DUBLIN--(BUSINESS WIRE)--The "Governance, Risk and Compliance - The Mongolian Insurance Industry" report has been added to ResearchAndMarkets.com's offering.
"Governance, Risk and Compliance - The Mongolian Insurance Industry", is the result of extensive research into the insurance regulatory framework in the Mongolia. It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.
The Financial Regulatory Commission (FRC) supervises and regulates the Mongolian insurance industry. It is responsible for the regulation of the nation's financial sector and has various departments to regulate different aspects of business. The Insurance Market Department of the FRC is responsible for the regulation and control of the country's insurance industry. The FRC under the provisions of the Insurance Law 2004 supervises and regulates insurers and reinsurers in Mongolia. Intermediaries, insurance agents and loss adjusters must abide and operate their business in pursuant to the Law of Mongolia on Insurance Intermediaries 2004.
The main responsibility of the FRC is to protect the rights and interests of policyholders. It is also responsible for the general administration of laws governing the insurance industry. The Committee on Financial Regulations is responsible for regulating and supervising insurance business. Furthermore, the State Ikh Khural shall approve the activities and organizational structure of the Coordination Committee. The Committee shall be financed from the state budget and must report to the State Ikh Khural.
Key Findings
- FRC of Mongolia supervises and regulates the insurance and reinsurance industry
- Composite insurance is not permitted in the Mongolian insurance industry
- 100% foreign direct investment is permitted in the Mongolian insurance industry
- The government of Mongolia does not levy any tax on insurance premiums
- The placement of non-admitted insurance is not permitted in Mongolia
The report provides
- An overview of the insurance regulatory framework in the Mongolia
- The latest key changes, and changes expected in the country's insurance regulatory framework
- Key regulations and market practices related to different types of insurance product in the country
- Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in the Mongolia
- Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations
- Details of the tax and legal systems in the country
Key Topics Covered:
1 INTRODUCTION
1.1 What is this Report About?
1.2 Definitions
2 GOVERNANCE, RISK AND COMPLIANCE
2.1 Legislation Overview and Historical Evolution
2.2 Latest Changes in Regulation
2.3 Legislation and Market Practice by Type of Insurance
2.3.1 Life insurance
2.3.2 Property insurance
2.3.3 Motor insurance
2.3.4 Liability insurance
2.3.5 Marine, aviation and transit insurance
2.3.6 Personal accident and health insurance
2.4 Compulsory Insurance
2.4.1 Workmen's compensation insurance
2.4.2 Motor third-party liability insurance
2.4.3 Deposit insurance
2.4.4 Liability insurance for ships with respect to oil pollution
2.4.5 Health insurance
2.4.6 Social insurance
2.4.7 Seed crop insurance
2.4.8 Professional indemnity insurance for intermediaries
2.5 Supervision and Control
2.5.1 International Association of Insurance Supervisors
2.5.2 The Financial Regulatory Commission (FRC)
2.5.3 Mongolian Insurers Association (MIA)
2.6 Non-Admitted Insurance Regulations
2.6.1 Overview
2.6.2 Intermediaries
2.6.3 Market practices
2.6.4 Fines and Penalties
2.7 Company Registration and Operations
2.7.1 Type of insurance organization
2.7.2 Establishing a local company
2.7.3 Foreign ownership
2.7.4 Types of license
2.7.5 Capital requirements
2.7.6 Solvency margin
2.7.7 Reserve requirements
2.7.8 Investment regulations
2.7.9 Statutory return requirements
2.7.10 Fee structure
2.8 Taxation
2.8.1 Insurance premium or policy taxation
2.8.2 Withholding taxes on premium paid overseas
2.8.3 Corporate tax
2.8.4 VAT
2.8.5 Captives
2.9 Legal System
2.9.1 Introduction
2.9.2 Access to court
2.9.3 Alternative dispute resolution
3 APPENDIX
For more information about this report visit https://www.researchandmarkets.com/r/qt2tob
