The ISN Country Insurance Guides provide concise reports on local insurance requirements including compulsory coverages, legislation, supervision, non-admitted insurance, main classes, product information, and much more.
The new website is being born on the premise that less visual clutter and a laser focus on what is important to international players will result in a deeper and more meaningful experience for our customers.
In the capital Ulaanbaatar, there are 18 insurance companies, 2,180 agents, 13 brokers, and 9 loss adjusting companies. In the insurance market, like many developing ones, there is a fragile balance between underwriting for insurers own account and treaty reinsurance.
While many of the foreign exposures were still placed at Lloyd’s, the insurance sectors in many countries began to develop. Carriers such as AIG/AIU, Royal and Sun Alliance plus a few others entered the fray.
The law, effective on July 1, 2013 will require insurers to remove the levy from their premiums and communicate the new arrangement to their policyholders.