| Ministry/Division |
: |
Ministry of Finance |
| Agency |
: |
Insurance Development and Regulatory Authority |
| Procuring Entity Name |
: |
Project Director (Joint Secretary), Insurance Development and Regulatory Authority |
| Procuring Entity Code |
: |
|
| Procuring Entity District |
: |
Dhaka |
| Expression of Interest for Selection of |
: |
Consulting Firm (National) (Time-Based) |
| Title Of Service |
: |
CONSULTING SERVICES –SELECTION OF ACTUARIAL FIRM |
| EOI Ref. No. |
: |
No.: 53.03.0000.090.41.007.21-Reference No: S10-1 |
| Date |
: |
03/11/2021 |
KEY INFORMATION
|
| Procurement Sub-Method |
: |
Quality and Cost Based Selection(QCBS) |
FUNDING INFORMATION
|
| Budget and Source of Funds |
: |
Development Budget Grant/Credit |
| Development Partners |
: |
IDA |
PARTICULAR INFORMATION
|
| Project/Programme Name |
: |
Bangladesh Insurance Sector Development Project |
| EOI Closing Date and Time |
: |
25/11/2021 02:00 PM
|
| Publication Date |
: |
08/11/2021
|
INFORMATION FOR APPLICANT
|
| Brief Description of Assignment |
: |
3. The consulting services include:
a) Prepare road map along with action plan to adapt IFRS 17
b) Assess the reserve practices and underlying models in the market and provide and opinion on the sufficiency of the reserves of the sector. The consultant also should consider how this will change due to IFRS17 as well –
c) Develop a guidance on the reserve requirements including a mandatory sufficiency test towards adverse deviations that companies should conduct and report on a regular basis. Under this activity two topics should be considered. One is rules on minimum reserving standards, and the second one is rules on RBC as mentioned above.
d) Provide a strategy/road map and actuarial support on a daily basis to facilitate the complete migration to RBS framework taking account insurance core principles. Work closely with IDRA-Supervision Department daily, deliver training to relevant staff as well as new hirers on all aspects of actuarial matters.
e) Review the clause no. 17(3) of the Insurance Corporation Act 2019 and give an opinion that would permit JBC Authority to run reinsurance activities same as the clause no. 17(2) is applicable for SBC –
f) Analyze the existing capacity limits for fire/property from a risk management and a commercial point of view and provide recommendation on the methodology to assess concentration risk and its management.
g) Review the legal framework and market practice and provide recommendations on the requirements for insurers to manage natural disaster risk.
h) Develop guidelines for a prudent pricing cycle including takaful to be followed by the insurance sector
i) Review mortality and morbidity tables coming directly under the BISDP and assess their quality and provide recommendation to improve their validity.
j) Develop a data repository working closely with the Department of Census and Statistics, the insurance industry, regional insurance regulators, training centers, etc. on information needed to maintain current the mortality, morbidity tables, industry lapse statistic and whatnot ( Things like this will help insurers understand where they stand relative to others and assist in pricing)
k) Develop Pricing Strategy Models for non-life insurance products that will be prepared so that anybody can understand easily and that would be user friendly.
l) Review SBC internal assets evaluation, like employees pension and benevolent fund valuation etc.
m) Review/set up the guidelines on the Policyholder Protection Fund with close coordination with the Senior Insurance Expert and Regulatory and Supervisory Expert- of the BISDP project.
n) Assist in setting up of an Actuarial Unit of IDRA and capacity building of its staff on actuarial matters and provide the necessary training including the development of training material.
There is a lack of actuarial expertise in Bangladesh, thus training must start from actuarial core principles before getting into supervisory practices. And also, to recruit staff with proper educational background and provide necessary training to them. The basics must be taught all the way through being able to put a financial condition report together, and then teach insurance supervisory practices.
o) Create National Standards for certifying actuaries
1. (Determine appropriate regulatory body or association to develop certification curriculum and exam.
2. Create continuing education platform to serve actuaries in keeping current on best practices and timely areas of interest.
