Promoting an Interlinked ASEAN Capital Market

Project Details

Detailed Narrative Description of the Project:

The consultant must be an international expert on insurance products and policies in particular indemnity insurance for the financial sector (capital market) with experience on cross border related transaction particularly within the ASEAN region as well as knowledge in relevant legal framework and enforcement of judicial award.

Detailed Description of Actual Services Provided by AGMES Consultants:
(i) Analyze and discuss with insurance regulators regarding the legal framework for the insurance subsector in the participating ASEAN countries. Total number of pages should not exceed 30 pages.

(ii) Review the framework for the ASEAN cross border dispute resolution and analyze the feasibility of each participating country using indemnity insurance as an option for quick enforcement of dispute settlement or award. This work should be done in coordination with the Alternative Dispute Resolution expert already engaged by ADB.

(iii) Recommend steps that each participating countries should take to operationalize this option i.e. using indemnity insurance as an enforcement tool including legal amendment if any. This includes outlining the challenges that may be faced by each country in making this a requirement for financial intermediaries. This should be in the form of a report with a section for each participating country. Recommendation should be succinct and not exceed more than 5 pages per country.

(iv) Attend meetings of WGDREM and discuss issues faced by participating countries and recommend solutions on how to operationalize enforcement using indemnity insurance. This work should be done in coordination with the Alternative Dispute Resolution expert already engaged by ADB.

(v) Undertake other ancillary work related to the job scope above that may be reasonably requested by the WGDREM or ADB.

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