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Singapore Insurance

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Insurance Company Logos in Singapore

 Flag of Singapore, featured in the: Singapore insurance, post. Singapore Insurance – World Insurance Companies Logos. Click on the insurers logos to get a lot of up-to-date information from every insurer in Singapore. We would like to help you find the best coverage online. 

Insurance Company Logos in Singapore. A logo is instantly recognizable as a synonym for the brand and allows the client to associate the company with the useful qualities such as trust, the right price, and many other key questions about finding the best coverage.
Image of Logos of Insurance Companies in Singapore. Click on each logo to get a great deal of vital information to select the best insurer.

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    Find the logos and names of insurers in countries close to Singapore on the Logos Asian Insurance Company page.

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    Monetary Authority 

    The guidelines on insurance business are divided into core activities and fraud risk.

    Core Activities
    This chapter provides guidance on sound practices in carrying out assurance business and covers the core activities of product development, pricing, underwriting, claims handling and reinsurance management. It articulates broad principles that should be embedded in a risk management framework covering strategy, organizational structure, policies and procedures for managing risks inherent in these activities. The guidelines contained in this chapter are applicable for both life and general assurance business unless explicitly stated otherwise.

    Fraud Risk
    This chapter provides guidance on sound risk management practices to identify and mitigate direct insurers’ exposure to the risk of insurance fraud. It articulates broad principles that should be embedded in a risk management framework covering strategy, organizational structure, policies and procedures for managing insurance fraud risk. It incorporates the guidelines from the International Association of Insurance Supervisors (IAIS) Guidance Paper on Preventing, Detecting and Remedying Fraud in Insurance.

    Fundamentals of Dealing with Insurance Fraud

    1.2.1  Fraud can be defined as an act or omission intended to gain dishonest or unlawful advantage for the party committing fraud or for other related parties. In the case of insurance fraud, this would usually involve an exaggeration of an otherwise legitimate claim, premeditated fabrication of a claim or fraudulent misrepresentation of material information. 

    1.2.2  Insurers rely greatly on the accuracy and completeness of the information provided by policyholders, claimants, and intermediaries when underwriting risks and processing claims. 
    However, they may face various constraints in verifying the information provided due to factors such as high volume of transactions (for some assurance products), the complexity of circumstances leading to a claim and incomplete information. 

    For the purposes of this chapter, intermediaries would include the insurer’s financial adviser (“FA”) representatives, general insurance agents, financial advisers and insurance brokers (where applicable). 

    1.2.3 The broad categories of insurance fraud include: 
    (a)  policyholder and claims fraud – fraud against the insurer by the policyholder 
    and other parties in the purchase and/or execution of an assurance product; 
    (b)  intermediary fraud – fraud by intermediaries against the insurer or policyholders; and
    (c) internal fraud – fraud against the insurer by its director or employee on his/her own, in collusion with parties internal or external to the insurer, or fraud 
    perpetuated by any external party (e.g. Accountants, auditors, consultants, claims adjusters) engaged as a service provider by the insurer. 

    1.2.4  The scope of this chapter only covers the policyholder and claims fraud as well as intermediary fraud. For guidance on risk management practices to mitigate risk of internal fraud, insurers should refer to the “Guidelines on Risk Management Practices – Internal.
    Controls” issued by the Authority in February 2006. 

    1.2.5  Although certain categories of insurance intermediaries are licensed by the Authority, an insurer should still assess each and every intermediary based on the intermediary’s track record and the insurer’s experience in its dealings with the intermediary. Based on that assessment, the insurer should apply the appropriate risk management measures in respect of transactions involving an intermediary, regardless of whether it is licensed by the 
    Authority. 

    1.2.6  As fraud can be perpetrated by a collision involving a few parties, an insurer should adopt a holistic approach to adequately identify, measure, control, and monitor fraud risk and embed appropriate risk management policies and procedures into its processes across the organization. ​
    From Monetary Authority of Singapore

    Insurance in Singapore – World Insurance Companies Logos

    Saudi Arabia Insurance

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    Flag of Saudi Arabia, featured in the: Saudi Arabia insurance, post.Saudi Arabia Insurance – World Insurance Companies Logos. Click on the insurance company logos to get a lot of up-to-date information from every insurer in SAUDI ARABIA. We want to help you find the best coverage on the internet.

