Department of Insurance, Securities and Banking Issues Marketing RFP

Department of Insurance, Securities and Banking Issues Marketing RFP

The Department of Insurance, Securities and Banking (DISB) has issued a marketing RFP. The Department of Insurance, Securities and Banking (DISB) is seeking an agency to develop collateral materials for DISB’s captive insurance program.

The contractor  shall (1) review DISB’s captive insurance laws and regulations to understand the types of captives that can be licensed by DISB, and the relative advantages of each based on an understanding of the current captive insurance industry and marketplace as well as future trends, (2) review the marketing efforts undertaken by competing captive insurance domiciles in the United States, (3) determine the strengths, weaknesses and opportunities of DISB’s existing captive insurance program, and based on those findings, (4) and based on the Department’s detailed marketing plan suggest various options and best practices to develop marketing materials for DISB’s captive insurance program, which shall include estimated costs associated with each option.

Background:

DISB regulates financial-service businesses in the District by administering the District’s insurance, securities and banking laws, rules and regulations. The District enacted its first  captive insurance law  in  2000, which  has  been amended  to  address of  trends in  the  captive industry.   DISB  established  the Risk  Finance  Bureau  (RFB)  to  license  and  regulate  captive  insurance companies, including risk retention  groups.  Captive insurers  are  used  by  a variety of businesses to self-insure their commercial risks. Over 200  captive insurers  have  been  licensed  in  the  District  since  2001.   These  entities  pay taxes and  fees to  the District government.

DISB has a dedicated team of captive insurance regulators who focus primarily on  solvency regulations of  these  insurers. They ensure  that  applicants meet the standards to obtain a license from DISB, and that they satisfy a variety of solvency  laws  and  regulations  designed  to  ensure  these  insurers  remain solvent and are able to pay policyholder claims.

Unlike commercial insurers, which are licensed in each jurisdiction where they conduct business, captive insurers are licensed only in one jurisdiction. As a result, there is stiff competition among jurisdictions—both in and outside of the United States—to attract these companies to domicile in their jurisdiction. Many captive insurance domiciles devote substantial resources on marketing the advantages of locating captive insurers in their jurisdiction. DISB has engaged in various marketing activities since the inception of its captive insurance program, but its efforts have not been professionally developed.

Scope of Work:

The Department of Insurance, Securities and Banking (DISB) is seeking a contractor to develop collateral materials for DISB’s captive insurance program.   The contractor  shall (1)review DISB’s captive insurance laws and regulations to understand the types of captives that can be licensed by DISB, and the relative advantages of each based on an understanding of the current captive insurance industry and marketplace as well as future trends, (2) review the marketing efforts undertaken by competing captive insurance domiciles in the United States, (3) determine the strengths, weaknesses and opportunities of DISB’s existing captive insurance program, and based on those findings, (4) and based on the Department’s detailed marketing plan suggest various options and best practices to develop marketing materials for DISB’s captive insurance program, which shall include estimated costs associated with each option.

The performance of these duties requires the contractor to understand, and be familiar with, captive insurance companies generally; the captive insurance industry in the United States; how captive insurers are used by their owners; and an understanding of the current trends in the captive insurance marketplace as well as future trends in the industry.

The contractor shall create concepts and design marketing materials including a tradeshow display with three layouts for vertical banners; two tablecloths (one-six foot and one-eight foot); one six-panel brochure in full color; create a process infographic and  tagline;  and  produce a 4-minute  motion  graphic video including  scripting.

Due Date:

July 26, 2017 to:

Address:

Government of the District of Columbia
Department of Insurance, Securities and Banking
Attn: Dana Sheppard
810 First Street, NE, Suite 701
Washington, DC 20002

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