OREANDA-NEWS. May 5, 2009. Transsiberian Re Reinsurance Director Anna Fadeeva Participated In Working Meeting of Russian Ministry of Finance and Financial Regulatory Commission of Mongolia.

Reinsurance Director of OJSC Transsiberian Reinsurance Corporation, Anna Fadeeva participated in the working meeting of representatives of Russian Ministry of Finance and Financial Regulatory Commission (FRC) of Mongolia, which took place on 27 April. 

During the negotiations on the Russian side there were present State Secretary – deputy Minister of Finance, Sergey Shatalov, the head of Financial Policy Department of Russian Ministry of Finance, Aleksey Savatyugin, the head of Federal Insurance Supervision Service, Alexander Koval, members of other Ministries and Agencies, responsible for international cooperation. The meeting was also assisted by the representatives of Russian insurance companies and public associations of insurers.

Mongolian delegation was headed by Executive commissioner of FRC of Mongolia (responsible for supervision over all financial institutions except banks), B. Sharavsambuu and Director of Insurance Market Department of FRC, S. Ganbold.

The main subject of the meeting was the development of the cooperation between our countries in insurance, reinsurance, as well as Russian experience in Compulsory Motor Third Party Liability insurance, which is only planned to put into effect in Mongolia.

Though Mongolian insurance market is small by its volume as well as by the number of participants, Russian companies are interested in the investments in local insurers. It is mainly connected with the realization of joint Russian-Mongolian projects in different fields of economy. Besides, traditionally, Mongolian economy is oriented towards Russia, and many local officials received their education in this country, so they speak Russian very well. 

During the meeting on Ilyinka there was discussed the project of memorandum about the relations between Russian Ministry of Finance and FRC of Mongolia in insurance supervision and regulatory. The document is likely to make provisions for the cooperation between two agencies in information interchange about the state of insurance markets of our countries, development of legislation in insurance. Also, Ministry of Finance of RF is ready to assist in advanced training of members of FRC Insurance Market Department of Mongolia.

On the whole, the atmosphere of the meeting was business-friendly. The representatives of Russian insurers were able to find out at first hand from our closest neighbor about the state of insurance affairs, to assess the possibilities of the extension of cooperation between companies of these two countries. Also, the Mongolian delegation got answers to the questions about the Russian insurance market.