    Insurance Company Logos in Saudi Arabia

    The graphic mark of a company is synonymous with its brand. A logo is immediately recognizable and allows the customer to associate the company with helpful qualities such as trust, fair price, and many other key questions about finding the best coverage.

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      Online Insurance Activities Regulation

      First: Business Plan  

      10. The company must, prior to requesting SAMA’s approval for conducting  online insurance activities, develop a business plan specific to the online insurance business activities. The business plan must be reviewed by the Board of Directors before being submitted to SAMA and should include but not be limited to: 
      a) Analysis of the forecasted volume of online assurance activities over the next 3 years.
      b) Analysis of the risks associated with online business and the measures that will be taken to mitigate these risks, including but not limited to, adverse selection risks, money laundering, strategic risks, and potential website unauthorized access. 
      c) Contingency plan documenting the actions to be taken in the event of a failure of one or several components of the online system, including corrective and business continuity measures, as well as the obligation to report the event to the proper authorities within the Company and SAMA. 

      11. The company must obtain SAMA’s written approval before adopting its online business plan. In addition, the company must obtain SAMA’s written approval on any significant amendments or modifications to the business plan and SAMA might require a modification or change to the business plan when it sees necessary. 

      12. The business plan of online insurance activities must be approved and set by the board of directors after obtaining SAMA’s written approval and must be reviewed annually, or when making any fundamental change to the company’s strategy related to online insurance activities. 

      Second: Insurance Products 
      
      13. The company should submit a request to SAMA for obtaining an approval of its insurance products that will be sold on its website, taking into consideration the following
      a) Not selling any Protection and Savings Insurance policies on its website or any other website.
      b) Not selling any assurance policy with a Gross Written Premium exceeding SR 10,000 (Ten Thousand Riyal) on its website or any other website. 

      Third: Management of the Website

      14. The company must establish a unit within the IT department to be in charge of the website and its operational aspects including but not limited to posting content, monitoring performance, handling customer inquiries, tracking key performance indicators, measuring the traffic of data, and handling maintenance.

      15. The company must obtain SAMA’s written approval before signing a contract for outsourcing the management of the website to any third party. 

      16. After obtaining SAMA’s written approval for outsourcing the management of the website to a third party, the company must check the compliance of that party with the articles of this regulation and other related laws and regulations.  

      17. In the case of outsourcing the management of the website to a third party that approved to work in the Kingdom, according to the relevant laws, the company must appoint a communication officer in charge of the relation with the third party to whom the management of the website has been outsourced.

      The communication officer’s responsibilities include, but are not limited to monitoring the content of the website, answering customer inquiries and requests, ensuring that the third party meets the conditions and standards defined in the outsourcing agreement, and ensuring compliance of the third party with the relevant laws and regulations. 
      ​
      From Insurance Supervision Department

      Insurance in Saudi Arabia, Asia – World Insurance Companies Logos

      Pakistan Insurance

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      Flag of Pakistan, featured in the: Pakistan insurance, post.Pakistan Insurance – World Insurance Companies Logos. Click on the insurance company logos to get a bunch of update information from every insurer. We want to help you find the best insurance on the Internet. ​

      Insurance Company Logos in Pakistan

      Insurance Company Logos in Pakistan. The graphic mark of a company is synonymous with its brand. In insurance, a logo is immediately recognizable and allows the customer to associate the enterprise with the useful qualities such as trust, the right price, and many other vital issues about finding the best insurance.
      Click on each logo for much vital information to select the best insurer.

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        Economy of Pakistan

        ​Economists estimate that Pakistan has been part of the wealthiest region of the world throughout the first millennium CE having the largest economy by GDP. This advantage was lost in the 18th century as other regions edged forward such as China and Western Europe.

        This country is considered as a developing country and is one of the Next Eleven, the eleven countries that, along with the BRICs, have a high potential to become the world’s largest economies in the 21st century.  However, after decades of social instability, as of 2013, serious deficiencies in macromangament and unbalanced macroeconomics in basic services such as train transportation and electrical energy generation had developed. The economy is considered to be semi-industrialized, with centuries of growth along the Indus River.

