Empanelment of CA Firm for Internal Audit of General Insurance Corporation of India

General Insurance Corporation of India (GIC Re) invites bids from interested and eligible bidders, for appointment as Internal Auditors for Investment and other Non-Reinsurance Operations of GIC Re for Financial Year 2022-23.

Eligibility and Mandatory Pre-Qualification Criteria

1. The bidder shall be a firm of Chartered Accountants registered with the Institute of Chartered Accountants of India.

2. The bidder must have minimum 10 years’ experience in audit.

3. The turnover of the bidder should be more than Rs.10 Crores for at least one financial year out of last three financial years.

4. The staff strength of bidder as on 31st March 2021 should not be less than 150, in India.

5. The bidder must have their Branch / Office in Mumbai from where the bidder should operate.

6. The firm should have experience of conducting statutory/internal audit assignment of at least three listed companies (listed on Main Board of BSE/NSE), during the last two financial years.

7. The firm should have experience, for at least four years, in conducting reviews of Risk management Systems and Processes of either Bank or Mutual Funds or Insurance Companies or have on behalf of IRDA conducted Investment Inspection of Insurance Companies.

8. As per Technical Guide on Internal/Concurrent Audit of Investment Functions of Insurance Companies issued by The Institute of Chartered Accountants of India (ICAI), on the date of appointment as an Internal Auditor, the Auditor must not hold more than two audits of Internal, Concurrent and Risk Management Systems Audit, all taken together. Hence, the Audit firm, can at the maximum hold not more than three Audits (i.e., Investment Risk Management Systems and Process Audit, Internal Audit, Concurrent Audit – all taken together), apart from Statutory Audits at any point of time.

9. The bidder should not have been prohibited/debarred by any regulating agency including IRDA, RBI, SEBI, ICAI etc.

10. The bidder shall not be eligible for re-appointment with GIC Re if the firm has served for three consecutive years or three years during the preceding five years.

Mandatory Technical Requirement

The bidders must possess Class III-B Digital Signature Certificate (Signature + Encryption).

Terms and Conditions

1. Adherence to Terms and Conditions

The Bidders who wish to submit Bids to this RFP should note that they should abide (in true intent and spirit) by all the terms and conditions contained in the RFP including corrigenda, if any, issued by GIC Re prior to submission of bids. The formats prescribed in the RFP should be scrupulously followed by the bidders. Bids that do not comply with the terms and conditions shall be summarily rejected. The Bidder must take due care and caution in this regard. If the Bids contain any extraneous conditions put in by the Bidders, such Bids shall be disqualified and shall not be considered for the selection process.

2. Adherence to Statutory Obligations/Compliance with Laws

The selected Bidder should adhere and comply with all the applicable laws of land and rules, regulations and guidelines prescribed by various regulatory, statutory and Government authorities of India.

3. Bidder’s understanding of the RFP

In responding to this RFP, the Bidder accepts the full responsibility to understand the RFP in its entirety, and in detail, including making any inquiries to GIC Re as necessary to gain such understanding. Bidder accepts sole responsibility with regard to any mistake as to fact pertaining to the services sought and GIC Re shall have the sole discretion to cancel the award to the bidder or to disqualify any Bidder who is at material variance with the object of this RFP. Further, GIC Re reserves the right to determine, at its sole discretion, whether the Bidder has demonstrated such understanding. Such disqualification and/or cancellation shall be at no fault, cost, or liability whatsoever to GIC Re.

4. Good Faith Statement

All information provided by GIC Re in this RFP is offered in good faith. Individual items are subject to change at any time. GIC Re makes no certification /warranty, implied or otherwise, that any item is without error. GIC Re is not responsible or liable for any resulting claims by use of this information.

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