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On June 20, the parliament’s standing committee on economic system held a gathering with 52.6 p.c attendance. Throughout which the related organizations talked in regards to the authorized framework and present state of affairs of the insurance coverage business.
Head of the Monetary Market and Insurance coverage Division of the Monetary Coverage Sector of the Ministry of Finance L.Sonor offered the present state of affairs and authorized reforms within the insurance coverage business. He states, one of many three pillars of the monetary sector, the insurance coverage sector occupies a reasonably small share. By the top of 2022, the ratio of whole premium earnings of the insurance coverage business to GDP in Mongolia is 0.63 p.c, which is 10 instances decrease than the common of different international locations. The principle indicators of the insurance coverage sector have been rising within the final decade, and by December 2022, the overall belongings of the businesses within the sector have elevated to 475 billion MNT. He added that the overall premium earnings of the insurance coverage business has elevated to 305 billion MNT. Then, Head of the Monetary Regulatory Fee D.Bayarsaikhan added extra details about the authorized framework and present state of affairs of the insurance coverage business.
As of in the present day, insurance coverage organizations function by 254 firms, 395 insurance coverage middleman firms, 90 branches and consultant workplaces of insurance coverage harm evaluation firms and supply companies to greater than 1.3 million insured residents with 688 insurance coverage merchandise (one firm averages over 30 insurance coverage merchandise). D.Bayarsaikhan offered that within the first 5 months of this yr, the overall belongings of insurance coverage firms elevated by 11.6 p.c from the identical interval of the earlier yr and reached 475 billion MNT. Contemplating the share of the overall belongings of insurance coverage firms by sort of insurer, the overall belongings of bizarre insurance coverage firms are 398.2 billion MNT, the overall belongings of longterm insurance coverage firms are 16.4 billion MNT, and the overall belongings of reinsurance firms are 60.3 billion MNT.
D.Bayarsaikhan then continued about livestock listed insurance coverage, which is insurance coverage product that units a threshold or index as a share of the lack of livestock in a given space and compensates policyholders who’ve insured their animals in a given space if the proportion of livestock loss exceeds that threshold. The federal government units the edge for the extent of danger. For instance, in keeping with Authorities Decision, the primary threshold is 5 to 6 p.c, and the second threshold is 25 to 30 p.c. It was talked about that the proportion of livestock listed insurance coverage protection may be very low, and by the top of 2022, 14.4 p.c of all herding households and about eight p.c of all livestock had been coated by listed livestock insurance coverage. On this context, livestock valued at 117.9 billion MNT had been insured and insurance coverage premiums of three.9 billion MNT had been collected. After the census, cattle are thought-about sheltered, and in the event that they exceed the edge, compensation is paid to herdsmen.
Course of on digitizing state companies launched
On the standing committee on innovation and digital coverage’s assembly, they mentioned digitizing state companies and issues associated to some legislation amendments. Minister of Digital Improvement and Communication N.Uchral
offered the progress of the order given by the standing committee on October 24, 2022. He stated, “The federal government has determined to approve the checklist of software program tasks to be accomplished by the personal sector. Because of this, the authorities is not going to develop the system additional. Which means that it is not going to duplicate the work achieved by the personal sector, however solely outline the coverage. Within the framework of this work, the www.mindgolia.mn software program division retailer has been established and greater than 380 merchandise are situated there.”
The Minister then remarked, “Each yr, the federal government purchases software program value 950 billion MNT. The state continues to be a massive purchaser, however the techniques usually are not interconnected. To open the authorized chance for the personal sector to buy the federal government by placing it on mindgolia, the state procurement division gave instructions to attach mindgolia.mn and e-tender.mn. Sooner or later, firms and enterprises will put their developed techniques on mindgolia.mn and the authorities will purchase them. Additionally, in accordance to the 10-year plan offered by the personal sector, the telecommunications sector is a massive sector with gross sales of 1.6 trillion MNT, however the info expertise sector just isn’t capable of promote a lot. For the reason that gross sales of the data expertise sector is lower than 0.3 p.c of the gross home product, they’re working to enhance the authorized surroundings to help software program producers.”
Invoice on Basic Training Legislation mentioned
On the standing committee assembly, the dialogue was held in regards to the Basic Training Legislation and training sector issues. Minister of Training and Science L.Enkh-Amgalan stated that the analysis stage of the examination is being reformed. For instance, arithmetic shall be reformed in order that it turns into a base take a look at, and it’ll be evaluated in a different way relying on stage. He additionally stated that within the twenty first century, the program for buying digital and English language expertise is being reformed.
After that, the primary dialogue of the modification of Preschool and Basic Training Legislation was held. The working group formulated 33 proposals with variations in precept. Voting was performed in accordance and every merchandise was mentioned.
The Minister offered info on the progress of the undertaking to exchange pit bogs in state-owned kindergartens, gen-
eral training colleges, and dormitories with fashionable sanitary amenities. He stated that the undertaking shall be applied in 4
phases the place the primary two will happen in 92 soums of 16 provinces. Of a complete of 307 buildings, 183 began usages, 29 are
prepared and 95 proceed development. Additionally, in stage three, 130 soums of 17 provinces, in stage 4, 92 soums of 18 provinces will take part within the undertaking of changing colleges, kindergartens and boarding homes with fashionable sanitary amenities. As of June 15, 35.6 billion MNT funding has been supplied. The price range for every sanitary facility to be in-built every subdistrict is completely different. For instance, the price range for the sanitary facility of Khairkhan soum dormitory in Arkhangai Province is 267.1 million MNT, whereas the sanitary facility price range for Bulgan soum Secondary College in Bayan-Ulgii Province is 341.7 million MNT. In normal, the precise value of 1 object ranges between 160 and 180 million MNT, relying on the capability of the kindergarten, secondary faculty, and dormitory.
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