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The second phase of the Pension Reform project focused on creating the appropriate statutory and policy environment for pension reform, ensuring consumer protection and transparency in pension asset management, and developing safeguards to minimize fraud. Assistance was provided to the institutional building of the National Social Security Institute to help it develop an integrated social security system consisting of all three pillars. A pension regulator — the State Insurance Supervision Agency was established to supervise the new three-pillar pension system and USAID was actively involved in the process of licensing of private pension companies.