Procurement of the Retrocession Programme to Cover 30% Compulsory Reinsurance Cession

• Country: Sri Lanka
• Summary: Procurement of the Retrocession Programme to Cover 30% Compulsory Reinsurance Cession
• LKT Ref No: 78563315
• Deadline: 17 Mar 2023
• Financier: Self Financed
• Purchaser Ownership: Public
• Tender Value: Refer Document
• Notice Type: Tender
• Document Ref. No.:
• Purchaser's Detail:

Purchaser : NATIONAL INSURANCE TRUST FUND
National Insurance Trust Fund, 4th Floor, No. 95, Sir Chittampalam A Gardiner Mawatha, Colombo 2, Sri Lanka Contact Person :- Manager Reinsurance & SRCC Direct :- +94 112026669 Fax :- +94 114700988
Email :pro_reinsurance@nitf.lk
URL :www.nitf.lk

• Description:
• Tenders are invited for Procurement of the Retrocession Programme to Cover 30% Compulsory Reinsurance Cession Procurement of the Retrocession Programme to Cover 30% Compulsory Reinsurance Cession for the Period from 01/05/2023 to 30/04/202. 1. The Chairman, Standing Cabinet Appointed Procurement Committee, (hereinafter called SCAPC) Ministry of Finance Economic Stabilization and National Policies on behalf of the National Insurance Trust Fund (hereinafter called NITF) invites bids from eligible International Reinsurers and from eligible Brokers who are registered with the Insurance Regulatory Commission of Sri Lanka for the procurement of the Retrocession Programme to cover 30% Compulsory Reinsurance Cession for the period from 01/05/2023 to 30/04/2024. 2. NITF was established by the National Insurance Trust Fund Act No. 28 of 2006 and subsequently amended, by National Insurance Trust Fund (Amendment) Act No. 28 of 2007; whereby the NITF was empowered to accept compulsory reinsurance cessions from local General Insurance Companies. Accordingly, it is mandatory for all insurance companies transacting general insurance business in Sri Lanka to cede 30% of their reinsurance cessions with the NITF. In order to manage its possible liabilities arising from the 30% compulsory reinsurance programme, the NITF has decided to obtain the retrocession programme for the period from 01/05/2023 to 30/04/2024. 3. Interested parties may obtain a complete set of bidding documents from the National Insurance Trust Fund, 4th Floor, No. 95, Sir Chittampalam A Gardiner Mawatha, Colombo 2, Sri Lanka from 09:00 hours to 15:00 hours on working days till 16th March 2023 upon payment of a non-refundable tender fee of LKR 75,000/- or USD 210 by a bank draft drawn in favor of National Insurance Trust Fund, to the appropriate below mentioned bank accounts. Bidding documents can also be downloaded from the websites of the NITF (www.nitf.lk), Ministry of Finance Economic Stabilization and National Policies (www.treasury.gov.lk), and Ministry of Foreign Affairs (www.mfa.gov.lk). The bank draft of the nonrefundable deposit should be submitted along with the bid All bidders (International Reinsurers / Brokers who are registered with Insurance Regulatory Commission of Sri Lanka) shall furnish the Bid Security either obtained from any commercial bank approved by the Central Bank of Sri Lanka or a bank based in another country but the guarantee must be confirmed by a commercial bank operating in Sri Lanka. The amount of the Bid Security value is LKR 8,000,000.00 or USD equivalent, converted by using the selling rate established for similar transactions by the Central Bank of Sri Lanka on the published date of this advertisement should be deposited to the NITF bank accounts mentioned above. The validity period of the bid security should be for 147 days (till 11th August 2023) from the date of the Bids closing and addressed to the National Insurance Trust Fund, No. 95, Sir Chittampalam A Gardiner Mawatha, Colombo 02, Sri Lanka. The Chairman Standing Cabinet Appointed Procurement Committee National Insurance Trust Fund No. 95, Chittampalam A Gardiner Mawatha, Colombo 02. Sri Lanka. Lkr Bank Account Usd Bank Account Name of the Bank People-S Bank People-S Bank Branch Queens Branch Queens Branch Account Name National Insurance Trust Fund National Insurance Trust Fund Account No 033-1-001-0-0000061 033-4-021-4-2467951 Swift Code Psbklklx Psbklklx
• Documents:

 Tender Notice