Хөрөнгийн зах зээлийн тусламжтайгаар даатгалын зах зээлийг хөгжүүлэх, дэмжих, холбогдох бодлого, арга замыг тодорхойлох дотоодын зөвлөх сонгон шалгаруулна (Сунгадсан)
Урилгын дугаар: C4/CS/050
Захиалагч: Санхүүгийн зохицуулах хороо
Зарын төрөл: Зөвлөх үйлчилгээ
Зарласан огноо: 5/20/2022
Дуусах огноо: 6/22/2022 15:00:00  

Зарын урилга

A. BACKGROUND

Mongolia has received a credit from the International Development Association (IDA) for implementation of the Strengthening Fiscal and Financial Stability (SFFS) project. The Financial Regulatory Commission (FRC) is a beneficiary of the Project and is implementing activities under sub-component #C4. The main objective of the Sub-component is strengthening the institutional capacity of the FRC. 

The Commission was established on 25 January, 2006; as a supervisory authority under the Law on the Legal Status of the FRC approved by the Parliament of Mongolia in 2005. 

The insurance industry is one of the main sources of institutional investment in the world. By exercising this function, it contributes to the consolidation of capital via stable resource inflows for the long-term financing of projects. Such interventions drive economic growth, bringing stability to the financial system by providing a steady source of financing that reduces pro-cyclicality in times of crisis. In addition, contributions to development of the domestic reinsurance market with the help of the capital market will attract foreign investors to engage in Alternative Risk Transfer (ART).

In developing countries, 50-75% of total assets in the insurance sector are in the form of debt instruments; while in Mongolia this figure is less than 10% (and less than 15% of total assets are invested in the capital market). In addition, while 10-25% of total assets in the insurance market in developing countries are in cash, and deposit and savings accounts in banks, this figure is about 70% in Mongolia. Therefore, in accordance with international practice, it is important to increase the types of insurers’ investment activities, and create incentives for investment Mongolia.

Over the past five years in Mongolia, insurance companies transferred MNT310.3 billion (32.1%) of total premiums income abroad, for reinsurance premiums. In 2021, general and life insurance companies collected a total of MNT243.3 billion in insurance premiums and a total of MNT84.4 billion (34.7%) was spent on reinsurance, of which MNT3.8 billion (4.5%) was paid by domestic reinsurers. This indicates that on the one hand, the domestic reinsurance market is underdeveloped, and on the other hand, the risk acceptance mechanism of insurance companies is not well developed, resulting in large outflows. Therefore, it is necessary to increase the capacity of domestic insurers with the support of the capital market, develop the reinsurance market, and create non-traditional risk transfer mechanisms.

During the past decade, catastrophes have periodically strained the insurance industry’s capacity to provide related risk insurance. Due to the lack of fund sources in the insurance sector to finance global catastrophes such as hurricanes or earthquakes around the world, a new instrument  “Alternative Risk Transfer” was introduced  to  transfer  and  finance  catastrophic  risk  exposures,  such  as catastrophe bonds CAT bonds and contingent capital and risk linked securities that are placed through the global capital  market.  These instruments provide opportunities to finance new risks for many countries.

For the above, it is necessary to raise capital from the capital market by issuing insurance-linked securities, CATs, and other derivative financial instruments. It is also necessary to disseminate insurance risks, increase the risk-bearing capacity of insurance companies, and create derivative financial instruments to ensure capital and insurance market coherence. 

The purpose of the national consulting service is to conduct research on international best practices, and the feasibility of introducing ART to the market. The service is also required to implement ART in Mongolia (to create a favorable investment environment for insurers, and professional institutional investors), to identify implementation policies, and to create the related legal environment. 

B. OBJECTIVE OF THE ASSIGNMENT

The purpose of the consultancy is to conduct research on international best policies and practices required to introduce ART into the insurance market. Also, to provide advice to the Commission’s Insurance Market Department, on creating a favorable investment and legal environment for insurers.

C. SCOPE OF THE WORK

Task 1. Pre-drafting work 

The tasks of the Consultant include, but are not limited to:

  • Conduct comparative research on international policies and practices in the ART market (CATs, special purpose vehicle, insurance linked securities, CoRe, and Sidecar) in at least two other countries. The countries for research will be selected in consultation with the Client;
  • Review Mongolia's long-term development policy on the financial market development, and the Law on Insurance, the Law on Securities Market, and other relevant legislation and methodologies. Evaluate the feasibility of increasing insurance investment and opportunities to introduce insurance linked securities (or financial derivatives). 
  • Analyze and evaluate feasibility of other opportunities and approaches, for insurance companies to participate in the capital market;
  • Evaluate feasibility to transfer disaster risk and other risks of Mongolia through derivative-based financial instruments. 

