FRC Does not Dermit Composite Insurance in the Mongolian Insurance Industry

Date: 2015-09-10

“• The Financial Regulatory Commission of Mongolia is the government regulatory body supervising and regulating the insurance and reinsurance industry.

• The government of Mongolia permits 100% FDI in the insurance industry of the country.

• 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.

• The FRC does not permit composite insurance in the Mongolian insurance industry.

• By the end of 2015 the FRC is planning to fully comply with international standards by adjusting its insurance regulation in accordance with the principles issued by the International Association of Insurance Supervisors. “

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