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Examples of a few LS&A projects from the past several years are listed below: ASIA: China - This project was started in Feb 2006 and completed in March 2007. The LS&A team helped the client design a system of risk based supervision for the newly established Enterprise Annuity pension system, and produced a road map for future supervisory development. Mauritius - LS&A assisted its Mauritius client with the drafting of regulations, rules and guidelines to complement the new insurance law. The project was carried out in two visits of one month each, supplemented by work from Canada. Principles of risk based supervision were conveyed to staff in a number of training sessions and these principles were incorporated to the extent currently feasible in new regulations, policies and procedures. Vietnam - This project started in March, 2008 and was completed in November of the same year. LS&A reviewed compliance with Insurance Core Principles; provided a strategic roadmap for upgrading legal and regulatory framework and drafted recommendations for changes to prudential regulations. The project also developed a policy and procedural manual for use by the supervisory agency.
MIDDLE EAST COUNTRIES:
Jordan - LS&A assisted the client to establish and put in place a risk based supervisory system for insurance companies. Staff members were trained on the use of the new risk based approach. The consultants also designed a supervisory handbook for staff use with the new risk based system. Lebanon - LS&A originally carried out this project to assist the Government of Lebanon design an Insurance Control Commission. Later the project continued with training of staff and other matters relating to the development of the new Control Commission. Finally, LS&A worked with the Control Commission to draft a modern new Insurance Law for Lebanon incorporating best supervisory practices and incorporating international standards as adopted by the International Association of Insurance Supervisors. Bahrain - Designed and carried out of an extensive training project for the client. Training program covered all aspects of modern insurance supervision. Lawrie designed and used about 600 Power Point slides in connection with case studies, classroom exercises, role playing and classroom discussion. United Arab Emirates - LS&A has carried out two projects for the Emirate of Abu Dhabi. The first, completed in 2007, was to review the insurance legislation in the context of international standards and best practices and to provide suggestions for upgrading. In 2009 LS&A was retained to review the regulatory framework for the entire financial sector, to identify gaps when compared to international standards and best practices as seen in leading international financial centres and finally, to recommend how the gaps could be closed, paving the way for Abu Dhabi to become a global financial centre and in line with the Emirate's Vision 2030 plan for development over the next 20 years. The five person LS&A team includes consultants with extensive, senior experience in banking, securities/capital markets, insurance, real estate financing and pensions.
CARIBBEAN COUNTRIES:
Barbados - This was a project for IADB to look at entire financial sector and consider options for organization of supervisory functions. The LS&A team reviewed the existing regulatory and supervisory frameworks in relation to activities in banking, insurance and securities, and developed a plan for the incorporation of recommendations to catch up with international best practices. Barbados - This project is for IADB, and currently active. LS&A is assigned to carry out an overview of Credit Union supervision framework, to provide input to modernize and upgrade the supervisory mechanism. A road map and a manual are to be delivered and a study tour for supervisors to be arranged in US and Canada. Jamaica - A series of projects commencing in the 1990's and involving diagnosis of problems prior to the Jamaican financial crisis, with subsequent assistance in drafting new supervisory laws and frameworks. A number of projects for the Financial Services Commission were carried out after its establishment in 2001. Trinidad and Tobago - Assisted the Central Bank with integration of insurance supervision by assisting with hiring of new personnel, training staff (in addition to classroom training, carry out on-site visits of all licensed insurers and a sample of 22 pension plans), designing software system for integrated supervision, modernizing insurance law, designing risk based supervisory system for insurance and upgrade training on banking side, base line plan for insurance consumer compensation plan, manuals for use of staff.
EUROPE: Albania - This project in 2008 consisted of a review of current supervisory practices by the insurance supervisory authority and recommendations with regard to the steps required to firmly place the authority on track to begin utilizing a risk based approach to supervision.
Bulgaria - An early project of LS&A, reviewing the current practices and providing recommendations for future development of the insurance supervisory system.
Azerbaijan - Completed in 2007 this project was primarily targeted at staff training, along with a review of a draft insurance law and recommendations for changes in the law which would move the country much closer to international standards and best practices in insurance supervision.
AFRICA: Ethiopia - This project was for the World Bank and was completed in early 2009. LS&A provided technical assistance to build capacity in insurance regulation and supervision, legal assistance on revision of existing laws and regulations, drafted a road map and a comprehensive manual for use by insurance supervisory staff. Tanzania - For the World Bank, the LS&A team designed and delivered a comprehensive training program for the client to acquire a full understanding and technical capacity to ensure compliance with internationally accepted standards on Corporate Governance. In addition to supervisory staff, attendees included directors of virtually all insurers licensed for operations in Tanzania. Training was over a 3 week period, with 10 topics and made use of about 900 PowerPoint Slides. Zambia - LS&A reviewed the current supervisory framework with industry representatives and supervisors and provided recommendations in three areas: current pension situation, future development, policy implications and amendments. The consultants then drafted a report on supervisory strategies and a high level road map for implementation for the client. This included organization strategy and the information system as well as a business plan for strengthening supervisory effectiveness. LS&A also organized a study tour for client staff and provided training/workshops.
SOUTH AMERICA
Chile - LS&A worked with the client, SVS, to design a system of risk based supervision that would be well suited to Chile, and then worked with the client to implement the new system. This project had a particular focus on life insurance annuity companies because these companies provide the final component for the country's successful and sophisticated social security system. Mexico - A project for the Government of Mexico extended over 18 months, with Lawrie spending approximately one week per month in Mexico City. The project involved extensive training of regulatory staff, including case studies based on Lawrie's significant regulatory experience over the years.
PROJECTS IN CANADA:
- On an on-going basis, Anne Riley and David Paulson of LS&A conduct research, participate in meetings and provide advisory services to two insurance industry organizations (CAFII and CADRI) as well as to Meloche Monnex, the insurance subsidiary of TD Bank. In all cases the consulting services are to assist the entities in addressing issues and concerns related to the insurance regulatory framework within Canada.
- Assisted the Insurance Bureau of Canada on developing risk based marketplace standards to be adopted by insurer members, which would be acceptable to Canadian provincial regulators. The objective was to design and introduce a system of risk based marketplace supervision incorporating principles of corporate governance and strong internal controls that would be largely self-regulatory in nature.
- Assisted IBC on The Alberta Automobile Insurance System: System stewardship using a balanced scorecard approach: Providing advice and participating in meetings (government and industry) with regard to the development of a "stewardship" approach to market conduct regulation, involving shared oversight of the compulsory auto insurance marketplace by industry and regulators; and also meetings with regard to improving the industry's ability to provide meaningful and beneficial purchase information to insurance consumers, especially with regard to the sale of compulsory auto insurance coverage.
- Helped a Canadian regulatory insurance authority develop a harmonized approach to risk based market conduct regulation
- Developed a paper for a Canadian association that evaluated the various options regarding the possible establishment of a life insurance company to be owned by the association.
- Lawrie Savage completed a project for the General Insurance Ombudservice (GIO), to carry out a third-party evaluation of the organization's overall structure and performance, as required by its founding documents.
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