Prime Insurance Limited is an insurance company, established in 1995 by Rwandan investors, a licensed general insurance company authorized by the National Bank of Rwanda (BNR).

Website: https://www.prime.rw

TERMS OF REFERENCE (ToRs) FOR  AN INDEPENDENT EXTERNAL EXPERT FOR BOARD EVALUATION

RE: INVITATION TO BID

Introduction

Prime Insurance Ltd is pleased to invite you to submit a proposal for the provision of independent board evaluation services. The objective of this engagement is to assess the effectiveness, governance practices, and overall performance of the Board of Directors, its committees, and individual directors in accordance with corporate governance best practices and regulatory requirements.

Scope of Work

The Independent External Expert will be responsible for:

  • Reviewing the Board’s structure, composition, and diversity.
  • Evaluating the effectiveness of Board meetings, agenda-setting, and decision-making processes.
  • Assessing the adequacy of information flow and communication between the Board and management.
  • Reviewing the effectiveness of Board committees and their terms of reference.
  • Conducting confidential interviews with Board members and key executives.
  • Benchmarking against best corporate governance practices.
  • Identifying gaps and recommending improvements in governance practices.

Deliverables

The Independent External Expert is expected to provide:

  • A comprehensive evaluation report, including findings, gaps, and recommendations.
  • An executive summary highlighting key governance insights.
  • A presentation of findings to the Board of Directors.
  • A roadmap for implementing recommended improvements.

Qualifications & Experience

The selected expert should possess the following:

  • Extensive experience in corporate governance and board evaluations.
  • A strong understanding of insurance sector regulations and governance frameworks.
  • Proven experience working with boards of financial institutions.
  • A track record of delivering high-quality governance assessments.
  • Independence, integrity, and objectivity.

Submission Requirements

Interested experts are requested to submit their proposals including:

  1. Technical proposal detailing approach, methodology, and timeline.
  2. Relevant experience and qualifications.
  3. Financial proposal indicating professional fees.
  4. Copy of valid registration documents.
  5. Any other relevant supporting documentation.

Submission Deadline

All proposals should be submitted physically at Prime Insurance Ltd Head Office in a sealed envelope addressed to:

Chief Executive Officer
Prime Insurance Ltd
KN2 AV Kigali, Rwanda

The submission deadline is 2th April at 5:00 PM Kigali Time. Late submissions will not be considered.

For any inquiries, please contact:
MURAYIRE Médiatrice, Head Legal & Company Secretary, mediatrice.murayire@prime.rw +250 788 300 826

We look forward to receiving your proposal and appreciate your interest in partnering with us to enhance corporate governance at Prime Insurance Ltd.

Sincerely,

Col (Rtd) Eugene M. HAGUMA
Chief Executive Officer
Prime Insurance Ltd