Task 2. Drafting regulation and conducting training 

  • 5. Draft a regulation on ART; 
  • 6. Prepare a presentation on suggestions for amendments and/or revisions of the relevant legislation. And the same for drafting a regulation in connection with the implementation of ART; 
  • 7. Hold meetings and discussion sessions with personnel of the Commission and other stakeholders;
  • 8. Finalize a draft regulation;  
  • 9. Organize training for Commission personnel based on the results of the consulting work;
  • 10. Perform other related duties as assigned.

D. DELIVERABLES

The Consultant shall prepare and present the following deliverables to the Commission.

  1. Contract Implementation Plan; 
  2. Research report on international policies and practices in the ART market (CATs, special purpose vehicle, insurance linked securities, CoRe, and Sidecar; 
  3. Review report on legislation and methodologies; feasibility of increasing insurance investment and opportunities to introduce insurance linked securities or financial derivatives; 
  4. Training presentation; 
  5. Draft regulation and/or suggestions for amendments and/or revisions of legislation in connection with implementation of ART; 
  6. Final Report

E. CONSULTANT’S QUALIFICATIONS AND SELECTION CRITERIA

Education: A postgraduate degree in relevant subjects such as finance, economics, math or actuarial science. Specialization in insurance, and experience in capital and/or insurance markets would be advantageous.

Experience: The Consultant should have at least eight years’ of relevant professional experience working in the financial sector preferably in the capital market with knowledge of insurance risk management. Previous experience in a similar economics and finance research work/projects working with partnership of government or government agencies will be an advantage. 

Language Skills: Fluent written and spoken skills in English and Mongolian

Other Skills:

  • Excellent interpersonal skills with the ability to mentor effectively, and collaboratively, in the workplace.
  • The Consultant shall exhibit the highest standards of professional behavior and personal integrity. The ability to work unsupervised is essential.

F. SUPERVISION AND REPORTING 

The Consultant will report directly to the Director of International Cooperation Department of the Commission while simultaneously reporting to the Coordinating consultant, component C4. The Consultant will work on full-time basis during the period of the contract.

A Contract Implementation Plan including a concise description of activities, timelines and deliverables of the ToR shall be prepared by the Consultant within three working days of commencement of the consultancy service. The Consultant must prepare and submit monthly reports detailing achievements and (when appropriate) include details of the impediments in the execution of the entire assignment. 

The Insurance Market Department and PIU (SFFS) shall evaluate the Consultants' performance on the basis of outputs, and approve invoices for delivered outputs. All reports shall be prepared in English and Mongolian, in electronic and hard format, which shall be submitted to the Commission and the PIU (SFFS).

G. CONTRACT DURATION 

The Consultant is expected to commence work in June, 2022. The consultancy duration is three (3) months.  The consultant is expected to work at the Commission during the consultancy period.

Payments will be released upon satisfactory completion of all deliverables according to the following schedule: 

  • Deliverables 1-3: 50% of total contract amount;  
  • Deliverables 4-6: 50% of total contract amount.  

H. INSTITUTIONAL ARRANGEMENTS 

The Commission will provide office space (work desk, meeting room, etc.) and assign a coordinator to work with the Consultant to facilitate the consultants work at the Commission (meetings, visits and other communications with government agencies, officials, and market players, etc.). The Commission's Insurance Market Department will provide management and organizational support for the day-to-day work of the Consultant. The Commission may assist in providing necessary data and information including laws, rules and regulations; and any other relevant information to the Consultant. 

If you possess the above qualifications, please submit the following documents via email to procurement_sgm@sffs.mn:

1. Cover letter indicating why she/he considers her/himself suitable for the position.

2. Detailed CV highlighting relevant skills/experience.

3. Copy of diplomas or certificates; and,

4. Two (2) reference letters from previous last two employers no later than 15:00 PM, June 03, 2022.

The consultant will be selected in accordance with the World Bank’s Procurement Regulations for IPF Borrowers (July 2016).

The submitted documents will not be returned to the applicants. Please be noted that incomplete applications would not be considered for evaluation. Only selected candidate will be contacted.

Address for submission of Expression of Interest: Attention to Ms.Oyunyam.M, Procurement Specialist, Strengthening Fiscal and Financial Stability Project, Address: Room #205, Negdsen undestnii 8/2, 4th khoroo, Chingeltei District, Ulaanbaatar, Mongolia. Tel: 70120582 or via email to: procurement_sgm@sffs.mn

Холбоо барих

70120582

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