Status: Completed
Period of implementation: July 2012 to February 2013
Donor: European Union – 10th European Development Fund
Direct Beneficiary: FSRC
Implementing Agency: ONAO, Financial Services Regulatory Commission (FSRC)
Donor Contribution: 100,000 EUR
Background:
The project was approved within the context of support to the focal sector of the 10th EDF, Public Financial Management and Revenue Reform’ and as part of the wider fiscal and public sector modernisation policy of the Government. In consultation with the Ministry of Finance, the ONAO identified the Financial Services Regulatory Commission (FSRC) as an entity which could benefit from intervention in the form of Technical Assistance and support the main project activity being implemented at the Inland Revenue Department, Treasury, Audit Department and Ministry of Finance Headquarters.
The FSRC sought to strengthen its regulatory and supervisory functions to improve the effectiveness of its organizational governance and the efficiency of its administrative structure. As such, in 2009, they engaged in an evaluation and strategic planning exercise which resulted in a two-year draft strategic plan and identified several key reform areas such as the supervisory and regulatory framework.
Findings from internal evaluations and recommendations contained in the FSRC’s Assessment/Investigative Reports also informed local legislation and led to the passage of a Bill which detailed that the Commission, or any successor entity, should be restructured and reorganized as part of its commitment to strengthening the jurisdiction’s regulatory and supervisory framework in the international financial services sectors, the non-bank international financial services sector and the domestic financial services sectors.
In support of the reform and restructuring efforts, the FSRC selected its Insurance Department, tasked with regulating and supervising the insurance sector, to receive Technical Assistance (TA) through the EU funding available.
Objective:
To strengthen the supervisory and regulatory framework for the insurance sector in Antigua and Barbuda under current international best practices and standards.
Project description:
The project set out to review and upgrade where necessary, and in other cases to institute measures to enhance, the legal, supervisory and regulatory framework for the insurance sector, based on international best practices. Additionally, the assignment was designed to further strengthen the capacity of insurance supervisory employees.
Through an international tender procedure, a consultant was identified and contracted to:
- review and consolidate the Standard Operation Procedure Manuals;
- review the draft insurance regulations to ensure that they contain the relevant provision of the Insurance Act No. 13 of 2007; and
- provide skills training for the insurance supervisory employees in the areas of insurance regulation and supervision.
The project was successfully completed in the first quarter of 2013.
