Regional : Thematic Self-Assessment and Peer Review of International Association of Insurance Supervisors Insurance Core Principles and Standards for Asia and the Pacific (Phase 1)

Sovereign Project | 46204-001

Project Name Thematic Self-Assessment and Peer Review of International Association of Insurance Supervisors Insurance Core Principles and Standards for Asia and the Pacific (Phase 1)
Project Number 46204-001
Country / Economy Regional
Project Status Closed
Project Type / Modality of Assistance Technical Assistance
Source of Funding / Amount
TA 8561-REG: Thematic Self-Assessment and Peer Review of International Association of Insurance Supervisors Insurance Core Principles and Standards for Asia and the Pacific (Phase 1)
Technical Assistance Special Fund US$ 1.00 million
Strategic Agendas Inclusive economic growth
Regional integration
Drivers of Change Governance and capacity development
Private sector development
Sector / Subsector

Finance / Finance sector development - Insurance and contractual savings - Money and capital markets

Gender
Description
Project Rationale and Linkage to Country/Regional Strategy
Impact

Improved harmonization of national regulatory regimes with international insurance standards

Project Outcome
Description of Outcome

Effective implementation of action plans by DMCs

Progress Toward Outcome .
Implementation Progress
Description of Project Outputs

Recommendations and Action Plan arising out of Self-Assessment and Peer Review

Capacity building and operationalizing a cadre of trainers/ assessors and peer reviewers conducted

DMCs interested in submitting applications to become MMOU Signatories assisted

Pan Asian database of insurance statistics developed

Self-assessment, peer review and information exchange exercises evaluated

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

A high-level roundtable of insurance supervisors from Asia and the Pacific was held on 5-6 September 2017 at ADB Headquarters in Manila to elicit feedback from senior insurance supervisors, key partners and stakeholders to consider future potential projects for insurance market development in the region.

Series of capacity building activities have been organized in partnership with International Association of Insurance Supervisors (IAIS), partner institutions and consultants. Arup Chatterjee participated as resource speaker in all the events.

(i)Pre-conference workshop on Promoting Proportionate Regulation and Risk-Based Supervision on 14 April 2014 alongside the 2nd South Asian Association for Regional Cooperation (SAARC) International Insurance Conference on 14-16 April 2014 in Karachi, Pakistan. The workshop covered the following topics: (i) IAIS Insurance Core Principles for effective regulation and supervision; (ii) application of proportionality in practice; (iii) calibrating risk-based capital requirements and risk-based supervision; and (iv) enterprise risk management.

(ii)Round Table Dialogue with senior level Association of South East Asian Nations' (ASEAN) Insurance Supervisors on 24 November 2014 during the 17th ASEAN Insurance Regulators Meeting at Bandar Seri Begawan, Brunei Darussalam. The Roundtable aimed to assist ASEAN insurance supervisors to learn from the experience of the European Union (EU) states on mutual recognition of professional qualifications as they prepared for the same in the ASEAN Economic Community (AEC) 2015. The IAIS provided pro-bono support by nominating an expert from the BaFin (insurance regulatory body in Germany) as a resource person.

(iii)Regional Capacity Building Workshop for Pacific Insurance Supervisors on 23-27 March 2015 at the ADB Pacific Liaison and Coordination Office in Sydney, Australia in partnership with IAIS, UNCDF/UNDP Pacific Financial Inclusion Programme and Alliance for Financial Inclusion/Pacific Islands Regional Initiative. This workshop was the first of its kind being organized in the Pacific Region to develop the capacity for carrying out thematic self-assessment IAIS Insurance Core Principles. Topics covered included risk-based supervision, and reinsurance and its proportionate application in emerging insurance markets. The IAIS nominated its Vice Chair of the Implementation Committee from the United States and two experts from the Australian Prudential Regulatory Authority as resource persons.

(iv)Regional Capacity Building Workshop for Asian and Pacific Insurance Supervisors was held on 29-31 July 2015 in Colombo, Sri Lanka in partnership with IAIS and Insurance Board of Sri Lanka. This workshop was the first of its kind in the Asian region to develop the capacity for carrying out thematic self-assessment IAIS Insurance Core Principles on solvency and risk-based capital and its proportionate application in emerging insurance markets. Experts from the IAIS and the Access to Insurance Initiative (A2ii) provided resource support on a pro bono basis.

