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Expression of Interest for Consulting Services for Life Insurance and Property and Casualty Insurance Actuaries

Loans 2138/2139-SRI: Financial Markets Program for Private Sector Development

Sri Lanka has received a Loan from Asian Development Bank (ADB) towards the cost of the Financial Markets Program for Private Sector Development to develop financial markets and the private sector's access to finance and intends to apply part of the proceeds of the loan for strengthening the insurance industry through capacity building of the Insurance Board of Sri Lanka (IBSL).

The (IBSL) is the regulatory body of the insurance industry in Sri Lanka, and is responsible for monitoring and supervising the industry. The IBSL is a young organization and needs to increase its capacity in the areas of life insurance as well as property and casualty insurance.

A part of the loan proceeds will be utilized for the engagement of consulting services.

I.  Life Insurance Actuary

In order to achieve the objectives of strengthening the monitoring and supervision of the insurance industry, the IBSL is seeking the services of a Iife insurance actuary expert who will report to the Director General of the IBSL. The expert will be a licensed actuary and will have at least 10 years' (post qualification) work experience. The expert shall be a fellow of an actuarial professional body such as FIA, FFA, FSA, FCIA, FASI, etc. The expert will have extensive knowledge of the life insurance sector, including supervision, monitoring and regulation, international best practice policies, regulatory procedures, and reporting requirements. The expert will also have a good understanding of, and relevant exposure to the life insurance market in emerging markets, preferably Sri Lanka and/or elsewhere in South Asia. The position is for one year employment contract basis.

Brief description of consulting services to be engaged:

1. Review products of life insurance companies including use of the products and procedures for filing. Make suggestions to change the use of the products and/or procedures for filing to strengthen the life insurance industry and implement the
2. Review present reinsurance arrangements for life insurance companies in Sri Lanka and in particular, the strength of the reinsurers, types of reinsurance arrangements entered into, reinsurance premium rates, retention limits, etc., and examine the respective reinsurance treaties. Make suggestions to change the procedures for strengthening the life insurance industry and implement the proposed changes.



3. Review rules and regulations of investment procedures for life insurance companies. Assess their compliance to rules and regulations, measurement of investment performance, investments which are in default, etc. Make suggestions to change the procedures to strengthen the life insurance industry and implement the proposed changes.



4. Review and examine the valuation returns of life insurance companies. The review shall consist of, among other things, solvency ratios, assumptions, comparative analysis of valuation results of insurers, distribution of surplus, etc. Make suggestions to financially strengthen the life insurance industry and implement the proposed changes.



5. Establish and implement a system to analyze the accounts statements for life insurance companies, and in particular, check compliance with regard to transfer of funds (from assets of the insurance company to shareholders), related-party transactions, reserves, etc. Make suggestions to change the procedures to strengthen the life insurance industry and implement the proposed changes.



6. Develop a data base to be used for statistical analysis by the life insurance industry and the IBSL. In the process, define terms and devise procedures for compilation of statistics for the life insurance industry. Additional information should be collected and be available for the life insurance industry and the IBSL such
7. Review and examine the performance of brokers/agents. Make recommend-ations, if any, to change the operations, reporting and/or procedures of the brokers/agents to strengthen the life insurance industry and implement the proposed changes.



8. Monitor and supervise the statistics of claims and investigations of the life insurance industry. Make recommendations to change the operations and/or reporting to strengthen the life insurance industry and implement the proposed changes.



9. Establish guidelines for advertisements of insurers/brokers in the life insurance industry. Review advertisements of insurers/brokers and study whether they are misleading to the public/insuring public and recommend corrective action to violators.



10. Meet with the appointed actuaries of life



11. Work with other matters decided by the Director General of IBSL.

II. Property and Casualty Insurance Actuary

In order to achieve the objectives of strengthening the monitoring and supervision of the insurance industry, the IBSL is seeking the services of a property and casualty insurance actuary expert who will report to the Director General of the IBSL. The expert will be a licensed actuary and will have at least 10 years' (post qualification) work experience. The expert shall be a fellow of an actuarial professional body such as FIA, FFA, FSA, FCIA, FASI, etc. The expert will have extensive knowledge of the property and casualty insurance sector, including supervision, monitoring and regulation, international best practice policies, regulatory procedures, and reporting requirements. The expert will also have a good understanding of, and relevant exposure to the property and casualty insurance market in emerging markets, preferably Sri Lanka and/or elsewhere in South Asia. The position is for a one year employment contract basis.

Brief description of consulting services to be engaged:

1. Review products of property and casualty insurance companies including use of the products and procedures for filing. Make suggestions to change the use of the products and/or procedures for filing to strengthen the property and casualty insurance industry and implement the proposed changes.



2. Review present reinsurance arrangements for property and casualty insurance companies in Sri Lanka and in particular, the strength of the reinsurers, types of reinsurance arrangements entered into, reinsurance premium rates, retention limits, etc., and examine the respective reinsurance treaties. Make suggestions to change the
3. Review rules and regulations of investment procedures for property and casualty insurance companies. Assess their compliance to rules and regulations, measurement of investment performance, investments which are in default, etc. Make suggestions to change the procedures to financially strengthen the property and casualty insurance industry and implement the proposed changes.



4. Review and examine the valuation returns of property and casualty insurance companies. The review shall consist of, among other things, solvency ratios, assumptions, comparative analysis of valuation results of insurers, distribution of surplus, etc. Make suggestions to strengthen the property and casualty insurance industry and implement the proposed changes.



5. Establish and implement a system to analyze the accounts statements for property and casualty insurance companies, and in particular, check compliance with regard to transfer of funds (from assets of the insurance company to shareholders), related-party transactions, reserves, etc. Make suggestions to change the procedures to strengthen the property and casualty insurance industry and implement the proposed changes.



6. Develop a data base to be used for statistical analysis by the property and casualty insurance industry and the IBSL. In the process, define terms and devise procedures for compilation of statistics for the property and casualty insurance industry. Additional information should be collected and be available for the property and casualty insurance industry and the IBSL such as mortality, morbidity, lapses, agency turnover, expenses, etc.



7. Review and examine the performance of brokers/agents. Make recommend-ations, if any, to change the operations, reporting and/or procedures of the brokers/agents to strengthen the property



8. Monitor and supervise the statistics of claims and investigations of the property and casualty insurance industry. Make recommendations to change the operations and/or reporting to strengthen the property and casualty insurance industry and implement the proposed changes.



9. Establish guidelines for advertisements of insurers/brokers in the property and casualty insurance industry. Review advertisements of insurers/brokers and study whether they are misleading to the public/insuring public and recommend corrective actions to violators.



10. Meet with the appointed actuaries of property and casualty insurance companies and develop and implement their responsibilities and activities.



11. Liaise with the Director of Monitoring and Supervision.



12. Work with other matters decided by the Director General of IBSL.

The IBSL offers a competitive compensation package geared towards attracting best talent in the market.

Applications with latest resume should be sent by 15 October 2005, attention to:

Ms. Lasinee S. A. Serasinhe
Director General
Insurance Board of Sri Lanka
East Tower (Level 11)
World Trade Centre
Echelon Square
Colombo 1, Sri Lanka
Tel: (+94) (11) 234 5326
Fax: (+94) (11) 2439149
e-mail: lasinee@isplanka.lk