        The diversified economies of Karachi and Punjab’s urban centers coexist with less developed areas in other parts of the country particularly in Balochistan. Pakistan is the 70th largest export economy in the world and the 89th most complex economy, according to the Economic complexity index (ECI). In 2013, this nation exported $28.2B and imported $44.8B, resulting in a negative trade balance of $16.6B.
        Pakistan’s economic growth since its inception has been varied. It has been slow during periods of democratic transition, but excellent during the three periods of martial law, although the foundation for sustainable and equitable growth was not formed.

        The inflation rate for the fiscal year 2010–11 was 14.1%. Since 2013, as part of an International Monetary Fund program economic growth has picked up. Goldman Sachs predicted, in 2014, that Pakistan’s economy would grow 15 times in the next 35 years to become 18th largest economy in the world by 2050.

        On January 2014, a survey conducted by the Japan External Trade Organization placed Pakistan just behind Taiwan in terms of business generated by Japanese companies. Pakistan’s data were generated from 27 Japanese firms doing business here. The results found that 74.1% of the Japanese companies estimated operating profit in 2013
        ​

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        Qatar Insurance

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        Insurance Company Logos in Qatar

        Insurance Company Logos in Qatar. The graphic mark of a company is synonymous with its brand. In insurance, a logo is immediately recognizable and allows the customer to associate the enterprise with the useful qualities such as trust, the right price, and many other vital issues about finding the best insurance.Click on each logo for much vital information to select the best insurer.

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          Economy

          ​Petroleum and liquefied natural gas are the cornerstones of Qatar’s economy and account for more than 70% of total government revenue, more than 60% of gross domestic product, and roughly 85% of export earnings. Proved oil reserves of 15 billion barrels (588,000,000 m3) should ensure continued output at current levels for 23 years.

          Oil has given Qatar a per capita GDP that ranks among the highest in the world. Qatar’s proved reserves of natural gas exceed 7000 km3, more than 5% of the world total and the third-largest reserves of any country in the world. Production and export of natural gas are becoming increasingly important. Long-term goals include the development of offshore petroleum and the diversification of the economy.

          Energy sector
          Before the emergence of petrol-based industry, this nation was a poor pearl fishing country. The exploration of oil and gas fields began in 1939.[12][13] In 1973, oil production and revenues increased dramatically, moving Qatar out of the ranks of the world’s poorest countries and providing it with one of the highest per capita incomes in the world.

          The economy was in a downturn from 1982 to 1989. OPEC (Organization of Petroleum Exporting Countries) quotas on crude oil production, the lower price for oil, and the generally unpromising outlook on international markets reduced oil earnings. In turn, the Qatari government’s spending plans had to be cut to match lower income.

          The resulting recessionary local business climate caused many firms to lay off expatriate staff. With the economy recovering in the 1990s, expatriate populations, particularly from Egypt and South Asia, have grown again.

          Oil production will not long remain at peak levels of 500,000 barrels (80,000 m³) per day, as oil fields are projected to be mostly depleted by 2023.

          However, large natural gas reserves have been located off Qatar’s northeast coast. Proved reserves of gas are the third-largest in the world, exceeding 7000 km³ (250 trillion cubic feet). The economy was boosted in 1991 by completion of the $1.5-billion Phase I of North Field gas development.

          In 1996, the Qatargas project began exporting liquefied natural gas (LNG) to Japan. Further phases of North Field gas development costing billions of dollars are in various stages of planning and development.

          Qatar’s heavy industrial projects, all based in Umm Said, include a refinery with a 50,000 barrel (8,000 m³) per day capacity, a fertilizer plant for urea and ammonia, a steel plant, and a petrochemical plant. All these industries use gas for fuel. Most are joint ventures between European and Japanese firms and the state-owned Qatar General Petroleum Corporation (QGPC). The U.S. is the major equipment supplier for oil and gas industry, and U.S. Companies are playing a major role in North Field gas development. 890-

          This country pursues a vigorous program of “Nationalization”, under which all joint venture industries and government departments strive to move Qatari nationals into positions of greater authority. Growing numbers of foreign-educated Qataris, including many educated in the U.S., are returning home to assume key positions formerly occupied by expatriates. In order to control the influx of expatriate workers,

          This country has tightened the administration of its foreign manpower programs over the past several years. Security is the principal basis for Qatar’s strict entry and immigration rules and regulations.

