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Монгол улс, Улаанбаатар хот, Чингэлтэй дүүрэг, Чингэлтэй дүүрэг, 4-р хороо 8/2

Нээлттэй ажлын байрууд

2019-05-10
Дотоодын зөвлөх - C11/CS/017

Албан журмын даатгалуудын Ерөнхий хуулийн төсөл боловсруулах хэрэгцээ, шаардлагын тандан судалж ЗГ-т танилцуулах дотоодын зөвлөх сонгон шалгаруулна.
 
Mongolia has received a credit from the International Development Association (IDA) for the Strengthening Fiscal and Financial Stability Project (SFFSP). The Objective of the SFFS Project is to contribute to the Government of Mongolia’s efforts to strengthen fiscal and financial stability and improve the quality of expenditure. The project is designed into five components: (I) Strengthening Macroeconomic and Fiscal Management; (II) Improving the Efficiency of Public Financial Management; (III) Enhancing Financial Sector Stability; (IV) Strengthening the Social Protection System; (V) Project Management and Monitoring. The objectives are to: Strengthening fiscal responsibility and implementing relevant policy measures, improving fiscal discipline, strengthening the resiliency of the banking system, improving public expenditure quality in social protection, providing support for Project implementation, coordination, monitoring and evaluation, including, inter alia, audit arrangements, reporting requirements, procurement and financial management activities respectively. For more details, please refer to the Project Appraisal Document Report No. PAD2269.
The Ministry of Finance (MoF), the Financial Regulatory Commission (FRC) and the Bank of Mongolia (BoM) had jointly developed “Financial sector development plan 2025” which was approved by the Government resolution #299, 2017. The main purpose of the development plan is to improve Mongolian financial sector framework, structure and infrastructure in the midterm, define the strategic goals and implement it to build more balanced and diversified financial sector instead of bank dominant financial sector, and put into action the prudential method to regulate the sector and prevent the systemic risk. In the framework of the “Financial sector development plan 2025”, in 2018 Government of Mongolia has planned to establish a working group which consists of stakeholders in order to do relevant research, develop concept note and legal framework on private pension insurance scheme and national reinsurance framework, review and improve current legal framework of insurance industry and make amendments to Law on insurance, Law on insurance intermediaries and Law of the driver’s insurance and insurance industry regulations.
The Government of Mongolia has acknowledged the importance of insurance market development and its role in economic growth and financial sector stability. Insurance market’s share is less than one percent of the total financial market of Mongolia, while there has been a dramatic growth in the sector. The banking sector remains dominant at 95.5%. The state insurance company, Mongol Insurance, which remains the largest insurer, was privatized in 1997. After passing a new law on insurance in 2004 there were 16 insurers by the end of 2018.
Mongolia’s insurance market is largely concentrated on auto coverage following the introduction of compulsory driver’s liability coverage in 2011, personal accident policies, and on corporations, particularly on property and liability insurance for mining operations and other large industries.
Specialists suggest that the introduction of new compulsory insurance lines to the market will make a significant impact to the sector’s development. Currently, several mandatory insurance coverages, mostly third party liability, are included in specific laws of different industries (the “laws on compulsory insurance”). However, there are some essential issues, including the uncertainties regarding the state of the enforcement, the efficiency of insurance coverages in those laws and responsibilities of supervising organization, and insufficiency of relevant data, thus, amendments should be made to them based on review analysis. Moreover, a research on determining the necessity of a general law of compulsory insurance products needs to be conducted.
In terms of progress requirements in order to implement “Financial sector development plan 2025”, the MoF is seeking to hire a national consultant to support the reviewing and improving legal framework of compulsory insurance, suggesting amendments to the laws on compulsory insurance, and determining the need for a general law of compulsory insurance products. 
OBJECTIVE OF THE ASSIGNMENT
The objective of the National Individual Consultant is to assist implementing “Financial sector development plan 2025”, and to provide professional advice and assistance to the Financial Market and Insurance Division (“FMID”) of MoF on reviewing and improving legal framework of compulsory insurance, making amendments to the laws on compulsory insurance and conducting a research on determining the need for a general law of compulsory insurance products. 
SCOPE OF THE WORK
The following assignments will be conducted by the National Consultant, but not limited to:

Review the “laws on compulsory insurance” and determine the gaps and deficiencies in those laws:
Analytical review of the existing “laws on compulsory insurance” for identifying gaps and deficiencies;
Organize meetings with representatives of relevant parties who are subject to and are involved in the enforcement of the laws on compulsory insurance to have their opinion into consideration when making the amendments;
Conduct a comparative research on compulsory insurance laws and provide an analytical report considering international best practices;
Produce the drafts of the amendments needed to these laws;
Support the implementation of the action plan of insurance sector related issues in “Financial sector development plan 2025”;
Conduct a research on determining the necessity of a general law of compulsory insurance products:
Conduct a comparative research on general laws of compulsory insurance products and provide an analytical report considering international best practices;
Produce a research report based on the findings of the Assignment I in this section and the comparative research on general laws of compulsory products above;
Provide policy recommendations based on the research.

III. Recommendations on Institutional arrangements for FMID:

Prepare and organize a forum to review and improve legal framework of compulsory insurance and make amendments to relevant laws and insurance regulations;
Conduct training for the staff at the Ministry regarding to new amendments;
Undertake such other tasks as reasonably requested and/or assigned by the director of FMID;

 

2019-05-06
Дотоодын зөвлөх-C11/CS/020

Үл хөдлөх хөрөнгөөр баталгаажсан үнэт цаасны тухай хуульд өөрчлөлт оруулах үнэт цаасжуулалтын зардлыг бууруулах санал бэлтгэх, орон сууцны санхүүжилтийн тогтолцоог сайжруулах, хууль эрх зүйн орчны судалгаа шинжилгээ хийх Дотоодын зөвлөх сонгон шалгаруулна.
 
