REQUEST FOR EXPRESSION OF INTEREST

Mongolia has received a credit from the International Development Association (IDA) for a Strengthening Fiscal and Financial Stability (SFFS). The project is designed for four components: (i) Strengthening Macroeconomic and Fiscal management, (2) Improving the efficiency of public financial management, (3) Enhancing financial sector stability, (4) Project management. The objectives are: to contribute to the government of Mongolia’s efforts to strengthen fiscal and financial stability and improve the quality of expenditure management. The project is supporting government efforts of building capacities in the fiscal, social, and financial sectors (for more details on the SFFS, please refer to the project appraisal document report No.P161048).

The Government of Mongolia has acknowledged the importance of insurance market development and its role in economic growth and financial sector stability. Insurance market’s share is less than one percent of the total financial market of Mongolia, while there has been dramatic growth in the sector. The banking sector remains dominant at 95.5%. The state insurance company, Mongol Insurance, which remains the largest insurer, was privatized in 1997. After passing new law on insurance in 2004 there were 16 insurers by the end of 2017 with the country’s only life insurer, National Life, begun its operations in 2008.  

Mongolia’s insurance market is largely concentrated on auto coverage following the introduction of compulsory driver’s liability coverage in 2011, personal accident policies, and on corporations, particularly on property and liability insurance for mining operations and other big industries. Specialists suggest that the introduction of the new compulsory insurance to the market will make a big impact to the sector’s development.

The Ministry of Finance (MoF), Financial Regulatory Commission (FRC) and Bank of Mongolia (BoM) had jointly developed “Financial sector development plan 2025” which was approved by the Government resolution #299, 2017. The main purpose of the development plan is to improve Mongolian financial sector framework, structure and infrastructure in the midterm, define the strategic goals and implement it to build more balanced and diversified financial sector instead of bank dominant financial sector, put into action the prudential method to regulate the sector and prevent the systemic risk. In the framework of the “Financial sector development plan 2025”, in 2018  Government of Mongolia has planned to establish working group which consists of stakeholders in order to do relevant research, develop concept note and legal framework on private pension insurance scheme and national reinsurance framework, review and improve current legal framework of insurance industry and make amendments to Law on insurance, Law on insurance intermediaries and Law of the driver’s insurance and insurance industry regulations.

In terms of progress requirements in order to implement “Financial sector development plan 2025”, the MoF is seeking to hire a national consultant to support the reviewing and improving legal framework of insurance industry and making amendments to the relevant legislations and insurance industry regulations. 

SCOPE OF THE ASSIGNMENT

The objective of the National Individual Consultant is to assist implementing “Financial sector development plan 2025”, and to provide professional legal advice and assistance to the Financial Market and Insurance Division (“FMID”) of MoF on reviewing and improving legal framework of Insurance industry and making amendments to relevant regulations. 

The following assignments will be conducted by the National Consultant, but not limited to:

I. Review and develop amendments to the Law on insurance, Law on insurance intermediaries and Law of the driver’s insurance:

1.       Analytical review of the existing insurance industry law (Law on insurance, Law on insurance intermediaries and Law of the driver’s insurance), regulations, rules and guidance for identifying parts that are obsolete and parts that need to be improved;

2.       Conduct a comparative research on insurance law and provide an analytical report considering international best practices and reflect those in the draft rules, regulations and guidance;

3.       Produce the drafts of the Insurance sector related laws (Law on insurance, Law on insurance intermediaries and Law of the driver’s insurance), and amendments to relevant regulations;

4.       Support the implementation of the 2018 action plan of insurance sector related issues in “Financial sector development plan 2025”;

II. Recommendations on Institutional arrangements for FMID:

1.       Prepare and organize a public forum to review and improve legal framework of insurance industry and make amendments to relevant laws and insurance regulations;

2.       Conduct training for the staff at the Ministry regrading to new amendments;

3.       Undertake such other tasks as reasonably requested and/or assigned by the director of FMID;

SHORTLISTING CRITERIA/CONSULTANT’S QUALIFICATIONS:

v  Education: A suitable candidate should have at least master’s degree from an accredited university in the fields of Finance, Economics and Law.

v  Experience:  Incumbent should have at least 10 years of relevant professional experience in the Public sector with the skill of developing legislation, conducting financial and economic analysis; and a good understanding of Mongolian financial systems, laws, and regulations.

v  Language skills: Academic/Fluent written and spoken skills in English and Mongolian.

v  Other skills:

·         With excellent skills and abilities to function effectively and collaboratively in a team environment.

·         Be proficient in PC based applications such as Word, Excel and data management, and have excellent web research and navigation skills.

CONTRACT DURATION:

The consultant is expected to commence working effective from April 2018. The duration of the assignment is 6 months.The consultant will be selected in accordance with the World Bank’s Procurement Regulations for IPF Borrowers (July 2016).

If you possess the above qualifications, please submit following documents in person:

·            - Cover letter indicating why she/he considers her/himself suitable for the position,

- ·         - Detailed CV highlighting relevant skills/experience,

·            - Copy of diplomas or certificates and,

·            - 2 reference letters from previous last two employers no later than 11:00 A.M, May 16, 2018 in person.

The submitted documents will not be returned to the applicants. Please be noted that incomplete applications would not be considered for evaluation. Only selected candidates will be contacted. Candidates can be interviewed. Detailed terms of reference can be requested from procurement@sffs.mn Contact address: Attn: Ms.Khaliun, Procurement Specialist, Strengthening Fiscal and Financial Stability Project

Room #204, Negdsen undestnii 8/2, 4th khoroo, Chingeltei District, Ulaanbaatar, Mongolia; Tel: 70120582

70120582