Procurement Summary
Country : Fiji
Summary : Solomon Islands National Provident Fund (SINPF) Insurance Expert
Deadline : 12 Apr 2019
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Notice Type : Tender
TOT Ref.No.: 31886335
Document Ref. No. : 54382
Financier : United Nations Secretariat
Purchaser Ownership : -
Tender Value : Refer Document
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TERMS OF REFERENCELocationSolomon IslandsApplication deadline12th April 2019Consultancy TitleSolomon Islands National Provident Fund (SINPF) Insurance ExpertType of ContractIndividual ContractorPost LevelInternational Consultant Languages required:EnglishDuration of Initial Contract:35 days BACKGROUNDThe Solomon Islands shares similar climate and disaster characteristics with its Pacific neighbors who are prone to natural disasters such as flooding, earthquakes, cyclones and tsunamis. The availability of appropriate and affordable insurance cover in these situations can play an important part in helping people and businesses to increase their levels of resilience and safeguard life and property. However, according to the Pacific Financial Inclusion Programme's 2015 Demand Side Study, Solomon Islands only has a 7% level of insurance penetration of the adult population, and this is lower than its main Pacific counterparts in the region. The Pacific Financial Inclusion Programme is part of the United Nations Capital development Fund (UNCDF).Through the country's National Financial Inclusion Strategy 2016-2020, the Central Bank of the Solomon Islands (CBSI) plans to increase insurance penetration to at least 20%, via the introduction of new products such as microinsurance and by potentially issuing insurance licenses to new service providers. In response to this, the SINPF is looking at participating directly in the insurance market or via a partnership agreement or distribution agreement with an existing insurance company to provide insurance products and schemes to its members.The SINPF was established by the Solomon Islands Government under the National Provident Fund Act 1973 commencing its operations on the 1st October 1976 as a mandatory superannuation saving scheme, focusing primarily on employees in the formal employment sector. Recently the SINPF has set up a scheme that allows people in the informal employment sector to make contributions to the SINFP. The SIN...
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