International Firm to Develop Insurance Regulations for Maldives

Introduction :

Having launched the Maldives Insurance Development Project, the UNDP and MMA are jointly looking for an international consultancy firm to develop two insurance regulations and support the MMA to implement them in the Maldives.

 

The international firm will support the MMA to draft two insurance regulations in consultation with insurance companies and other relevant stakeholders in the Maldives, including the validation of the regulations developed. Once the MMA formally endorses the regulations, the firm is also expected to support the MMA with the implementation of the regulations by developing the necessary internal procedures in place for reporting against the new regulations. Additional support to MMA also includes providing technical assistance to MMA staff to carry out offsite and onsite inspections of insurance entities in the Maldives. The list of priority standards and regulations is provided below.

                        i.         Regulation on Insurance solvency to align with IFRS 17 standard.

                      ii.         Standards for submitting regulatory returns with reporting instructions for insurance companies, to align with the IFRS 17 requirements.

This specific tender is managed via the new supplier portal system of UNDP Quantum. If you are interested in submitting a bid for this tender, you must subscribe following the instructions in the user guide. If you have not registered a profile with this system, you can do so by following the link for Supplier Registration.

If you already have a supplier profile, please login to the Supplier Portal, then search for the negotiation using the reference number UNDP-MDV-00164, following the instructions in the user guide.

UNDP-MDV – MALDIVES

Deadline :

03-Jun-24 @ 01:00 AM (New York time)

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