Detailed description of project Back
The Insurance Supervision Division (ISD) was established in July 2000 within the Department for Affairs Immediately Related to the Minister, within the Ministry of Finance. Having in mind the expansion of the insurance market, presently consisting of 8 insurance companies and 4 insurance brokerage companies, further development and capacity building of the ISD is necessary in order to achieve more efficient insurance supervision.
The specific objectives of the TA are:
- Further strengthening and approximating the of the Insurance Supervision Division operations in compliance with the IAIS core principles and standards:
- Further development and capacity building of the Insurance Supervision Division:
- Increase the specialized knowledge of the ISD staff for practical implementation of the IAIS principles, standards and guidance papers
- Strengthen the professional capacity of the ISD staff for practical implementation of the IAIS core principles and methodology (see Annex 1)
- Increase the specialized knowledge and strengthen the skills of the ISD staff for practical resolution of certain issues essential for legal and prudent operations of insurance companies and insurance brokerage companies as well as for efficient implementation of their supervision.
Expected results are:
- Improved technical and administrative processes in the ISD operations;
- Highly-trained ISD staff for performing its operations according to IAIS principles, standards and guidance papers;
- Increased skills and competence of the ISD staff.
Type of services provided
- Review the current ISD technical and administrative processes in view of their compliance to the IAIS core principles and standards;
- Carry on a detailed comparative analysis (comprehensive gap analysis) of the compliance of ISD operations with the IAIS core principles and standards;
- Provide expert advice and transfer know-how from EU member states for further pursuing and monitoring the adherence of the ISD operations to the IAIS core principles and standards;
- On-the-job training of the ISD staff for practical implementation of the IAIS principles, standards and guidance papers;
- On-the-job training the ISD staff for practical resolution of certain issues essential for legal and prudent operations of insurance companies and insurance brokerage companies as well as for efficient implementation of their supervision;
- The structure of on-the-job training will comprise a range of training activities relevant to specific targets: on-the-job training, lectures, presentations and discussions, coaching, simulation exercises, tutoring, case studies, etc.
