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