Financial regulatory commission coordination control and monitoring of insurance sector of mongolia
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Financial Regulatory Commission Coordination, control and monitoring of insurance sector of Mongolia. P.Tserendejid Head of Insurance Policy Planning Division , Insurance Department Ulaanbaatar, 16 April 2014. Contents. Present status of insurance sector Insurance coordination

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P.Tserendejid Head of Insurance Policy Planning Division , Insurance Department

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Financial regulatory commission coordination control and monitoring of insurance sector of mongolia

Financial Regulatory Commission Coordination, control and monitoring of insurance sector of Mongolia

P.Tserendejid

Head of Insurance Policy Planning Division,

Insurance Department

Ulaanbaatar, 16 April 2014


Contents

Contents

  • Present status of insurance sector

    • Insurance coordination

    • Insurance statistics

  • Future perspectives of insurance coordination

  • Control and monitoring of insurance


P tserendejid head of insurance policy planning division insurance department

Law on insurance of drivers

Law on Insurance

Law on professional insurance activities

Provisions of other laws

Insurance legal acts

Chapter 43 of the Civil law

12


Driver s responsibility insurance

Driver’s responsibility insurance

  • Law on insurance of drivers was endorsed by the Parliament on 6 October 2011.

  • In the reported year total of 16,2 billion tugriks of insurance fees were collected and 10,6 billions paid on reimbursement.

Total number of vehicles

Number of registered vehicles

Number of inspected vehicles

Number of vehicles paid the insurance

Number of drivers insurance contracts


Investment shares

Investment: shares

  • The provision 27.1.1 of the Law on insurance prohibiting the insurer to “purchase and sell shares” was abolished.

  • This allowed the insurance company to purchase percentage of A stand of Mongolian Stock Exchange:

    • 10%

    • 5%

    • 10%


Protect lawful rights and interests of insurants

Protect lawful rights and interests of insurants

  • Improve the product of insurance-the coordination of contracts: Registration at the committee, contract requirements, reimbursement of insurance fees, group insurance, insurance warranty

  • Reimbursement of insurance: termination conditions, duration, payment stages, beneficiary, insurant, owner of the insurance contract, reimbursement deficit

  • Sector: Easy service for customers, speedy response


Other coordination issues

Other coordination issues

  • Regulation on insurance company’s payment capability criteria

  • Conditions, requirements for opening representative’s offices or branches of foreign insurers in Mongolia, their professional insurance involvement and activities

  • Accounting Standard regulations, insurance reports

  • License regulation to conclude insurance contract with foreign insurers.


Insurance statistics number of owners of special licenses and permissions on the insurance market

Insurance statistics:Number of owners of special licenses and permissions on the insurance market


P tserendejid head of insurance policy planning division insurance department

Даатгалын салбарын тоо үзүүлэлтүүд

Capital of the insurance companies

Billion tugriks


Insurance statistics

Insurance statistics


P tserendejid head of insurance policy planning division insurance department

Aircraft insurance

Others


P tserendejid head of insurance policy planning division insurance department

Life insurance

Accumulation insurance

Pension insurance

Health insurance


Insurance statistics1

Insurance statistics


P tserendejid head of insurance policy planning division insurance department

Loss reimbursement ratio


P tserendejid head of insurance policy planning division insurance department

Accumulated profit /loss/

Million

Accumulated profit/loss -----linear, accumulated profit/loss


P tserendejid head of insurance policy planning division insurance department

Percentage of fee income in the GDP


P tserendejid head of insurance policy planning division insurance department

Insurance fee income per person

In tugriks

Insurance fee income per person in tugriks


P tserendejid head of insurance policy planning division insurance department

Double insurance fees

Billion tugriks


Future perspectives of insurance coordination

Future perspectives of insurance coordination

Deficiencies and challenges:

  • Lack of knowledge about the insurance sector among the public and insurants, low reputation

  • High outflow of insurance fees

  • Shortage of professional insurance personnel

  • Low capacity of insurance entities to overcome challenges and risks, lack of system to immediately compensate the losses of insurants due to insurance company’s inability of payment

  • Poor liaison between insurance tax coordination and policy


Perspectives of insurance coordination

Perspectives of insurance coordination

Improve the system to protect the rights and interests of insurants

  • Improve performance, enhance control and monitoring.

  • Introduce and implement international insurance standards.

  • Create risk protection and early warning system of the insurance market.

  • Improve insurance dispute solving mechanism.

  • In case of insurer’s bankruptcy immediately compensate insurant’s losses.


Perspectives of insurance coordination1

Perspectives of insurance coordination

  • Improve insurance service to public, create new products and services, support the insurance market

    • Improve obligatory insurance structure, increase services

    • Support long term and life insurance market

    • Establish double insurance national company

    • Make amendments to the relevant laws on tax issues of insurance organizations

    • Introduce company governance principle in insurance sector

    • Micro and available insurance


P tserendejid head of insurance policy planning division insurance department

LAW ON CIVIL AVIATION

Provision 36. Passenger’s insurance

 LAW ON NOTARIAL SERVICES

Provision 22. Notary responsibility insurance

ANTI-CORRUPTION LAW

Provision 30.

LAW ON CONTROL OF EXPLOSIVES AND EXPLOSIVE EQUIPMENT

Provision 19. Insurance

19.1.Any legal party using explosives and explosive equipment shall make insurance of activity risks, citizens life and health.

LAW ON LEGAL STATUS OF JUDGES

24.1. Life and health insurance fees of judges will be paid from state budget.

Law on insurance, provision 6.4. “Detailed coordination of formal insurance risks and conditions can be described as obligatory insurance coordination determined by relevant law” was amended as “The Financial coordination committee can endorse the regulation on detailed coordination of formal insurance risks and conditions in consultation with the relevant state central administration in charge of insurance”.


Perspectives of insurance coordination2

Perspectives of insurance coordination

  • Improve insurance service to public, create new products and services, support the insurance market

    • Improve obligatory insurance structure, increase services

    • Support long term and life insurance market

    • Establish double insurance national company

    • Make amendments to the relevant laws on tax issues of insurance organizations

    • Introduce company governance principle in insurance sector

    • Micro and available insurance


Perspectives of insurance coordination3

Perspectives of insurance coordination

  • Improve insurance service to public, create new products and services, support the insurance market

    • Improve obligatory insurance structure, increase services

    • Support long term and life insurance market

    • Establish double insurance national company

    • Make amendments to the relevant laws on tax issues of insurance organizations

    • Introduce company governance principle in insurance sector

    • Micro and available insurance


Perspectives of insurance coordination4

Perspectives of insurance coordination

  • Improve insurance service to public, create new products and services, support the insurance market

    • Improve obligatory insurance structure, increase services

    • Support long term and life insurance market

    • Establish double insurance national company

    • Make amendments to the relevant laws on tax issues of insurance organizations

    • Introduce company governance principle in insurance sector

    • Micro and available insurance


Perspectives of insurance coordination5

Perspectives of insurance coordination

Insurance education and training

  • Improve professional skills of insurance personnel

  • Take systematic measures to enhance public education on insurance, increase insurance service level


P tserendejid head of insurance policy planning division insurance department

Perspectives of insurance coordination

Global

General

General Long term Total

Хөгжиж буй 1.3, 1.4, 2.7

Ерөнхий 2.8, 3.7, 6.5


Insurance control and monitoring

Insurance control and monitoring

  • On spot and remote control and monitoring

  • Acquire related data monthly and quarterly by remote control and monitoring

  • Payment ability criteria

  • Risk based control and monitoring

  • Improve actuary and underwriting skills


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