Uzbekistan: Insurance Sector Development

Sovereign Project | 46112-001 Status: Active


Latest Project Documents

Title Date
Insurance Sector Development Dec 2012

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Procurement Documents

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Project Name Insurance Sector Development
Project Number 46112-001
Country Uzbekistan
Project Status Active
Project Type / Modality of Assistance Technical Assistance
Source of Funding / Amount
TA 8247-UZB: Insurance Sector Development
Technical Assistance Special Fund US$ 500,000.00
Strategic Agendas Inclusive economic growth
Drivers of Change Governance and capacity development
Knowledge solutions
Private sector development
Sector / Subsector

Finance - Insurance and contractual savings

Gender Equity and Mainstreaming
Project Rationale and Linkage to Country/Regional Strategy

Project Outcome

Description of Outcome
Progress Toward Outcome

Consultants are providing support to SISB to review existing insurance framework and system. Recommendations were provided to SISB.

Consultants work is contributing to SISB review of regulatory framework.

Implementation Progress
Description of Project Outputs
Status of Implementation Progress (Outputs, Activities, and Issues)

1. Ongoing. Three out of four activities have been completed.

2. Ongoing. One out of four activities has been completed.

3. Ongoing. All activities were completed.

4. Ongoing. Two out of four activities has been completed.

Other activities are underway. Consultation is ongoing with SISB since it is currently working on revision to the development program. Agreement was reached to further support capacity development training activities under output 4.

Geographical Location

Summary of Environmental and Social Aspects

Environmental Aspects
Involuntary Resettlement
Indigenous Peoples
Stakeholder Communication, Participation, and Consultation
During Project Design The design of the TA was discussed in particular with the State Insurance Supervisory Board (SISB), the insurance market regulator. In connection with the Tashkent International Insurance and Reinsurance Conference in April 2011, the design of the TA was further also discussed with the Association of Professional Participants of the Uzbekistan Insurance Market, as well as other relevant stakeholders.
During Project Implementation Activities are underway. TA closing date was extended for 12 months until 30 June 2016.

Business Opportunities

Consulting Services

1.The technical assistance (TA) will require 21.5 person-months of consulting services two international individual consultants for a total of 6.5 person-months, one international firm for a total of 7 person-months, and one national individual consultant for 8 person-months. The individual consultants will be engaged using the individual consultant selection system and the firm will be engaged using the consultants' qualifications selection method. The team of consultants will be required to provide deliverables consistent with the design and monitoring framework activities, outputs, and delivery dates. Reports are to be of high quality and produced in English with copies in Russian. Precise work timelines and deliverables with dates will be defined at inception, documented in the final inception report, and agreed with the executing agency, the State Insurance Supervisory Board (SISB), and the Asian Development Bank (ADB).

A. International Consultants (6.5 person-months)

2. Insurance regulation expert and team leader (5 person-months). The expert should preferably have a postgraduate degree in economics or finance, or equivalent, with about 12 years of international experience in the respective field of expertise. The expert should have profound technical knowledge of prudential regulation, supervision, and policy issues related to the insurance sector. The expert must have sound experience in insurance supervision and in carrying out assessments of compliance with insurance core principles (ICPs) of the International Association of Insurance Supervisors (IAIS). Working experience in developing countries, preferably in the Commonwealth of Independent States (CIS), is an advantage.

3. Insurance market specialist (1.5 person-months). The specialist should preferably have a postgraduate degree in economics or finance and at least 10 years of experience in the insurance sector. The specialist should have good knowledge of insurance and other financial services, risk, and risk management concepts. The specialist should be familiar with insurance product areas, both life and nonlife, including health insurance, agriculture, and disaster products. The specialist 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. Working experience in developing countries, preferably in the CIS, is an advantage

B. Insurance Information System Software Development Firm (7 person-months)

4. The purpose of this assignment is to develop an electronic document management system to assist submission of returns by insurers and intermediaries and to improve efficiency and effectiveness of off-site and on-site inspections. The firm should have documented experience in developing information technology (IT) tools and software for financial regulation, supervision, and policy issues. This assignment requires 2 domain experts (one international for 5 person months and one national consultant for 2 person months) with at least 10 years of experience as IT specialists in financial services, preferably insurance; should be familiar with on-site and off-site inspections and in designing an integrated on-site and off-site monitoring system; and have experience in developing compliance-related software. Working experience in developing countries, preferably in the CIS, is an advantage. ADB will engage consultants in accordance with its Guidelines on the Use of Consultants (2010, as amended from time to time) to be contracted either as individual consultants or through a firm using the consultants' qualifications

Responsible Staff

Responsible ADB Officer Bobir Gafurov
Responsible ADB Department Central and West Asia Department
Responsible ADB Division Uzbekistan Resident Mission
Executing Agencies
State Insurance Supervision Board
Mr. Olimjon Ikramov, Head
5 Mutabillik Maidoni, 7th Floor Tashkent 700 008 Uzbekistan


Concept Clearance 07 Nov 2012
Fact Finding -
Approval -
Last Review Mission -
Last PDS Update 30 Mar 2016

TA 8247-UZB

Approval Signing Date Effectivity Date Closing
Original Revised Actual
10 Dec 2012 02 Jan 2013 02 Jan 2013 30 Jun 2015 30 Jun 2016 -
Financing Plan/TA Utilization Cumulative Disbursements
ADB Cofinancing Counterpart Total Date Amount
Gov Beneficiaries Project Sponsor Others
500,000.00 0.00 50,000.00 0.00 0.00 0.00 550,000.00 10 Dec 2012 167,459.11
Title Document Type Document Date
Insurance Sector Development Technical Assistance Reports Dec 2012

Safeguard Documents See also: Safeguards

Safeguard documents provided at the time of project/facility approval may also be found in the list of linked documents provided with the Report and Recommendation of the President.

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Evaluation Documents See also: Independent Evaluation

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Related Publications

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