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          Philippines Insurance

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          List of Insurance Company Logos

          List of Insurance Company Logos in Philippines. A company’s graphic brand means its brand. In insurance, a logo is immediately recognizable and allows the customer to associate the enterprise with the useful qualities such as trust, the right price, and many other vital issues about finding the best insurance. Click on each logo for much vital information to select the best insurer.

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            World News Today

            Economy in Philippines

            ​The Economy of the Philippines is the 39th largest in the world, according to 2015 International Monetary Fund statistics, and is also one of the emerging markets.

            The Philippines is considered a newly industrialized country, which has an economy transitioning from one based on agriculture to one based more on services and manufacturing. In 2016, GDP by Purchasing power parity was estimated to be at $811.726 billion.

            The primary exports include semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, and fruits. Major trading partners include the United States, Japan, China, Singapore, South Korea, the Netherlands, Hong Kong, Germany, Taiwan, and Thailand.

            The Philippines have been named as one of the Tiger Cub Economies together with Indonesia, and Thailand. It is currently one of Asia’s fastest growing economies. However, major problems remain, mainly having to do with alleviating the wide income and growth disparities between the country’s different regions and socioeconomic classes, reducing corruption, and investing in the infrastructure necessary to ensure future growth.

            Shipbuilding and repair
            The Philippines is a major player in the global shipbuilding industry with shipyards in Subic, Cebu, General Santos City and Batangas. It became the fourth largest shipbuilding nation in 2010. Subic-made cargo vessels are now exported to countries where shipping operators are based.

            South Korea’s Hanjin started production in Subic in 2007 of the 20 ships ordered by German and Greek shipping operators. The country’s shipyards are now building ships like bulk carriers, container ships and big passenger ferries. General Santos’ shipyard is mainly for ship repair and maintenance.

            Being surrounded by waters, the country has abundant natural deep-sea ports ideal for development as production, construction and repair sites. On top of the current operating shipyards, two additional shipyards in Misamis Oriental and Cagayan province are being expanded to support future locators. It has a vast manpower pool of 60,000 certified welders that comprise the bulk of workers in shipbuilding.

            In the ship repair sector, the Navotas complex in Metro Manila is expected to accommodate 96 vessels for repair

            Automotive
            The ABS used in Mercedes-Benz, BMW, and Volvo cars are made in the Philippines. Ford, Toyota, Mitsubishi, Nissan and Honda are the most prominent automakers manufacturing cars in the country.  

            Kia and Suzuki produce small cars in the country. Isuzu also produces SUVs in the country. Honda and Suzuki produce motorcycles in the country. A 2003 Canadian market research report predicted that further investments in this sector were expected to grow in the following years.

            Toyota sells the most vehicles in the country. By 2011, China’s Chery Automobile company is going to build their assembly plant in Laguna, that will serve and export cars to other countries in the region if monthly sales would reach 1,000 units. Automotive sales in the Philippines, moved up from 165,056 units in 2011 to over 180,000 in 2012. Japan’s automotive manufacturing giant Mitsubishi Motors has announced that it will be expanding its operations in the Philippines.

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            Philippines, Asia – World Insurance Companies Logos

            Oman Insurance

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            ​Insurance Company Logos in ​Oman 

            ​Insurance Company Logos In ​Oman. The graphic mark of a company is synonymous with its brand. In insurance, a logo is immediately recognizable and allows the customer to associate the company with helpful qualities such as trust, fair price, and many other key questions about finding the best insurance.

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              Health in Oman

              Oman has made significant improvements to its healthcare system over the years. The Omani government has prioritized healthcare and invested heavily in the sector, resulting in an overall improvement in the country’s health indicators.
              Key points regarding health in Oman:

