|ДЭЛХИЙН БАНКНЫ ТӨСӨЛ ХЭРЭГЖҮҮЛЭХ НЭГЖ|
Монгол Улсын Засгийн газар Дэлхийн банкны хөнгөлөлттэй зээлийн хүрээнд хэрэгжүүлэх “Төсөв, санхүүгий
Албан журмын даатгалуудын Ерөнхий хуулийн төсөл боловсруулах хэрэгцээ, шаардлагын тандан судалж ЗГ-т танилцуулах дотоодын зөвлөх сонгон шалгаруулна.
Mongolia has received a credit from the International Development Association (IDA) for the Strengthening Fiscal and Financial Stability Project (SFFSP). The Objective of the SFFS Project is to contribute to the Government of Mongolia’s efforts to strengthen fiscal and financial stability and improve the quality of expenditure. The project is designed into five components: (I) Strengthening Macroeconomic and Fiscal Management; (II) Improving the Efficiency of Public Financial Management; (III) Enhancing Financial Sector Stability; (IV) Strengthening the Social Protection System; (V) Project Management and Monitoring. The objectives are to: Strengthening fiscal responsibility and implementing relevant policy measures, improving fiscal discipline, strengthening the resiliency of the banking system, improving public expenditure quality in social protection, providing support for Project implementation, coordination, monitoring and evaluation, including, inter alia, audit arrangements, reporting requirements, procurement and financial management activities respectively. For more details, please refer to the Project Appraisal Document Report No. PAD2269.
The Ministry of Finance (MoF), the Financial Regulatory Commission (FRC) and the 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, and 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 a 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.
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 a 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 a new law on insurance in 2004 there were 16 insurers by the end of 2018.
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 large industries.
Specialists suggest that the introduction of new compulsory insurance lines to the market will make a significant impact to the sector’s development. Currently, several mandatory insurance coverages, mostly third party liability, are included in specific laws of different industries (the “laws on compulsory insurance”). However, there are some essential issues, including the uncertainties regarding the state of the enforcement, the efficiency of insurance coverages in those laws and responsibilities of supervising organization, and insufficiency of relevant data, thus, amendments should be made to them based on review analysis. Moreover, a research on determining the necessity of a general law of compulsory insurance products needs to be conducted.
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 compulsory insurance, suggesting amendments to the laws on compulsory insurance, and determining the need for a general law of compulsory insurance products.
OBJECTIVE OF THE ASSIGNMENT
The objective of the National Individual Consultant is to assist implementing “Financial sector development plan 2025”, and to provide professional advice and assistance to the Financial Market and Insurance Division (“FMID”) of MoF on reviewing and improving legal framework of compulsory insurance, making amendments to the laws on compulsory insurance and conducting a research on determining the need for a general law of compulsory insurance products.
SCOPE OF THE WORK
The following assignments will be conducted by the National Consultant, but not limited to:
III. Recommendations on Institutional arrangements for FMID:
CONSULTANT’S QUALIFICATIONS/ SELECTION CRITERIA:
v Education: A suitable candidate should have at least master’s degree from an accredited university in the fields of Finance, Economics, Accounting and Law.
v Experience: Incumbent should have at least 5 years of relevant professional experience in the relevant fields, conducting financial and economic analysis. Proven advanced research skill is required (publications in academic journals/peer reviewed journals); 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:
The consultant is expected to commence working effective from May 2019. The duration of the assignment is 9 months.
If you possess the above qualifications, please submit following documents via email to firstname.lastname@example.org:
The submitted documents will not be returned to the applicants. Please note 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 email@example.com Contact address: Attn: Ms.Bayarmaa, Procurement Specialist, Strengthening Fiscal and Financial Stability Project
Room #204, Negdsen undestnii 8/2, 4th khoroo, Chingeltei District, Ulaanbaatar, Mongolia; Tel: 70120582
The consultant will be selected in accordance with the World Bank’s Procurement Regulations for IPF Borrowers (July 2016).
Further information can be obtained at the address below during office hours: 8:30 to 17:30 hours (local Ulaanbaatar time) or firstname.lastname@example.org.
Анкет илгээх боломжгүй, анкет хүлээн авах хугацаа дууссан байна