The Project was to support the development of a sound and efficient insurance sector to help accelerate economic growth and poverty reduction. The specific project outcome would be improvement in governance and efficiency, thereby bolstering investor confidence in the insurance sector. The objective was to strengthen the Office of Chief Controller of Insurance (OCCI) responsible for market regulation. Market infrastructure support was essential for a fair, transparent and efficient domestic capital market.
- Regulations for the new legislation, a development plan for state-owned insurance corporations and updated mortality tables.
- Capacity building for key staff members of the present insurance regulatory authority (OCCI)
- Protection of insurance policy-holders; the insurance regulator needed to monitor company performance through systematic reports and evaluate all aspects of the insurance business.
- Capacity enhancements for the regulators to analyze were as follows:
- underwriting and pricing operations,
- producing introduction and marketing schemes and programs,
- conducting risk management
- providing portfolio management policies reinsurance policies, systems and practices,
- expanding service availability and
- ensuring service orientation; particularly responsiveness to claims, timeliness of payment and adequacy of service.
- Helping the newly established regulatory authority to draft regulations that will be implemented by the regulator under the proposed acts when they are passed.
- Undertaking an analytical study and formulate a development plan to deal with any impact from the proposed legislation and implementing regulations on the state-owned insurance corporations, including resource requirements, improving operations, restructuring and the timing and process for the liberalization of compulsory reinsurance arrangements.
Helping the insurance industry to update mortality tables in use for life insurance and review current premium levels for life and general insurance. Supporting OCCI to become more automated and developing a Management Information System (MIS).
Timeframe: August 2009 - October 2010
Realated Countries: Bangladesh
Client(s): ADB, GOB, Ministry of Finance (MOF)
Categories: Insurance Sector and Capital Market Development, Capacity Building and Management Reform and Human Resources Management