The Vendor awarded the contract as a result of this RFQ shall provide, at a minimum, the following services for completing a financial examination: A. Prepare and issue a separate examination planning memorandum for each company examined in accordance with the NAIC Financial Condition Examiner’s Handbook (“Handbook”). The memorandum must be timely and must have the approval of the Chief Financial Examiner or her designee in order to continue with the examination process. B. Prepare and issue a budget of the estimated time to complete identified examination procedures identified early in the planning process. The Vendor’s time budget must have the approval of the Chief Examiner 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 from the Chief Examiner, after full written justification.
