Subject: Terms of Reference for Tender of IFRS17 Implementations and Training

Ubuzima Bwiza Foundation (UBF) under the name of “Ubuzima Bwiza Mutual Insurance Foundation” was established by ADEPR Church with one of main purpose to provide health insurance to the staff of ADEPR Church, those of its institutions and their respective eligible family members.  The Foundation is also providing funeral and saving services.

The establishment of the Foundation followed the Law governing the foundations in Rwanda (Law n°059/2021 OF 14/10/2021 in the Official Gazette n°41 Bis of 01/11/2021).

The insurance officially started its operations on 29^th June 2023.

UBF is now granted legal personality No:25/RGB/FDN/LP/06/2023 as registered under the Rwanda   Governance Board (RGB) to operate its activities in Rwanda since 29th June 2023. To be operational in Rwanda, the license from the regulator BNR (National Bank of Rwanda) has been acquired on 30^th October 2023 under the BNR Insurance License N°: I 01/2023.

Vision, Mission, Values and Objectives of UBF 

Vision 

The Vision of Ubuzima Bwiza Mutual Insurance Foundation is “To create a better everyday life for our members and their dependents”.

Mission

Ubuzima Bwiza Mutual Insurance Foundation is determined to provide high-quality health insurance services for a better life of its beneficiaries.

Values

Christ-centeredness, Love, Stewardship; Accountability; Transparency, and Integrity.

Objectives

The objectives of Ubuzima Bwiza Mutual Insurance Foundation are outlined in the following:

• To guarantee health insurance services rendered to the beneficiaries.
• To reduce unaffordable health insurance costs through calculable and regularly paid premiums.
• To collect and manage contributions as provided by laws.
• To mobilize, receive, and manage related grants.
• To improve and monitor insurance services provided by the foundation.
• To register beneficiaries of the foundation.
• To engage in investments upon the authorization of the Foundation Council and the founder.
• To have agreements with Public and Private health service providers.
• To establish relations and collaborate with other institutions with similar missions.

Introduction

The UBF Foundation is seeking to engage a qualified consultancy firm to assist with the full implementation of IFRS 17, an international financial reporting standard for insurance contracts. This includes providing expert guidance, system recommendations, actuarial services, financial reporting templates, training, and post-implementation support to ensure full compliance with IFRS 17.

Objectives of the Tender

The objective of this tender is to select a firm to support UBF in the implementation of IFRS 17, covering the following key areas:

• Review and Validation:Evaluate and validate the results of the operational gap assessment.
• Impact Assessment:Undertake a financial impact assessment of IFRS 17 adoption.
• Policy Advisory & Drafting:Advise on the implications of actuarial and accounting policy choices under IFRS 17 and assist in drafting necessary policies.
• System Implementation:Assist in implementing an IFRS 17 engine and associated reporting systems.
• Financial Reporting:Produce IFRS 17-compliant financial accounts, templates, and disclosures.
• Transition Disclosures:Provide transition disclosures based on the adopted method.
• Training Programs:Provide training for management, staff, and the Board on IFRS 17 requirements   and implications.
• Post-Implementation Support:Offer ongoing managed services post-implementation.

Scope of Work

The selected firm will be responsible for the following tasks:

Current State Assessment

• Review UBF’s existing financial systems, processes, and reporting mechanisms.
• Identify gaps between current practices and IFRS 17 requirements.
• Assess the financial impact of IFRS 17 on the Foundation’s operations.

IFRS 17 Implementation Planning

• Develop a detailed implementation roadmap with clear milestones and timelines.
• Recommend system architecture and tools for IFRS 17 compliance.
• Propose necessary changes to financial processes, reporting templates, and integration strategies.

Training and Capacity Building

• Develop and deliver custom training programs on IFRS 17 concepts, processes, and reporting requirements.
• Provide user manuals and FAQs.
• Offer post-training support and workshops for continuous learning and improvement.

Implementation and Transition

• Guide UBF through the implementation process and ensure smooth transition.
• Assist with parallel reporting periods and regulatory reporting requirements.
• Provide support for the preparation of the financial conditions report for December 2024.

Post-Implementation Support

• Conduct quarterly reviews and provide updates to ensure ongoing compliance with IFRS 17.

Key Deliverables

The consultancy firm will be expected to provide the following deliverables:

• Assessment Report:A detailed analysis of UBF’s existing accounting practices, systems, and gaps related to IFRS 17.
• IFRS 17 Implementation Plan:A comprehensive roadmap with timelines, milestones, and resource allocation.
• Software/System Recommendations:A report evaluating and recommending tools and solutions for IFRS 17 compliance.
• Training Materials:Custom training materials, user guides, and documentation for staff and management.
• Financial Reporting Templates & Disclosure Framework:IFRS 17-compliant templates and a framework for transition disclosures.
• Actuarial Report:Detailed analysis of the actuarial implications of IFRS 17 adoption, including the impact on reserves, liabilities, and profitability.
• Implementation Report:A report summarizing the implementation activities, challenges, and solutions.
• Post-Implementation Review:A final review report and recommendations for optimizing IFRS 17 processes.
• Compliance Report:A report confirming compliance with regulatory and legal requirements, including tax certification.

Qualifications and Experience

Proposals will be evaluated based on the following qualifications:

• Accreditation:The firm must be listed on the BNR's list of accredited actuaries for insurance companies and pension schemes.
• IFRS 17 Experience:Proven experience in implementing IFRS 17 or similar financial reporting standards in the insurance sector.
• Actuarial Expertise:Demonstrated expertise in actuarial science and insurance finance.
• Project Management Experience:Strong experience in managing and successfully delivering similar IFRS 17 implementation projects.
• Training Capacity:Ability to provide high-quality training and support at all organizational levels.
• Compliance:Provision of evidence of tax compliance and relevant professional certifications.

Tender Submission Requirements

Interested consultancy firms should submit the following:

• Company Profile:Overview of the firm, including history and relevant projects.
• Technical Proposal:A detailed response to the scope of work, including project methodology, plan, and timeline.
• Financial Proposal:A cost breakdown in Rwandan Francs (inclusive of taxes), including consultancy fees, training costs, and other expenses.
• Team Composition:List of key personnel, their qualifications, roles, and experience.
• References:Examples of similar projects completed with client references.
• Compliance Documents:Evidence of compliance with relevant legal and regulatory requirements.

Deadline for Submission

The proposals addressed to the Executive Secretary of Ubuzima Bwiza Foundation shall be submitted at the head officer of Ubuzima Bwiza Foundation located in the building of Dove Hotel Gisozi, or to info@ubf.rw  on  17 ^th December 2024 at 5h:00PM (Local Time).