Project details

Overview

Project title

Capacity Building for Structural Transformation, Country Programming, and Portfolio Management - Insurance Regulatory Expert

Country Programme / Action Plan
Tender / Procurement notice
24 Jan 2020
Re-advertisement / Re-launch
11 Feb 2020

Published

24 January 2020

Deadline

30 January 2020

Budget

30 000 USD


Procurement type


Individual consultants

Reference

52260-001 Package Insurance Regulatory Expert

Funding Agency

ADB - Asian Development Bank


Estimated duration

5 months


Countries

Pakistan

Date Published: 24-Jan-2020 Deadline of Submitting EOI: 30-Jan-2020 11:59 PM Manila local time

Consultant Type Individual
Selection Method Individual Consultant Selection (ICS)
Source International
Technical Proposal Not Applicable

Selection Title Capacity Building for Structural Transformation, Country Programming, and Portfolio Management

Package Name Insurance Regulatory Expert

Advance Action No

Engagement Period 5 MONTH

Consulting Services Budget USD 30,000

Budget Type Estimated

Approval Number 9676
Approval Date 06-Dec-2018
Estimated Short-listing Date 04-Feb-2020
Estimated Commencement Date 24-Feb-2020
Open to non-Member Countries No

Additional Information

Possibility of contract extension Not known
Possibility of consideration for downstream assignment Not known

Country of assignment Pakistan

Contact Information

Project Officer Zheng Wu
Designation Unit Head, Project Administration
Asian Development Bank
Email zhengwu@adb.org

Contact Person for Inquiries Sana Masood
Designation Senior Project Officer (Financial Sector)
Asian Development Bank
Email smasood@adb.org

Agencies

Primary Agency Country Agency Role Contact Person
Ministry of Finance, Revenue and Economic Affairs Pakistan Executing Agency Saeed Chaudhary

Cost Estimate

Cost Items Amount in USD
Remuneration and Other Expenses
All activities and inputs in the TOR but not limited to remuneration, per diem, air travel, miscellaneous travel expenses, report preparation, production, and transmission, land transportation, communications, etc.27,876
Contingency 2,124

TOTAL

30,000

Terms of Reference (Individual Consultant)

Expertise Insurance Regulatory Expert
Expertise Group Finance and Investment
Consultant Source International
TOR Keywords Insurance

Objective and Purpose of the Assignment

The Ministry of Commerce has notified Insurance Reforms Committee (IRC) to give recommendations for
reform and an implementation plan for the insurance sector in Pakistan. The consultant's main activities
are to support the IRC in providing an independent view of the issues facing the Pakistani insurance
industry, why it lags behind the insurance sector of its comparators and recommending how to remedy the
situation.

Scope of Work

The Ministry of Commerce has notified Insurance Reforms Committee (IRC) to give recommendations for
reform and an implementation plan for the insurance sector in Pakistan. The consultant's main activities
are to support the IRC in providing an independent view of the issues facing the Pakistani insurance
industry, why it lags behind the insurance sector of its comparators and recommending how to remedy the
situation.

Detailed Tasks and/or Expected Output

More specifically, the consultant is expected to undertake the following tasks:

• Carry out detailed analysis of legal and regulatory institutional framework in the context of best
international practices and recommend strengthening of capitalization and solvency requirements of
insurance companies incorporating international regulatory practices with emphasis on risk-based
regulations
• Detailed analysis and policy recommendations for improved governance and regulation of the insurance
industry in conformance with international best practices to facilitate achievement of the industry’s
potential, as well as enhanced insurance industry participation in Pakistan’s equity and bond markets.
• Recommend way forward relating to:
? Privatization and/or restructuring of public insurance companies
? Incentivizing entry for foreign insurers, reinsurers and investors in Pakistan’s insurance market
? Preferred institutional structure for the insurance regulation and supervision – should there be a
single/unified regulator or insurance specific regulator?

In addressing these elements, critical we examine the well performing insurance industry across
developing countries to bring in good practices and identify what would work in Pakistan context.

Minimum Qualification Requirements

• The expert should preferably have a postgraduate degree in economics or finance and at least 10 years of experience in the insurance sector;
• The expert should be conversant with international accounting standards, insurance regulations,
corporate governance and their application in developed and emerging countries;
• Knowledge of the insurance regulations and practices in developing countries preferred;
• The expert should have good knowledge of insurance and other financial services, risk, and risk
management concepts;
• The expert should also be familiar with all phases of the insurance process, e.g., education,
marketing, sales (agency and brokerage), underwriting, technical aspects (pricing, reserving, role of
the actuary and other professionals, financial management), claims processes, and customer service. The
specialist should understand emerging markets and developing economies, particularly constraints related
to infrastructure, education and training, culture, and the roles of the state and the private sector; and
• Working experience in developing countries, preferably in Asia, is an advantage.

Minimum General Experience 15 Years
Minimum Specific Experience (relevant to assignment) 10 Years
Regional/Country Experience Required

Schedule and Places of Assignment (chronological and inclusive of travel)

Schedule Type Intermittent
Max. Working Days/Week Home Office 5 Field 6

City and Country Working Days Estimated Start Date Estimated End Date
Home Office, Other 5 24-Feb-2020 24-Mar-2020
Karachi, Pakistan 10 25-Mar-2020 23-Apr-2020
Home Office, Other 10 24-Apr-2020 23-Jul-2020

Total 25

Hyperlinks to Related Project Dossiers:

GPN
http://www.assortis.com/en/members/bsc_view.asp?id=533473&DataType=busop