A meeting with management of insurance intermediaries
Wednesday, 10 March 2010 02:05
The Insurance Department has organized a meeting with management of insurance intermediaries on February 24, 2010.
As of 2009, the insurance intermediaries made a total of 22.9 billion MNT of Sum Insured, and 164.9. Million MNT of premium were collected by insurance brokers to the insurance companies and generated total income of 37.4 million tugrugs.
During the meeting, insurance intermediaries had openly discussed about insurance intermediaries’ supervision from regulatory aspects concerning insurance market challenges and how to manage those obstacles.
It has been said that insurance companies have little interest to work with insurance intermediaries and products being offered by them tend to protect ones interest only and offered policies are too strict or it contains duplicate content, and insurance terminologies are unclear creating difficulties for selling insurance products.
In conclusion, they have reached collective agreement that by intensifying the collaboration between insurance intermediaries will effectively develop the Insurance Market in Mongolia in the near term.
Decisions carried out by the FRC meeting held on January 27, 2010
Tuesday, 09 February 2010 01:47
One. Microfinance related
Granted license to Sumbergun nuur, cooperative to carry out savings and credit activities.
Extended and suspended the license of Mongol Gazar Gold and Lkhabuyan cooperatives to engage in savings and credit activities, respectively.
Extended the license of Chindu, Trans invest cooperatives to conduct savings and credit cooperatives activity.
Suspended the license of Emiss, Deed mandal, Bayantsogt nuur cooperatives to undertake savings and credit activities, respectively.
Revoked the license of United- investors cooperative to carry out savings and credit activity.
Granted license to Tsagaansumiin gol, LLC to conduct non-bank financial activity and revoked the license of Ider hugjliin guur NBFI, shareholding company to conduct trust service and foreign currency transaction, respectively.
Two. Securities related
Invalidated the license of a specialist who did not attend the examination for certification of specialist to engage in securities market intermediary activity.
Acknowledged the appointment of Bold ULZIIBAYAR as the Chief Executive Officer of “Nortonsec”, the Broker-dealers and Underwriter Company.
Financial Regulatory Commission held its meeting on December 23, 2009 and made decision s as follows.
Friday, 08 January 2010 07:30
Financial Regulatory Commission held its meeting on December 23, 2009 and made decision s as follows.
ONE. MICROFINANCE RELATED
Following companies were granted licenses to undertake non-bank financial activity.
Khos kholboo uul, LLC
Mongolian Finance Group, LLC
Tanil Group NBFI, LLC
The following NBFIs licenses to engage in foreign currency transactions have been renewed.
New Euro Asia NBFI, LLC
Delgerekh borjin NBFI, LLC
O B TS NBFI, LLC
Munkh mandakh Bayan NBFI, LLC
Mungun khurvult NBFI, LLC
Mungun tsegts NBFI, LLC
World prosper NBFI, LLC
The licenses of the following cooperatives to conduct savings and credit activities have been extended.
Businessiin orgil, cooperative
Melsen , cooperative
Peso, cooperative
Chin-Amar, cooperative
MONUM, cooperative
Suspended the license of Devjnemeh NBFI, LLC from carrying out non-bank financial activity. Approved the “Regulation on estimating levies to be collected from non-bank financial institution”
TWO. SECURITIES RELATED
Delisted securities of”Khotgor” and “Buyan tuv “ shareholding companiesfrom the detailed registrationrespectively.