              • Health system: Oman has a well-established health system that provides comprehensive care to its citizens and residents. The Ministry of Health (MOH) oversees healthcare services in the country and there are several public and private health care centers throughout the country.
              • Access to healthcare: The Omani government has made healthcare accessible to its citizens and residents. Omanis receive free or subsidized health services through the public health system, while expatriates and visitors generally have health insurance coverage or pay out-of-pocket for medical services.
              • Infrastructure: Oman has developed a modern health infrastructure, including hospitals, clinics, and primary health care centers. Major cities and towns have well-equipped hospitals with advanced medical technology. However, remote areas may have limited access to healthcare facilities.
              • Healthcare Professionals: Oman has a well-trained healthcare workforce, including doctors, nurses, and other medical professionals. The country has also recruited healthcare professionals from various countries to meet the growing demand for healthcare services.
              • Health indicators: Oman has made significant progress in improving its health indicators. Life expectancy has increased, infant mortality rates have decreased, and there has been a decline in the prevalence of communicable diseases. Non-communicable diseases, such as cardiovascular disease and diabetes, continue to be a major health problem.
              • Health Initiatives: The Omani government has implemented various health initiatives to address public health challenges. These initiatives focus on preventative health care, disease control, health education and awareness campaigns.
              • Health Insurance: The government has introduced compulsory health insurance for expatriates living and working in Oman. This step is intended to ensure that all residents have access to health care services and reduce the burden on public healthcare facilities.

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              Oman, Asia – World Insurance Companies Logos

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              Nepal Insurance

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              Insurance Company Logos in Nepal

              List of Insurance logo and names in Nepal. The graphic mark of a company is synonymous with its brand. A logo is immediately recognizable and allows the customer to associate the enterprise with the useful qualities such as trust, the right price, and many other vital issues about finding the best insurance. Find the best coverage costs, coverage and claim support. Select the insurer you have confidence in.

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                BACKGROUND

                Beema Samiti, is the Regulatory Authority of Nepal, The line ministry of the Finance Ministry. The word ‘Beema’ means ‘Insurance’ and ‘Samiti’ connotes ‘Board’.
                Hence, the Word ‘Beema Samiti’ is synonymous to Insurance Board, which is constituted to systematize, regularize, develop and regulate the insurance business within the country under Act, 1992. This Samiti (Board) looks, after all, the insurance-related activities in the State of Nepal. As a regulatory body, the Board’s main concern is to create a professional, healthy and developed insurance market in Nepal.

                Furthermore, after the restoration of democracy in 1990 AD, insurance, environment began to change simultaneously along with other factors. Thus to meet the requirements of the changing situation, Act, 1968 was repelled by new Ins. Act, 1992 (Beema Ain, 2049). The preamble of the Act clearly states the purpose of the Act, thus “to establish an Insurance Board to systematize, regularize, develop and regulate the insurance business”. To achieve the goal of the preamble, Beema Samiti, is formed as an autonomous body the Ins. Act of 1992.​

                • From Beema Samiti (Insurance Board)

                FUNCTION, DUTIES AND POWER

                In order to systematize, regularize, develop and regulate the insurance business in the Kingdom, the following functions, duties and powers are conferred on Beema Samiti:
                Provide suggestions to Nepal Govt. to formulate necessary policy for systematizing, regularizing, developing and regulating the insurance business,
                Set out guidelines for insurers to invest their fund and prescribe the priority sectors for such investment,
                Register and renew the Insurer, Insurance Agent, Surveyor or Broker and to cancel or cause to cancel such registration,
                Arbitrate in the disputes, which arises between the insurer and insured,
                Make decision on the complaints filed by the insurer regarding the settlement of liability of the insurance,
                Issue necessary directives to the insurer from time to time regarding insurance business,
                Formulate necessary basis fo the protection of interest of the insured, and
                Do, or caused to do, other necessary functions regarding insurance business.

                • From Beema Samiti

                REINSURANCE DIRECTIVE FOR LIFE INSURANCE 

                Insurance Board has issued the following Reinsurance Directive for Life Insurance – 2065 for the purpose of Sub-Rule (2) of Rule 6 of Insurance Regulation, 1993 by making reinsurance policy and provision pursuant to the authority given by section 28 of Ins. Act,1992 to manage the provision of reinsurance of all Insurers.

                1. Brief Name and Commencement

                (1) The name of this directive shall be Reinsurance Directive for Life Insurance – 2065.

                (2) This directive shall commence from the date set by the Board.

                2. Reinsurance Provision

                (1) The insurer has to make appropriate reinsurance policy according to its underwriting policy, net worth and its risk.

                (2) Under the reinsurance policy made per Sub-directive (1), following points have to be included.

                (a) Type of reinsurance,

                (b) Basis of selection of reinsurer (including leader),

                (c) Basis of selection of reinsurance broker,

                (d) Internal control system to monitor the reinsurance arrangements,

                (e) Insurer’s retention limit under each reinsurance,

                (f) Maximum reinsurance limit under each reinsurance, and

                (g) Other necessary information.

