NAIC Releases Request for Proposal
(Statutory Financial Reporting System)
The National Association of Insurance Commissioners (NAIC) is soliciting proposals from qualified third parties to develop:
1) a Proof-of-Concept (POC) to modernize the NAIC Financial Data Repository (FDR) System, and 2) detailed plans for the development and implementation of a fully modernized FDR platform.
In alignment with its strategic plan, State Connected, the NAIC recognizes it must remain proficient in collecting and using data from regulated entities and reengineer the current statutory reporting process to improve system flexibility, speed, and filing accuracy. As the official data hub for state/territory insurance regulators, the NAIC is seeking to modernize its FDR platform, which is a critical component utilized by chief insurance regulators and their staff as they pursue their mission of ensuring insurance markets remain solvent and consumers protected.
At its core, the NAIC FDR platform is the central warehouse of insurance company financial data. Through its numerous integral processes, it serves as the application for financial system ingestion, validation, and the generation of numerous regulatory financial analysis tools. The statutory financial statement data stored in the FDR system is generally the sole source of information used by insurance regulators for various financial analyses and examinations. FDR contains ten years’ worth of data from over 4,500 individual insurers and includes thousands of key statutory data points. Due to its wide array of data, the information contained is relied upon not only by those charged with ensuring the solvency of insurance markets but also serves as the key source for in-depth research on many of the emerging risks facing the insurance market today.
Accordingly, the RFP has two major components:
- With the vision to modernize the FDR platform so it results in a modular system with improved functionality and significant automation, develop a POC of a system redesign using available technologies that require minimal customization to both upgrade the system functionality and meet numerous other goals as detailed in the RFP’s documentation.
- With lessons learned from the POC, develop a full plan and proposal for the development and implementation of a fully modernized FDR platform. While significant discovery is anticipated during the POC phase, it is expected a final deliverable will be accompanied by a proposal for a complete build.
While other deadlines are detailed in the RFP, final proposals are due by May 15, 2024, at 5:00 P.M, Central. Responses will be reviewed by senior management, and a selection recommendation is anticipated to be made to the NAIC Executive Committee for its consideration at the NAIC Summer National Meeting in August.
Click here to access the RFP on the NAIC’s website.
Slides: FDR Project Clarification Session
Watch: FDR Modernization POC Project Clarification
Q&A: Response to Questions raised on NAIC RFP #2096 – Modernized FDR Proof of Concept
About the National Association of Insurance Commissioners
As part of our state-based system of insurance regulation in the United States, the National Association of Insurance Commissioners (NAIC) provides expertise, data, and analysis for insurance commissioners to effectively regulate the industry and protect consumers. The U.S. standard-setting organization is governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer reviews, and coordinate regulatory oversight. NAIC staff supports these efforts and represents the collective views of state regulators domestically and internationally.