3. Standardize the certification for actuaries, create employment databases for actuaries and adopt a standard of lifelong professional education for actuaries.
p) Create a repository of data where actuaries can obtain data on risk modeling specifically Climate Risk
1. Design a national database that contains datasets on Climate Risk.
2. With the assistance of the climate risk industry, create a “model” approach to pricing climate risk
q) Develop the manual on the supervision of the actuarial reports.
r) Develop the legal framework on the actuarial practice in Bangladesh with close coordination with the Regulatory and Supervisory Expert- of the BISDP project. |
| Experience, Resources and Delivery Capacity Required |
: |
4. Insurance Development and Regulatory Authority now invites eligible consulting firms (“Consultants”) to indicate their interest in providing the Services. Interested Consultants should provide information demonstrating that they have the required qualifications and relevant experience to perform the Services. The short-listing criteria are:
(a) General experience of the Firm(s)
(b) Experience in similar assignments of compatible size, complexity and technical specialty in the required area
(c) Financial soundness, staffing and logistics of the firm.
Key Experts will not be evaluated at the short-listing stage.
Consultants are requested to submit the following supporting documents in support of the above-mentioned criteria:
(a) Registration document/ paper of the firm (s) (b) JV agreement/letter of intent (if applicable) (c) Firms brochure (d) Audited financial reports for last three years (e) service experience record (including nature, total cost, total input in terms of man month, employer, location of service etc.) |
| Other Details (if applicable) |
: |
5. The attention of interested Consultants is drawn to paragraph 1.9 of the World Banks Guidelines Selection and Employment of Consultants under IBRD Loans and IDA Credits & Grants by World Bank Borrowers, January 2011 (Revised July 2014). (“Consultant Guidelines”), setting forth the World Banks policy on conflict of interest.
6. Consultants may associate with other firms to enhance their qualifications, but should indicate clearly whether the association is in the form of a “joint-venture” or of “sub-consultancy”. In the case of a Joint Venture, all the members of the Joint Venture shall be jointly and severally liable for the entire contract, if selected. In the case of such “joint-venture” or of “sub-consultancy”, each member should have real and well-defined inputs to the assignment, and it is preferable to limit the total number of firms in the association to a maximum of three.
1. The attention of interested Consultants is drawn to paragraph 1.9 of the World Banks Guidelines Selection and Employment of Consultants under IBRD Loans and IDA Credits & Grants by World Bank Borrowers, January 2011 (Revised July 2014). (“Consultant Guidelines”), setting forth the World Banks policy on conflict of interest.
2. Consultants may associate with other firms to enhance their qualifications, but should indicate clearly whether the association is in the form of a “joint-venture” or of “sub-consultancy”. In the case of a Joint Venture, all the members of the Joint Venture shall be jointly and severally liable for the entire contract, if selected. In the case of such “joint-venture” or of “sub-consultancy”, each member should have real and well-defined inputs to the assignment, and it is preferable to limit the total number of firms in the association to a maximum of three.
3. The consultant will be selected in accordance with the Quality and Cost Based Selection (QCBS) method set out in the Consultant Guidelines.
It is expected that the services will be commenced tentatively in February 2021 and will be completed within a period of 10 months. Terms of Reference (ToR) will be available in the office of the undersigned and also in the IDRA’s website (www. idra.org.bd). Interested consultant may obtain further information from the office of the undersigned from 09:00 to 17:00 hours (Except holidays). |
| Association with foreign firms is |
: |
Not Encouraged |
| Eoi Detail Information |
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| Ref No |
Phasing Of Services |
Location |
Start Date |
Completion Date |
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PROCURING ENTITY DETAILS
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| Name of Official Inviting EOI |
: |
Dr. Md. Mohiuddin |
| Designation of Official Inviting EOI |
: |
Project Director (Joint Secretary) |
| Address of Official Inviting EOI |
: |
Financial Institutions Division, Ministry of Finance, Jiban Bima Tower,Front Block (5th Floor),10 Dilkusha C/A, Dhaka – 1000
|
| Contact details of Official Inviting EOI |
: |
Phone : 88 02-9514963, Fax : , Email : pd.bisdproject@gmail.com |
| The procuring entity reserves the right to accept or reject all tenders |
