the exam. Issue separate examination planning memorandums in accordance with the NAIC Market Regulation Handbook (“MR Handbook”), West Virginia State Code and Legislative Rules. The memorandums must have the approval of the OIC Chief Examiner/Director (“Director”) or designee in order to continue with the examination process. Other agency administration tasks include, but are not limited to, finalizing the Examination Report. B. Prepare and issue a budget of the estimated time to complete identified examination procedures identified early in the planning process. The budget should be split between administration costs and technical exam work, facilitating administrative payment by the OIC, and allowing the technical work to be paid by the PBM. The Vendor’s time budget must be timely and must have the approval of the Director 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 by the Director, after full justification. C. Coordinate work of examination team members in accordance with pre-established guidelines...
