Insurance Reform

Insurance - Overview

Key FSVC Indicators for Insurance from 1999 - 2014: 

      120       1,989   16,740 21

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 in mitigating risk.

 Areas of Expertise

Our Accomplishments

Albania – Strengthening Insurance Supervision and Certifying New Actuaries (2001-Present):
FSVC has assisted the Financial Supervisory Authority in setting up a training center for its inspectors and market participants by drafting curriculums and providing lectures.  FSVC also 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 also increased the quality of work produced by actuaries in the insurance and pension market.

East African Community  Harmonizing Insurance Supervision (2011 - Present): 
FSVC is helping to harmonize insurance supervision across the five member states of the East African Community.  FSVC’s assistance resulted in the insurance sector’s formal adoption of a harmonized supervision manual, eliminating redundant regulatory burden and making that sector the first to achieve regional operational integration.  FSVC also provided technical assistance to the East African Insurance Supervisory Association on insurance industry core principles, cross-border supervision and harmonization of regional insurance products.  

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 ten 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 volunteer experts audited eight insurance companies, interviewing management and financial officers, reviewing records, and assessing the financial conditions of these companies.  The volunteer experts then delivered their observations and recommendations to the Haiti Ministry of Economy and Finance.