Language
Insurance Reform
A competitive and transparent insurance sector plays a vital role in contributing to economic growth by improving investment climate and promoting a more efficient mix of activities thanks to risk management instruments. In low-income countries, where less advantaged populations are more vulnerable, insurance can play a vital role.
Countries Served:
Types of Activities:
Albania – Financial Supervisory Authority
(2001-Present):
FSVC’s flagship insurance program helps to institutionalize risk-based insurance practices in Albania. Volunteers have assisted the Financial Supervisory Authority in setting up a training center for its inspectors and market participants by drafting curriculums and providing lectures on insurance topics, including foundations of risk-based supervision; life, property and casualty insurance; and risk management. FSVC developed an 18-month Actuarial Training and Certification Program to educate and certify new actuaries. This program has not only increased the number of actuaries in Albania, but increased the quality of work produced by actuaries in the insurance and pension market.
Haiti - Ministry of Economy and Finance (2010):
FSVC provided a team of volunteer experts on behalf of the US Treasury’s Office of Technical Assistance to spend tend days
Countries Served:
|
FSVC Insurance Experience Key Indicators: 1999-2011 |
|
| Projects Completed | 176 |
| Number of Countries Served | 21 |
| Individuals Trained | 2,254 |
| Pro Bono Hours Delivered | 17,811 |
Albania, Bosnia, Cambodia, Colombia, Croatia, Ecuador, Egypt, Estonia, Haiti, Indonesia, Jordan, Latvia, Macedonia, Malawi, Morocco, Poland, Romania, Russia, Ukraine, Vietnam, and Yemen.
Types of Activities:
- Commentaries, assessments and evaluations of policy-related or operational issues such as: review of relevant laws
and regulations; assessment of current supervision capabilities and future requirements; evaluation of insurance
sector needs (including gap analysis of sector deficiencies); etc.
- In-country consultations on the following: policies and procedures, or the organizational structure of insurance
regulators; management practices; database formulation; monitoring techniques; insurance fraud prevention; etc.
- Training workshops and seminars on IAIS Core Principles and basic examination techniques; on-site and off-site
monitoring training; actuarial training; and general training.
and regulations; assessment of current supervision capabilities and future requirements; evaluation of insurance
sector needs (including gap analysis of sector deficiencies); etc.
- In-country consultations on the following: policies and procedures, or the organizational structure of insurance
regulators; management practices; database formulation; monitoring techniques; insurance fraud prevention; etc.
- Training workshops and seminars on IAIS Core Principles and basic examination techniques; on-site and off-site
monitoring training; actuarial training; and general training.
Our Accomplishments:
 |
| Albanian actuaries participate in advanced Training on Stochastic Claims Reserving Methods in Switzerland |
(2001-Present):
FSVC’s flagship insurance program helps to institutionalize risk-based insurance practices in Albania. Volunteers have assisted the Financial Supervisory Authority in setting up a training center for its inspectors and market participants by drafting curriculums and providing lectures on insurance topics, including foundations of risk-based supervision; life, property and casualty insurance; and risk management. FSVC developed an 18-month Actuarial Training and Certification Program to educate and certify new actuaries. This program has not only increased the number of actuaries in Albania, but increased the quality of work produced by actuaries in the insurance and pension market.
Haiti - Ministry of Economy and Finance (2010):
FSVC provided a team of volunteer experts on behalf of the US Treasury’s Office of Technical Assistance to spend tend days
in Port-au-Prince conducting audits of insurance companies, focused on determining these companies’ shortfalls in the wake of the January 2010 earthquake. The volunteers audited eight insurance companies, interviewing the companies’ management and financial officers, reviewing records for financial operation and claims functions, and assessing the financial conditions of these companies. At the end of the week, the volunteer experts gave a concluding presentation to the Haiti Ministory of Economy and Finance, recommending temporary assistance in the form of loans be made to the insurers with outstanding earthquake claims in the interest of developing a fully functioning market in Haiti.
