Presentation is loading. Please wait.

Presentation is loading. Please wait.

P.Tserendejid Head of Insurance Policy Planning Division, Insurance Department Ulaanbaatar, 16 April 2014.

Similar presentations


Presentation on theme: "P.Tserendejid Head of Insurance Policy Planning Division, Insurance Department Ulaanbaatar, 16 April 2014."— Presentation transcript:

1 P.Tserendejid Head of Insurance Policy Planning Division, Insurance Department Ulaanbaatar, 16 April 2014

2 Contents Present status of insurance sector Insurance coordination Insurance statistics Future perspectives of insurance coordination Control and monitoring of insurance

3 Insurance legal acts Chapter 43 of the Civil law Law on Insurance Law on professional insurance activities Law on insurance of drivers Provisions of other laws 12

4 Drivers responsibility insurance Law on insurance of drivers was endorsed by the Parliament on 6 October 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

5 Investment: shares The provision 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%

6 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

7 Other coordination issues Regulation on insurance companys payment capability criteria Conditions, requirements for opening representatives 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.

8 Insurance statistics: Number of owners of special licenses and permissions on the insurance market Insurer Insurance company branches Insurance representatives Insurance mediators Insurance loss adjustor Actuary Total

9 Даатгалын салбарын тоо үзүүлэлтүүд Capital of the insurance companies Billion tugriks

10 Insurance statistics

11

12 Aircraft insurance Others

13 Life insurance Accumulation insurance Pension insurance Health insurance

14 Insurance statistics

15 Loss reimbursement ratio

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

17 Percentage of fee income in the GDP

18 Insurance fee income per person In tugriks Insurance fee income per person in tugriks

19 Double insurance fees Billion tugriks

20 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 companys inability of payment Poor liaison between insurance tax coordination and policy

21 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 insurers bankruptcy immediately compensate insurants losses.

22 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

23 LAW ON CIVIL AVIATION Provision 36. Passengers 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 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 asThe 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.

24 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

25 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

26 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

27 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

28 Perspectives of insurance coordination Хөгжиж буй 1.3, 1.4, 2.7 Ерөнхий 2.8, 3.7, 6.5 Global General General Long term Total

29 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


Download ppt "P.Tserendejid Head of Insurance Policy Planning Division, Insurance Department Ulaanbaatar, 16 April 2014."

Similar presentations


Ads by Google