REQUEST FOR EXPRESSION OF INTEREST
A. BACKGROUND
Mongolia has received a credit from the International Development Association (IDA) for the Strengthening Fiscal and Financial Stability Project (SFFSP). The Objective of the SFFS Project is to contribute to the Government of Mongolia’s efforts to strengthen fiscal and financial stability and improve the quality of expenditure. The project is designed into five components: (I) Strengthening Macroeconomic and Fiscal Management; (II) Improving the Efficiency of Public Financial Management; (III) Enhancing Financial Sector Stability; (IV) Strengthening the Social Protection System; (V) Project Management and Monitoring. The objectives are to: Strengthening fiscal responsibility and implementing relevant policy measures, improving fiscal discipline, strengthening the resiliency of the banking system, improving public expenditure quality in social protection, providing support for Project implementation, coordination, monitoring and evaluation, including, inter alia, audit arrangements, reporting requirements, procurement and financial management activities respectively. For more details, please refer to the Project Appraisal Document Report No. PAD2269.
Under the agreements of “Extended Fund Facility” arrangement with International Monetary Fund and pre-requirements and conditions the World Bank development financing, the Government of Mongolia (GOM) and the Bank of Mongolia (BOM) has signed the Memorandum of Understanding (MOU), 28 November 2017,  in relation to cease all quasi-fiscal programs from the BOM and transferring to GOM “Formation of a stable scheme of Housing Finance” program (hereafter as referred as “Mortgage Program”) as a fully committed. According to the MOU, the GOM should provide financial sources to fund mortgage subsidized loan to allocate on state budget every year as sourced from the amount of issued Mortgage backed bond (MBB) repayments. The exit plan of BOM has been signed by both sides as a joint resolution on 20 December 2018, #285/A-334.
In addition, the Ministry of Finance (MOF) is required to facilitate the transfer of the mortgage program and to develop a new program to achieve the goal of providing citizens with housing and a healthy and safe environment by reducing the air pollution. As fully committed by the GOM for financing the Mortgage Program, the further financial source shall be accumulated from issued MBB interests and principal payments.
Therefore, in order to revise the Law of Asset Backed Securities (hereafter as referred as “LABS”) in terms of reducing costs of bond issuance and other related matters in addition to as requiring an efficient method and scheme for designing to finance mortgage program in ongoing process to be willing to seek sufficient financial sources, the Ministry of Finance (MOF) is seeking to hire a professional individual consultant in the review of the existing law; undertake assessment and prepare a concept paper and an initial draft law in accordance with Article 14 and 16 of The Law on Legislation of Mongolia, and redesign current mortgage financing structure to be more prudent and sophisticated.
B. OBJECTIVE OF THE ASSIGNMENT
The main objective of a National Consultant is to perform a thorough review of the Law of Asset Backed Securities and its legislation framework and provide recommendations on the legal and regulatory context based on “cost efficient” manner and as well as preparing and drafting the Government Mortgage Subsidized Loan Scheme.
C. SCOPE OF THE ASSIGNMENT
The main assignments and associated activities to be undertaken by the National Consultant shall include (but are not limited to) the following:
I. Review and develop amendments to the Law of Asset Backed Securities and its related regulations:
   1. Analyze legal issues of the LABS legal framework and draft key documents (including research papers, proposals for the principal amendments, operational reports);
   2. Investigate legal issues to be linked reducing costs of issuance of bond/securities and the stage or level of implementing the law, and as well as to determine the beneficial methods/techniques for reducing costs of securities issuing according the LABS;
   3. Conduct research on international best practices of relevant legislation and provide recommendation on cost efficient asset backed bond issuance;
   4. Assist and work closely with the working group on amending the LABS, which consists of Financial Regulatory Commission, MOF, BOM, a representative from the World Bank and other relevant government authorities;
   5. Provide the proper coordination with the working group on behalf of the MOF or the Financial Asset Management Division (FAMD), FPD, MOF;
   6. Provide an initial draft of revised version of the Law on Asset Backed Securities and its related regulations;
   7. Produce the comparative cost estimation analysis of asset backed bond issuance according to the current legal framework and a proposed new revised legislation (LABS);
II. A new mortgage subsidized loan financing scheme:
   1. Conduct analysis on the current Government subsidized mortgage program financing scheme;
   2. Oversight the subsidized mortgage loan statistical data and accumulate database on mortgage loan;
   3. Conduct research on domestic housing markets and its demand and consumers’ purchasing power or households’ income (affordability);
   4. Inspect housing projects’ implementation by both private sector and government in Ulaanbaatar city and its rural areas; including State Housing Corporation “TOSK” LLC housing projects and lending houses program;
   5. Draft and redesign the Government subsidized mortgage program financing scheme;
   6. Provide recommendation of a new financing scheme based on the potential cost reduction on Mortgage backed bond issuance;
   7. Examine and draw a roadmap of the possible alternative sources of other individual or institutional investors (including sources from International or Asian capital markets) to invest in MBB;
   8. Support and closely cooperate with the specialist who are responsible for subsidized mortgage loan program at the FAMD throughout the consultancy service;

Ажлын байрны зарууд

  1. Дотоодын зөвлөх - C11/CS/0175 сарын 10. 15:15
  2. Дотоодын зөвлөх-C11/CS/0205 сарын 6. 9:55

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