Mongolian Insurance Industry - Governance, Risk and Compliance

2020-07-31
Price :
Published : Jul-2020
No. of Pages : 59
Table of Contents
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 (ADR)
3 APPENDIX
3.1 Methodology
3.2 Contact GlobalData
3.3 About GlobalData
3.4 GlobalData's Services
3.5 Disclaimer

List of Tables
Table 1: Insurance Industry Definitions 6
Table 2: Mongolia - Insurance Regulatory Framework Key Features 8
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 - Percentage of Allowable Assets for General Insurers' Solvency Calculation
Table 9: Mongolia - Percentage of Allowable Assets for Reinsurers' Solvency Calculation
Table 10: Mongolia - Corporate Tax Rates for the Financial Year 2020

List of Figures
Figure 1: Mongolia - Insurance Supervision and Control at Various Levels
Figure 2: Mongolia - Insurance Regulatory Frameworks for Company Registration and Operation
Filed in: Banking & Finance, Insurance
Publisher : GlobalData