Kazakhstan: Enhancing Insurance Market Efficiency and Outreach

Sovereign Project | 48037-001 Status: Active

Summary

Latest Project Documents

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Procurement Documents

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Project Name Enhancing Insurance Market Efficiency and Outreach
Project Number 48037-001
Country Kazakhstan
Project Status Active
Project Type / Modality of Assistance Technical Assistance
Source of Funding / Amount
TA 8738-KAZ: Enhancing Insurance Market Efficiency and Outreach
Financial Sector Development Partnership Special Fund US$ 500,000.00
Technical Assistance Special Fund US$ 300,000.00
Strategic Agendas Inclusive economic growth
Drivers of Change Governance and capacity development
Partnerships
Private sector development
Sector / Subsector

Finance - Insurance and contractual savings

Gender Equity and Mainstreaming No gender elements
Description
Project Rationale and Linkage to Country/Regional Strategy
Impact

Project Outcome

Description of Outcome
Progress Toward Outcome On going
Implementation Progress
Description of Project Outputs
Status of Implementation Progress (Outputs, Activities, and Issues)

Output 1: The early warning system component and the profiling tool component have been completed and are now entering the test phase as a supervisory tool for NBRK. The QIS/Solvency II component has been completed. The risk-based supervision internal guidelines has also been completed and will be incorporated into NBRK's manual for offsite supervision.

Output 2: The reinsurance component has been completed. Additionally regulation amendments will be supported.

Output 3: Several trainings on Solvency II, supervisory tools and mortality tables, among others, have been implemented.

Output 4: A new database including updated mortality and disability tables have been completed.

Geographical Location

Summary of Environmental and Social Aspects

Environmental Aspects
Involuntary Resettlement
Indigenous Peoples
Stakeholder Communication, Participation, and Consultation
During Project Design Initial stakeholders' consultations with the Ministry of Economy and Budget Planning, the National Bank of the Republic of Kazakhstan (NBRK), relevant associations and insurance companies have taken place during review missions for other projects in 2012 and 2013. The scope, outcome and outputs of the proposed PATA were firmed up during fact finding.
During Project Implementation The TA co-funded the fourth Actuarial School event with the Actuarial Society of Kazakhstan and the NBRK from 16 to 18 September 2015 in Almaty. The team engaged with industry representatives, actuaries and regulators from the region.

Business Opportunities

Consulting Services

The technical assistance (TA) will require 34 person-months of consulting services-- three international consultants for a total of 12 person-months, and two national consultants for 22 person-months. The consultants will be recruited as individual consultants in accordance with ADB''s Guidelines on the Use of Consultants (2013, as amended from time to time). The team of individual consultants will be required to provide deliverables consistent with the design and monitoring framework activities, outputs, and delivery dates. Precise work timelines and deliverables with dates will be defined at inception, documented in the final inception report, and agreed with the executing agency and the ADB.

Approval of a new position of Actuary (national) and revised terms of reference for the positions of Actuary (international) and Project analyst (national) has been granted after the TA inception mission fielded on 3 February 2015.

Responsible Staff

Responsible ADB Officer Inmaculada Martinez Martin
Responsible ADB Department Central and West Asia Department
Responsible ADB Division Public Management, Financial Sector and Trade Division, CWRD
Executing Agencies
The National Bank of Kazakhstan
Koktem-3, 21, Almaty 480070
Republic of Kazakhstan

Timetable

Concept Clearance 19 May 2014
Fact Finding 09 Apr 2014 to 11 Apr 2014
MRM -
Approval -
Last Review Mission -
Last PDS Update 30 Mar 2016

TA 8738-KAZ

Milestones
Approval Signing Date Effectivity Date Closing
Original Revised Actual
17 Oct 2014 21 Nov 2014 21 Nov 2014 30 Nov 2016 31 Jul 2017 -
Financing Plan/TA Utilization Cumulative Disbursements
ADB Cofinancing Counterpart Total Date Amount
Gov Beneficiaries Project Sponsor Others
800,000.00 0.00 0.00 0.00 0.00 0.00 800,000.00 17 Oct 2014 391,253.39

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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