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Acknowledgments

This knowledge product was developed by Xiaofei Jiang, operations coordination specialist (task leader), Public Management, Financial Sector and Regional Cooperation Division, East Asia Department, based on a regional technical assistance report for Mongolia commissioned to Kelly Rendek and Martina Wiedmaier-Pfister for the Access to Insurance Initiative (A2II).

The Asian Development Bank (ADB) would like to thank Sodom Ganbold of the Financial Regulatory Commission (FRC) and the staff of the insurance department, for their valuable contributions to this review. We also thank the staff of the German International Cooperation (GIZ); the ADB Mongolia Resident Mission; and to the A2II secretariat for their assistance and logistic support during the in-country visits.

Special thanks go to Arup Chatterjee, senior financial sector specialist, Office of Regional Economic Integration, who served as peer reviewer. This publication also benefited from the overall guidance of Ying Qian, director, Public Management, Financial Sector and Regional Cooperation Division, East Asia Department, and from the editorial and production assistance of Pilar Sahilan, Arvin Diaz, Tuesday Soriano, Edith Joan Nacpil, and Carlos Llorin Jr. The cover design was based on a photo taken by Naomi Chakwin.

About the Access to Insurance Initiative

The Access to Insurance Initiative (www.access-to-insurance.org) is a global partnership of insurance supervisors and development agencies. It is designed to increase voluntary usage of suitable insurance products by contributing to sound policies, regulation, and supervision; through best practice, guidance, and standards. Under the primacy of the International Association of Insurance Supervisors (IAIS), the initiative generates knowledge and contributes to the IAIS standard setting and capacity development measures for supervisors.

The initiative was founded in October 2009 as a partnership among (i) the IAIS, (ii) the German Federal Ministry for Economic Cooperation and Development (BMZ) together with the German Technical Cooperation, (iii) the Consultative Group to Assist the Poor, (iv) the International Labour Organization (ILO), and (v) the South Africa-based FinMark Trust. The United Nations Capital Development Fund and ADB joined as partners in 2010. GIZ is hosting the secretariat on behalf of BMZ.

It conducts diagnostics of the insurance market and related policy, regulatory, and supervisory environment in selected countries to (i) develop country-specific recommendations, (ii) generate cross-country learning on the most suitable approaches that facilitate the growth of microinsurance, and (iii) contribute to the standard-setting process of the IAIS.

The initiative also supports implementation efforts to enhance access to insurance markets on a selective basis. Regular dialogue and dissemination events to develop the capacity of supervisors and other authorities complement the Initiative’s activities.