                (3) (a) Insurer’s Board of Directors or the official authorized by Board of Directors has to prepare reinsurance policy as per Sub-directive (2) for each fiscal year and submit to the Insurance Board, at least, thirty (30) days before the end of each fiscal year.

                (b) The Insurance Board should be notified about any reinsurance arrangement that took place separately during the mid of the period.

                In the case of the insurer not having its head office in Nepal, this office will have to prepare its reinsurance policy and submit to the Board as per this directive.

                (4) The insurer has to submit to the Insurance Board the attested copy of Signed Slip/Cover Note of Reinsurance Treaty done for each fiscal year within forty-five (45) days after treaty becomes effective. However, this provision will not be applicable for facultative reinsurance.

                (5) Irrespective of anything written anywhere in this directive, the Insurer has to amend its reinsurance provisions as necessary upon immediate review of the same in the case of the amendment in underwriting policy, the financial condition of the Insurer getting worse/adverse, the rating of the Reinsurer going down or other necessary condition.

                (6) The Insurance Board can give necessary instruction on the reinsurance policy submitted as per Sub-directive (3) and reinsurance treaty submitted as per Sub-directive (4).

                (7) Reinsurance policy or treaty has to be amended per instruction of the Insurance Board as per Sub-directive (6).

                3. Risk retention by the insurer Insurer cannot reinsure 100% of risk without retaining some portion of risk covered by each policy of the insurer.

                4. Need for reinsurance

                (1) The insurer has to reinsure the remaining portion of risk after retaining the risk of its own.

                (2) Policy cannot be issued without adequate reinsurance arrangements of the portion, which cannot be retained as per

                Sub-directive (1).

                (3) Necessary process for renewal of reinsurance treaty has to be started thirty (30) days prior to the expiry of reinsurance arrangement under Treaty done as per Sub-directive (1).

                (4) While reinsuring as per Sub-directive (1), reinsurance arrangement should be made in a manner that any risk covered by the policy of the insurer is not skipped.

                (5) While reinsuring as per Sub-directive (1), reinsurance has to be done with local insurer registered with the Board, Reinsurance Company registered in Nepal or Reinsurance Company registered overseas.

                (6) While doing reinsurance with reinsurance company registered overseas as per Sub-directive (5), Reinsurer should be selected considering the Reinsurer’s capital, goodwill, capacity and experience as well.

                But, reinsurance for a leader cannot be done with reinsurance company having credit rating less than BBB under the rating of Credit Rating Agency recognized to rate the Insurer/Reinsurer internationally.

                (7) While submitting copy of reinsurance treaty pursuant to Subdirectory (4) of Directive 2, proof of Reinsurer’s rating has to be enclosed.

                (8) In the case of a decrease in a rating of the Reinsurer as per Subdirectory (6), reinsurance arrangement with such Reinsurer should not be renewed.

                (9) Risk cannot be covered without confirmation of Reinsurer in case facultative reinsurance is required. Such Reinsurer should be selected considering the Reinsurer’s capital, goodwill, capacity and experience as well.

                (10)The insurer is not having its Head Office in Nepal is not allowed to do a transaction with its Head Office as Reinsurer.

                5. Insurer’s retention

                (1) Insurer’s top retention per life under the policy issued by the insurer doing life insurance business should not be more than 0.1% of its net worth in Nepal.

                (2) Maximum retention per life can be up to Rs.300,000 in the case of an insurer having its main office in overseas.

                Note: It would be appropriate to downgrade its retention according to the nature of risk while the Insurer determines retention. The insurer can determine any one risk on its own.

                6. Catastrophe Reinsurance requirement:

                (1) Adequate Catastrophe Reinsurance has to be done for the risk under the policy issued by the Insurer.

                (2) The maximum retention limit under Catastrophe Reinsurance Treaty can be up to Rs.20, 000,000 (20 million).

                (3) Appropriate and sufficient Catastrophe Reinsurance should be done for the sum of Net Liability retained by the insurer per directive-4, sub-directive 1 & 2 and Probable Maximum Loss on the insurance coverage inside a geographical region having the highest number of insurance coverage under the policy issued by an insurer.

                Clarification: For the purpose of this directive, geographical region indicates Kathmandu valley and sub-metropolitan cities outside the Kathmandu valley.

