Actuarial Consulting Firm to provide technical assistance and training on Solvency... Tender

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.: 106129677

Document Ref. No. : 0002010209

Financier : World Bank (WB)

Purchaser Ownership : Public

Tender Value : Refer Document

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Tender Details

Expression of Interest are invited for Actuarial Consulting Firm to provide technical assistance and training on Solvency II implementation

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 developing and delivering training programs covering complex actuarial areas, including supporting educational materials and user-friendly actuarial tools. In brief, the consultant activities will include:

• A comprehensive training on Solvency II - Standard Formula, covering in detail Pillar 1 valuation requirements and components of solvency capital requirement (SCR)

• Capacity building on internal models under Solvency II

• Comprehensive training on Own Risk and Solvency Assessment (ORSA) - quantitative part

• Comprehensive training on complex quantitative reporting under Solvency II Pillar 3

• Conducting a quantitative impact study for five Albanian insurance companies (of which three non-life insurers and two life insurers)

Key beneficiaries of this activity are, primary the Albanian Financial Supervisory Authority, and domestic insurance companies.

Documents

 Tender Notice