(v)Workshop and roundtable discussion for Central and West Asian Insurance Supervisors was conducted in collaboration with the National Bank of Kazakhstan on 10-14 October 2016 in Almaty, Kazakhstan. Middle-level supervisors were trained in the proportionate application of IAIS Insurance Core Principles and Standards on reinsurance, risk management, risk based supervision and internal controls and governance to equip them in carrying out thematic self-assessments. A roundtable covering a wide range of topics relevant to developing nascent insurance markets under an enabling regulatory environment was conducted. A risk profiling tool developed under the aegis of CWPF TA 8738 was show cased by National Bank of Kazakhstan to central Asian supervisors interested in developing risk-based solvency regimes as part of its successful implementation.

(vi)Regional workshop for Pacific Insurance Supervisors organized in partnership with IAIS at the ADB Pacific Liaison and Coordination Office on 5-9 December 2016 in Sydney, Australia. This workshop aimed at developing capacity for carrying out thematic self-assessment IAIS Insurance Core Principles on risk-based supervision.

Both male and female participants deemed the training and knowledge products shared as relevant and useful.

Done.

Support was being provided to insurance supervisors interested to submit applications in to the IAIS for becoming signatories of the IAIS multilateral memorandum of understanding (MMOU). The IAIS MMOU is a tool for enhancing supervisory cooperation and information exchange among IAIS members.

A change in scope memo was approved on 2 March 2016 to support the Islamic Financial Services Board (IFSB) in coordination with SEPF. The activities include development of (i) database on Prudential and Structural Islamic Financial Indicators (PSIFI) and (ii) e-learning modules based on IFSB standards.

Geographical Location Regional
Summary of Environmental and Social Aspects
Environmental Aspects
Involuntary Resettlement
Indigenous Peoples
Stakeholder Communication, Participation, and Consultation
During Project Design
During Project Implementation Consultation with relevant government agencies and operations departments were held.
Business Opportunities
Consulting Services Individual international consultants with sound experience in insurance supervision and in carrying out assessments of compliance with the IAIS ICPs will be engaged for 18 person-months. They will work on an intermittent basis on supervisory systems, ICPs 1 and 2 (1.5 person-months); (ii) risk governance, ICPs 4, 5, 7, and 8 (1.5 person-months); (iii) supervisory measures, ICPs 6, 9, 10, 11, and 12 (1.5 person-months); (iv) market conduct, ICPs 18 and 19 (1.5 person-months); (v) reinsurance and other forms of risk transfer, ICP 13 (2.5 person-months); (vi) solvency and solvency-related issues, ICPs 14, 15, 16, 17, and 20 (3 person-months); (vii) group supervision, ICP 23 (1.5 person-months); (viii) macroprudential surveillance, ICP 24 (1 person-month); (ix) information exchange and cooperation, ICPs 3, 25, and 26, and multilateral memorandum of understanding (3 person-months); and combating fraud, money laundering, and financing of terrorism, ICPs 21 and 22 (1 person-month). The TA will also require 54 person-months of inputs from individual national consultants with experience in TA administration.
Procurement ADB will be the executing agency, and the Office of Regional Economic Integration (OREI) will implement the TA. An OREI staff team will regularly monitor and administer the individual contracts and manage the combined outputs to achieve the TA objectives. The TA is expected to be implemented from January 2014 to December 2016.
Responsible ADB Officer Chatterjee, Arup Kumar
Responsible ADB Department Sustainable Development and Climate Change Department
Responsible ADB Division Finance Sector Group
Executing Agencies
Asian Development Bank
Timetable
Concept Clearance 18 Nov 2013
Fact Finding -
MRM -
Approval 13 Dec 2013
Last Review Mission -
Last PDS Update 03 Oct 2017

TA 8561-REG

Milestones
Approval Signing Date Effectivity Date Closing
Original Revised Actual
13 Dec 2013 - 13 Dec 2013 31 Dec 2016 30 Sep 2017 09 Jan 2018
Financing Plan/TA Utilization Cumulative Disbursements
ADB Cofinancing Counterpart Total Date Amount
Gov Beneficiaries Project Sponsor Others
1,000,000.00 0.00 0.00 0.00 0.00 0.00 1,000,000.00 17 Jun 2022 861,087.95

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Tenders

No tenders for this project were found.

Contracts Awarded

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Procurement Plan

None currently available.