                (4) In case where it is not possible to segregate insurance coverage issued in a geographical region per Sub-directive (3), the Catastrophic Reinsurance should be based on the sum of Ne

                Liability retained by the Insurer as per Directive 4, and the Probable Maximum Loss.

                7. Provision regarding selection of reinsurance broker

                (1) Insurer can do reinsurance directly or through reinsurance

                broker.

                (2) In the case of reinsuring through reinsurance broker, selection has to be done considering the broker’s capital, goodwill, capacity and experience.

                (3) While doing reinsurance through reinsurance broker, proof of

                Professional Indemnity Policy done through such broker has to be acquired.

                (4) Reinsurance broker as per Sub-directive (2) should be at least BBB rating from Credit Rating Agency as per Sub-directive (6) of Directive 4.

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                Myanmar Insurance

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                Myanmar Insurance – World Insurance Companies Logos. Click on the insurers logos to get a lot of up-to-date information from every insurer in MYANMAR. We would like to help you find the best coverage online. 

                Insurance Company Logos in Myanmar

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                  Myanmar Insurance Business Law 

                  CHAPTER V

                  Application for Business Licence and Granting Thereof 

                  8. A company desirous of writing one or more of the following insurance classes shall apply for business licence to the Supervisory Board in accordance with the stipulations: 

                  (a) Life Assurance; 

                  (b) Fire Assurance; 

                  (c) Comprehensive Motor Insurance; 

                  (d) Cash-in-transit Insurance; 

                  (e) Cash-in-safe Insurance;

                  (f) Fidelity Insurance; 

                  (g) Classes of insurance permitted by the Ministry from time to time, by notification with the approval of the Government.

                  9. A company desirous of acting as an underwriting agent or assurance broker shall apply for the business license to the Supervisory Board in accordance with the stipulations. 

                  10. The Supervisory Board may: – 

                  (a) after scrutinizing in accordance with the stipulations, the application submitted under section 8 or section 9, grant or refuse the business licence; 

                  (b) ask for and examine documents in scrutinizing the application for the business licence.

                  CHAPTER VI

                  Duties of an Insurer, Underwriting Agent or Insurance Broker 

                  11. An insurer, underwriting agent or insurance broker shall; – 

                  (a) abide by the provisions of this Law, rules, procedures, orders and directives made hereunder; 

                  (b) abide by the relevant conditions of the business licence;

                  (c) not transfer his business licence;

                  (d) maintain account books and records which indicate clearly his performance and financial standing to enable systematic and easy auditing;

                  (e) audit annual statements yearly, according to the financial year; 

                  (f) if the business licence is cancelled, maintain the assets owned to the amount equivalent to the liabilities thereof within Myanmar;

                  (g) not open any branch office of the insurance business without the permission of the Supervisory Board. 

                  12. If an insurer or underwriting agent transacts life assurance business, he: – 

                  (a) shall cause an actuary to calculate and determine life assurance premium rates;

                  (b) shall invest only the amount proposed by the actuary out of the fund of life assurance;

                  (c) shall cause an actuary to evaluate the life assurance business at least once in every 4 years and submit the report thereof to the Supervisory Board m accordance with the stipulations;

                  (d) shall re-evaluate with another actuary if directed by the Supervisory Board when the report submitted under subsection (c) is deemed unacceptable or is believed to be detrimental to the interests of the insured; 

                  (e) if there is a surplus in the evaluation by the actuary may draw it out unless it is contrary to any existing law or any contract. However, such drawn-out shall not exceed one-fourth of the amount designated as profit for the insurance policy-holders; 

                  (f) shall pay death claim only to the beneficiary in accordance with the conditions of the life assurance policy. If the beneficiary is a minor, it shall be paid to his natural parents or adoptive parents or lawful guardian;

                  (g) in the case where the beneficiary dies before the assured and the assured has not re-transferred the title of benefits, shall pay the death claim in the following order: – 

                  (1) husband or wife; 

                  (2) children; 

                  (3) grandchildren; 

                  (4) brothers and sisters; 

                  (5) parents. 

