A. INTRODUCTION AND BACKGROUND
SBI Life is a joint venture between the State Bank of India and BNP Paribas Assurance of France. SBI Life is registered with an authorised capital of Rs. 2000 crore and a paid up capital of Rs. 1000 crore. State Bank of India owns 74% of the total capital and BNP Paribas Assurance, the remaining 26%.
SBI Life (“the Company”) seeks to invite proposals from interested parties for conducting the audit of corporate agents of the Company. The work involves carrying out on site/ off site inspection based on the defined checklist provided by the Company. This request for proposal is an invitation to the Chartered Accountant Firms who have substantial experience in carrying out inspection of Insurance Companies. The expected number of corporate agents (including banks who are corporate agents) is around 140 spread across the country.
The scope of audit is enumerated below:
The eligibility criteria is as under:
E. RESPONSE TO RFP
The interested participants should submit their proposals in response to this RFP. The proposals should contain the following information:
The proposals to be submitted to:
Ms Vaibhavi Ginde,
Senior Manager, Inspection & Audit,
284, Hitkari House,
Shahid Bhagat Singh Marg
Fort, Mumbai-400 001
The proposals should be submitted on or before 8th July, 2010.
SBI Life shall not be responsible for proposals not received within the specified date.
SBI Life reserves the right to accept or reject any or all the proposals without assigning any reasons thereof and the Company’s decision in this respect shall be final and binding. SBI Life also reserves the right to withdraw the RFP process at any stage without assigning any reason thereof.
F. EVALUATION CRITERIA
The selection of the Firm pursuant to this RFP will be based on the details provided in the proposal. Due consideration will be given to the experience of the applicant, quality of resources employed, record of previous similar assignments.
SBI Life reserves the right to negotiate/ re – negotiate price/ cost proposed to its satisfaction.
G. DURATION OF CONTRACT & EXIT
Duration of the contract will be communicated to the successful applicant at the time of selection.
Upon selection the successful applicant shall be required to sign d an appointment letter, defining the terms and conditions of the assignment. The validity of such appointment will be at the sole discretion of the Company.
H. EMPANELMENT OF SERVICE PROVIDERS
SBI Life reserves the right to empanel more than one firm for conducting the proposed audit work. It also reserves the right to distribute the work among more than one applicant.
I. CONFIDENTIALITY AND NON DISCLOSURE
The service provider will be required to submit confidentiality cum non disclosure undertaking duly stamped and notarised to SBI Life.
J. RIGHT TO VERIFICATION
SBI Life reserves the right to verify any or all the statements made by the applicants in the proposal document. It also reserves the right to inspect the office of the applicant. SBI Life also reserves the right to review the audit work carried out by the selected Firm.
The Firm shall indemnify SBI Life and keep indemnified against any loss or damage that SBI Life may sustain on account of any violation of confidentiality, privacy, etc. by the Firm in respect of any property, practices, hardware, software, systems, processes, technologies etc. in whatever manner described.
L. SBI Life reserves the right to call for fresh RFPs if necessary. It also reserves the right to shelve the project any time even after the receipt of the RFPs. No correspondence in this regard shall be entertained by the SBI Life.
M. The mere submission of the RFPs does not give the bidding firms any claim or right whatsoever against SBI Life.