Summary The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in Mongolia, including: • An overview of the insurance regulatory framework in 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 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. Synopsis Timetric’s 'Governance, Risk and Compliance – The Mongolian Insurance Industry' report is the result of extensive research into the insurance regulatory framework in Mangolia. 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 report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country. Scope • The report covers details of the insurance regulatory framework in Mongolia. • The report contains details of the rules and regulations governing insurance products and entities. • The report lists and analyzes key trends and developments pertaining to the country’s insurance regulatory framework. • The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country. • The report provides details of taxation imposed on insurance products and companies. Reasons To Buy • Gain insights into the insurance regulatory framework in Mongolia. • Track the latest regulatory changes, and expected changes impacting the Mongolian insurance industry. • Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country. • Understand key regulations and market practices pertaining to various types of insurance product. Key Highlights • The Financial Regulatory Commission (FRC) of Mongolia is the government regulatory body supervising and regulating the insurance and reinsurance industry. • The FRC does not permit composite insurance in the Mongolian insurance industry. • The government of Mongolia permits 100% foreign direct investment in the insurance industry. • The government of Mongolia does not levy any tax on insurance premiums; corporate income tax is levied at 10%. • The placement of non-admitted insurance is not permitted in Mongolia. However, foreign reinsurers are permitted to promote and sell insurance products in the country.
Table of Content 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 Regulations 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 2.5 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 Types 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 margins 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 (ADR) 3 Appendix 3.1 Methodology 3.2 Contact Timetric 3.3 About Timetric 3.4 Timetric’s Services 3.5 Disclaimer
List of Tables Table 1: Insurance Industry Definitions Table 2: Mongolia – Insurance Regulatory Framework Key Features Table 3: Mongolia – Life Insurance Regulatory Framework Table 4: Mongolia – Property Insurance Regulatory Framework Table 5: Mongolia – Motor Insurance Regulatory Framework Table 6: Mongolia – Liability Insurance Regulatory Framework Table 7: Mongolia – Social Insurance Contribution Rates Table 8: Mongolia – Corporate Tax Rates for the Financial Year 2016 List of Figures Figure 1: Mongolia – Insurance Supervision and Control at Various Levels Figure 2: Mongolia – Insurance Regulatory Frameworks for Company Registration and Operation
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