GERMAN AGENCY FOR INTERNATIONAL COOPERATION HANDED OVER A “PLAQUE OF RECOGNITION” TO THE FRC OF MONGOLIA

Ulaanbaatar /MONTSAME/. The German Agency for International Cooperation (GIZ) handed over a Plaque of Recognition to the Financial Regulatory Commission (FRC) of Mongolia, for its invaluable support to the objectives of the program “Regulatory Framework Promotion of Pro-poor Insurance Markets in Asia”.

Mongolia was one of the seven countries where the above program was implemented to increase access to insurance and improve an inclusive insurance framework. The FRC Mongolia has previously served as a member of the Regional Steering Committee and hosted Public Private Dialogues in Mongolia. Within the framework of the program, “inclusive insurance” and its requirements were defined, and research on insurance products and regulatory environment assessment were conducted. As a result, the interest of insurance companies in offering inclusive insurance products was increased, which lead to an increase in the number of insurance products. In particular, the FRC paid attention to increasing sales channels in reaching customers whose access to insurance is limited and introducing insurance products directed to prevent potential risks and services that are in line with customers' needs.

During the Closing Event of the program took place in Manila, Republic of the Philippines, the Plaque of Recognition was handed over to the FRC Mongolia, based on recognizing its contribution to the successful implementation of the program.

FRC

Source:https://montsame.mn/en/read/310593