Social Security,
Pension & Insurance Administration Reform
Projects

SOLOMON ISLANDS - Strategic Review of Solomon Islands National Provident Fund

World Bank

IOS Partners undertook a strategic review of the National Provident Fund (NPF), analyzed its status, reviewed portfolio management and performed an actuarial review.  The Team identified key policy issues to be addressed as well as deficiencies in the organization: legislation and finances, and provided recommendations and strategies for strengthening this pension fund.

VANUATU - Vanuatu National Provident Fund

Asian Development Bank

IOS Partners conducted a Financial and Marketing Study, under the auspices of the Asian Development Bank, undertaken to expand the contribution base of the Vanuatu National Provident Fund in response to massive withdrawal of funds and poor asset management. This involves an in-depth study of existing pension sector and market potential for both public and private pensions. Devised macro-economic studies to understand the tax revenue implications on the existing public pension plan and the tax benefits to the private sector.

BULGARIA – Support of Tax and Social Insurance Methodology and Appeals Office (TSIMAO)

Bulgarian Ministry of Finance

IOS Partners' associates worked closely with the Bulgarian Ministry of Finance's National Revenue Agency to support the planning activities of the newly established Tax and Social Insurance Methodology and Appeals Office (TSIMAO) within the National Revenue Agency (NRA). The deliverables for this project include preparing a Strategic Development Plan, Business Definitions for the TSIMAO to undertake uniform application of material and proceedings concerning taxation and social insurance legislation.

KAZAKHSTAN – Privatization of the Pension System of Kazakhstan

Asian Development Bank

IOS Principals directed the establishment of training facilities as part of the Asian Development Bank’s project for the privatization of the pension system of Kazakhstan. IOS Partners trained various teams of end-users in state of the art communications, operations, financial, and administrative related applications and technologies. IOS Partners designed and implemented record-keeping systems for commercial pension funds and investment management companies. IOS Partners assisted in the development of large-scale databases for pension funds and government agencies.

KYRGYZSTAN – Assessment of Unique Tax and Social Identification Codes

The Ministry of Social Protection

IOS Partners was engaged in an assignment with The Ministry of Social Protection to assess unique tax and social identification codes. Provided advice on the issue of a centralized versus decentralized collection of contributions. Established computer controls and procedures between the tax committee and the Ministry of Social Protection.

MONTENEGRO – Pension Reform and Central Banking

USAID

IOS Partners' MIS experts directed Information Technology related initiatives within the Central Bank wholesale reorganization and operational reform as part of the USAID’s Montenegro Pension Reform and Central Banking project. Special emphasis is upon the organizational development with the Central Bank, bank supervision, liquidity and payment of operations, and research and statistics data gathering. Along these lines, various services were previously under the jurisdiction of the Central Bank. IOS Partners successfully divested various entitlement programs such as housing, and old age protection from the public sector to newly created and autonomous public-private institutional bodies. Through these efforts IOS Partners was involved with the tendering process for the solicitation of these pension administration companies whom presently manage the funds of both civil servants and private enterprise workers within these mandatory contribution systems.

COOK ISLANDS - Duperannuating schemes for the Government Superannuating Fund (GSF), Company Plans, and Individual Plans

Asian Development Bank

IOS Partners assisted the Cook Islands, under the auspices of the Asian Development Bank, in the review of existing superannuating schemes for the Government Superannuating Fund (GSF), Company Plans, and Individual Plans. Within these comprehensive diagnostics, IOS Partners reviewed the administration, fund management, Government and Policy- Making Board, Taxation, legislation, and led public awareness campaigns.

PHILIPPINES – Social Security System (SSS) Investment Group

Government of Philippines

IOS Partners completed a project directly with the Government of the Philippines to develop the concept for better fund management related to pension reform. Specifically, the project will focus upon improving the social security system’s internal investment guidelines through the design of appropriate investment policies, streamlining processes and organizational structure of the Social Security System (SSS) investment group, developing appropriate risk management tools, and overall enhancement of the SSS’s investment group.

MONGOLIA - Pension and Insurance Project

Asian Development Bank

IOS Partners reviewed, as a component of the Asian Development Bank funded Mongolia Pension and Insurance project, the legal and regulatory frameworks with regard to state provisions, private sector pension and insurance industries. Within these frameworks, IOS Partners developed recommendations for risk-based solvency requirements and corresponding detailed investment guidelines that allow investment of the insurance fund. Within this regulatory framework IOS Partners devised accounting and reporting systems based upon international standards in strict compliance with disclosure requirements, accounting, auditing, and prudential norms. To this end, IOS Partners also reviewed the corresponding operational and regulatory capacity of the Insurance Supervision Unit. IOS Partners conducted a comprehensive examination of the overall business environment facing the insurance system, and assessed the potential for the industry’s development. In this regard, IOS Partners formulated guidelines to govern new insurance and voluntary retirement savings products.

MACEDONIA – Pension Reform Project

USAID

IOS Partners, under the auspices of USAID’s Macedonia Pension Reform project, assisted in developing the Institutional Framework needed to license and regulate private pension funds. To this end, assisted the Government of Macedonia in developing regulations, policies, and procedures for the private regulatory agency. Additional efforts included training management audit skills.

REPUBLIC OF GEORGIA  - FIRST Initiative – Reform Insurance State Supervisory Services (ISSS)

Government of Republic of Georgia

A prime example of our most recent insurance reform undertaking, IOS Partners, under the FIRST initiative funding mechanism, is presently engaged by the Insurance State Supervisory Services (ISSS) of the Republic of Georgia to:

• Conduct an assessment of the status and role of long term savings and pension products, evaluate the existing supervisory systems for the suppliers of these products and make appropriate recommendations/submissions, including drafting and submitting recommended additions/amendments to legislation, for the strengthening of these systems;
• Review and assess the level of actuarial input required, both at the individual company operational level and at the market supervisory level, for both life and pension business and from this prepare a need gap analysis;
• Deliver a comprehensive curriculum to enhance the general capacity of ISSS by designing and implementing relevant in-house training programs.