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WORLD BANK(WB) has floated a tender for Actuarial Consulting Firm to Provide Technical Assistance and Training on Solvency Ii Implementation. The project location is Albania and the tender is closing on 03 Sep 2024. The tender notice number is 0002010209, while the TOT Ref Number is 106117208. Bidders can have further information about the Tender and can request the complete Tender document by Registering on the site.
Procurement Summary
Country : Albania
Summary : Actuarial Consulting Firm to Provide Technical Assistance and Training on Solvency Ii Implementation
Deadline : 03 Sep 2024
Other Information
Notice Type : Tender
TOT Ref.No.: 106117208
Document Ref. No. : 0002010209
Financier : World Bank (WB)
Purchaser Ownership : Public
Tender Value : Refer Document
Purchaser's Detail
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Login to see detailsTender Details
World Bank (WB) launched in 2023 a new four-year technical assistance project in Albania financed through the Finance for Development (F4D) Program. The project scope is to:1.stimulate development of access to finance for Albanian MSMEs, including in priority sectors, such as agriculture, through diversification, innovation, and greening of financial services.2.further strengthen capacities of the Albanian Financial Supervision Authority (AFSA) to supervise the insurance sector, and private pension funds.3.Strengthening financial resilience to climate and disaster shocks, including integrating disaster risk financing into government macro-fiscal policy, closing insurance protection gap for households against earthquakes and for farmers against climate shocks.Under the second objective, the project will support AFSA support in strengthening regulation and supervision of insurance sector. Solvency II implementation is one of the key priorities of AFSA-s strategy in the context of the country-s preparations for EU accession. It is expected to bring competitive advantages for professional insurers, contribute to the sound development of the insurance sector, and promote the role of insurance in the country-s economy. However, the adoption of Solvency II risk-based requirements entails numerous technical and organizational demands on insurance companies and AFSA. Therefore, it is essential to prepare the supervisor and market and provide for transitional measures, which ensure that Solvency II will have a gradual effect on the capital requirement and compliance by insurance companies. To address the challenges of implementation, with the WB support, AFSA has adopted a roadmap towards Solvency II.The World Bank seeks to hire an international actuarial consulting Firm (the “Consultant”) specialized in consulting, and high expertise in areas of (re)insurance, actuarial, capital modeling and solvency, ORSA and regulatory reporting in the context of Solvency II, experience in...
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