INVITATION TO TENDER FOR THE SELECTION OF A CONSULTANT – DEVELOPMENT OF A PLATFORM FOR INSURANCE REGULATION AND SUPERVISION
This initiative is an outcome of a partnership between AFRICAN REINSURANCE CORPORATION (AFRICA RE) and The Autorité de Régulation et de Contrôle des Assurances (ARCA).
The Autorité de Régulation et de Contrôle des Assurances, was established following the Decree n° 16/001 of 26 January 2016. It is a public, independent technical institution which headquarters are in Kinshasa the capital of the Democratic Republic of Congo (DRC).
ARCA, under the administrative supervision of the Minister of Finance exercises its mission independently when performing its regulatory and supervisory activities in the Congolese insurance market.
As a regulatory body, ARCA operates throughout the Democratic Republic of Congo and has all the powers necessary to carry out the actions provided for by the Congolese Insurance Code. It ensures the protection of the rights of policyholders and beneficiaries of insurance contracts, the soundness of the financial base of insurance and reinsurance companies and their ability to honour their commitments.
ARCA works to develop activities within its scope and ensures that they are conducted in accordance with good practice. It has the power to investigate any claim relating to insurance operations against the companies under its supervision.
The institution is currently seeking to develop or acquire an IT system that will enable it to carry out its regulatory and supervisory missions in an efficient and optimal way.
Consequently, AFRICA RE, in line with the mission of its founders – to foster the development of the insurance and reinsurance industry in Africa; to promote the growth of national, regional, and sub-regional underwriting and retention capacities and to support the African economic development – has confirmed its willingness to accompany ARCA and secure a budget for the funding of this noble Project, through the Africa Re Foundation.
To recruit a qualified consultant to assist ARCA and its partners in the completion of the project for the development or acquisition of an IT system for the control of insurance operations in the Democratic Republic of Congo. The consultant will be expected to contribute with his technical skills, experience and knowledge in the field of insurance regulation and control tools, and to suggest ways of setting up operational structures to ensure the success of the project while complying with the best practices in force.
The consultant will have to follow the project life from the identification and selection of user requirements, the elaboration of specifications, the follow-up and evaluation of the implementation work, and the supervision and validation of user acceptance test.
III. DUTIES OF THE CONSULTANT
The consultant will play a leading role in drafting the Specifications of the suitable Information Technology System for the supervision and regulation functions of ARCA and the Terms of Reference (ToR) for the selection of either the service provider responsible of the development or of the supplier of this IT System. The following tasks, but not limited would be performed by the consultant:
– Discuss with the Management of ARCA to collect necessary requirements, the environment to be covered, regulation and laws currently in force;
– Review with other insurance regulators their requirements and environment in order to build a holistic and robust requirement document;
– Review existing systems or processes in view to finetune the ToR;
The following functionalities should be considered during the gathering of the requirements and drafting of the ToR :
o Regulation of insurance / reinsurance activities
o Control/Supervision of insurance / reinsurance operators
– Define the technical architecture of the suitable solution;
– Review areas of integration and interface with existing or future system;
– Provide progress report and submit issues or challenges affecting the progress of the assignment;
– Draft and submit the functional specifications of the desired IT System;
– Submit a draft report, i.e. Terms of Reference for the selection of the service provider/supplier;
– Lead the process of the review of the draft report;
– Submit the final report and close the project.
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