Insurance Monitoring Department of Financial Regulatory Commission (FRC) conducted full audit at five insurance companies, partial audit at 11 insurance companies and full audit of the activities of Mandatory Insurance Federation as of August 31st of 2015. MNT 26.1 million fines were collected as a result of the auditing.
Commong violations in the operations of the insurance companies were mislocation of the reserve funds, miscalculation of the reserve funds and revenues, investments from the reserve fund exceeded the accepted percentage, lack of insurance software, improper accounting and violations of the compensations.
MNT 5.1 million fine was imposed on 16 insurance companies, 34 insurance brokers, 25 damage valuation companies, agriculture sector re-insurers and mandatory insurance companies.
Financial reporting feedbacks were given to 15 insurance companies, 13 insurance brokers, 8 damage valuation companies and Mandatory insurance Association. During this procedure common violations were present at insurance entities such as sales of the unregistered products, exceedeing the reporting periods for financial reports, lack of public announcement of financial audit results and lack of permanent operations.
Full audits were held at Khaan Insurance, Bodi Insurance, Monre Insurance, Mongol Insurance, Ulaanbaatar City Insurance, Mandatory Insurance Association, partial audits were held at Munkh Insurance, Mongol Insurance, Bodi Insurance, Tenger Insurance, MIG Insurance, Ard Insurance, Nomin Insurance, Practical Insurance, Soyombo Insurance, Mandal Insurance and National Life Insurance.
Source: Financial Regulatory Commission
Insurance Monitoring Department of Financial Regulatory Commission (FRC) conducted full audit at five insurance companies, partial audit at 11 insurance companies and full audit of the activities of Mandatory Insurance Federation as of August 31st of 2015. MNT 26.1 million fines were collected as a result of the auditing.
Commong violations in the operations of the insurance companies were mislocation of the reserve funds, miscalculation of the reserve funds and revenues, investments from the reserve fund exceeded the accepted percentage, lack of insurance software, improper accounting and violations of the compensations.
MNT 5.1 million fine was imposed on 16 insurance companies, 34 insurance brokers, 25 damage valuation companies, agriculture sector re-insurers and mandatory insurance companies.
Financial reporting feedbacks were given to 15 insurance companies, 13 insurance brokers, 8 damage valuation companies and Mandatory insurance Association. During this procedure common violations were present at insurance entities such as sales of the unregistered products, exceedeing the reporting periods for financial reports, lack of public announcement of financial audit results and lack of permanent operations.
Full audits were held at Khaan Insurance, Bodi Insurance, Monre Insurance, Mongol Insurance, Ulaanbaatar City Insurance, Mandatory Insurance Association, partial audits were held at Munkh Insurance, Mongol Insurance, Bodi Insurance, Tenger Insurance, MIG Insurance, Ard Insurance, Nomin Insurance, Practical Insurance, Soyombo Insurance, Mandal Insurance and National Life Insurance.
Source: Financial Regulatory Commission