Pensions and Insurance Authority Call for Expression of Interest Jobs in Zambia
Pensions and Insurance Authority Call for Expression of Interest Jobs in Zambia
The Pensions and Insurance Authority is the regulatory and supervisory authority of the pensions and insurance industry. The Authority is established under the Pension Scheme Regulation Act no. 28 of 1996 (as amended by Act no. 27 of 2005). The Authority is empowered under Section 5 of the Pension Scheme Regulations Act No. 28 of 1996 (as amended) to formulate standards in the conduct of insurance business.
Background of the consultancy
The Authority in meeting its mandate to increase penetration and access to insurance services sought to conduct a study to extend mandatory insurance to other classes of insurance. The Authority seeks to understand the insurance landscape in order to assess what classes would benefit from mandatory insurance as well as the impact of such an extension.
Purpose of the consultancy
The purpose of this study is to assess whether there is need for regulatory intervention in the introduction of mandatory insurance taking into account the local insurance landscape and international best practices while considering the unserved markets.
Scope of the consultancy
The study will involve but not limited to of the following:
2002. Review performance of the current mandatory motor third party (MTP) insurance as provided for in the Road Traffic Act No 11 of 2002.
2003. As part of the above requirement, validation of industry data on client value (based on claims experience) on motor third party insurance for the last 5 years, is critical.
• Identify and propose classes of insurance business that could form part of mandatory insurance, in addition to the current MTP.
Where mandatory classes of insurance business have been proposed, identify relevant legal framework and make recommendations where necessary for the purposes of achieving the desired outcomes.
Design implementation plan, which must include consumer sensitization framework.
The Authority now invites eligible Consultant(s) with requisite expertise to submit their Expression
of Interest (EOI) for the provision of this service.
Interested firms are required to submit the following:-
Detailed Company profile including CV’s of three (3) Key staff demonstrating their technical capability to undertake the assignment. The lead consultant must have a minimum of Master’s Degree in finance, development studies, MBA or equivalent with minimum experience of not less than 10 years in the relevant field. The other proposed staff (Minimum 2) must possess a minimum of a bachelor’s degree or professional qualification in finance or equivalent and the other Must be an actuary with experience in evaluating insurance business with experience of not less than five years in the relevant field. Submissions should include respective certificates.
Provide proof of having conducted assignments of a similar nature with at least 3 reputable clients in the last five years, preferably with reputable organizations. Attach respective recommendation letters. The firm must demonstrate proven record of conducting feasibility studies; preferably on access, usage and performance (which MUST include client value) of financial products, especially in Pensions and Insurance sector.
Submit copies of Certificate of Incorporation, Valid Tax Clearance Certificate, Membership with relevant professional institutions – Mandatory
Joint Ventures with international firms are encouraged.
Procurement Method
Open National Selection: A Consultant once issued with the Request for Proposal will be selected using Quality Based Selection (QCBS) Procurement Method.
How to Apply
Details for Submission of Expression of Interest
Expressions of Interest clearly marked “CONSULTING SERVICES TO CONDUCT A STUDY ON THE FEASIBILITY OF EXTENDING MANDATORY INSURANCE TO OTHER CLASSES OF INSURANCE” must be deposited in the Tender Box situated on the Ground floor, PIA office Building, Stand No. 4618, Lubwa Road, Rhodespark, Lusaka on or before Tuesday 16th September, 2020 at 10:30hrs. Late or faxed Expressions of Interest shall be rejected. EOI will be opened thereafter in the presence of bidders or their representatives who choose to attend.
Secretary
Management Procurement Committee
FOR/REGISTRAR AND CEO
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