                  13. An insurer or underwriting agent shall; – 

                  (a) submit programmes of reinsurance to the Supervisory Board;

                  (b) not revise without the permission of the Supervisory Board, surrender value of life assurance, paid-up value, loans and interest rates and commission rates which were approved by the Supervisory Board; 

                  (c) collect only according to the premium rate which was approved by the Supervisory Board;

                  (d) carry out the arrangement of investment only with the approval of the Supervisory Board; (e) maintain supporting documents of assets of any insurance fund within the State and submit to the Supervisory Board on how they have been maintained. The maximum value of assets shall be as determined according to the type of insurance by the Supervisory Board;

                  (f) establish the main fund according to the type of relevant general insurance business. Such fund shall be utilised only for the liabilities and expenses relating to the relevant type of insurance business;

                  (g) if, the Supervisory Board directs to establish any other funds according to the relevant type of general insurance, in addition to the main fund mentioned m subsection (f), comply as so directed; 

                  (h) in abolishing the insurance business first replenish the remaining fund, after payment of all the liabilities and expenses, into other diminishing insurance funds; 

                  (i) have the right to draw a surplus amount of other insurance funds with the permission of the Supervisory Board; 

                  (j) apportion his assets to all the policyholders if adjudicated an insolvent or if unable to meet his liabilities. The liability to pay the policyholders shall have priority over other insurance except the preferential payments mentioned in section 230 of the Myanmar Companies Act. 

                  From Myanmar

                  Insurance in Myanmar, Asia – World Insurance Companies Logos

                  Mongolia insurance

                  by
                  Flag of Mongolia featured In the: Asian Insurance Company, Post

                  Flag of Mongolia, featured in the: Mongolia Insurance insurance, post.Mongolia Insurance – World Insurance Companies Logos. Click on the insurers logos to get a bunch of up-to-date information from every insurer in MONGOLIA. We wish to help you find the best coverage through the Internet. 

                  Insurance Company Logos in Mongolia

                  The graphic mark of a company is synonymous with its brand. A logo is immediately recognizable and allows the client to associate the company with the useful qualities like trust, the right price, and many other vital issues about finding the best assurance.

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                    Mongolia Press logo
                    Mongolia press

                    Mongolia health insurance

                    Mongolia does not have a mandatory national health assurance system. However, the Mongolian government has been working towards implementing a universal health coverage system in recent years. The government provides basic health care services through the State Central Hospital and other public healthcare facilities.

                    The Mongolian healthcare system is administered by the Ministry of Health, and it is primarily financed by the Social Health Insurance Fund (SHIF). The SHIF collects contributions from employers, employees, and the self-employed to fund health care services.

                    Under the Mongolian healthcare system, all Mongolian citizens and permanent residents are entitled to receive basic health care services. These services include primary care, specialist care, hospitalization, emergency care, and preventive services.

                    In addition to the public health care system, private health assurance options are available in Mongolia. These private health assurance plans offer coverage for medical expenses, including hospitalization, doctor visits, and certain treatments. The coverage and premiums of these plans may vary depending on the provider and the specific policy.

                    Take a look at more insurers logos in Asian Insurance.

                    Mongolia, Asia – World Insurance Companies Logos

                    Maldives Insurance

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                    Flag of Maldives featured In the: Asian Insurance Company, Post

                    Flag of Maldives Insurance, featured in the: Maldives Insurance insurance, post.Maldives Insurance – World Insurance Companies Logos. Click on the insurers logos for a bunch of up-to-date information available to every MALDIVES insurer. We would like to help you find the best coverage online. 

                    Insurance Companies Logos in Maldives

                    The graphic mark of a company is synonymous with its brand. A logo is immediately recognizable and allows the customer to associate the enterprise with the useful qualities such as trust, the right price, and many other vital issues about finding the best insurance.

                    • All
                      Maldives Press logo.
                      Maldives press

                      Types, Non Life and Life Insurance

                      1. Accidents
                      Fixed pecuniary benefits, benefits in the nature of indemnity, or a combination of both, 
                      against the risks leading to:  
                      1. Bodily injury as a result of an accident or of an accident of a specified class. 
                      2. Death as a result of an accident, or an accident of a specified class.  
                      3. Incapacity as a result of an accident or of an accident of a specified class, inclusive of industrial injuries and occupational disease, but exclusive of Medical Insurance and the Permanent Health Insurance.  
                      2. Medical.
                      Fixed pecuniary benefits, benefits in the nature of indemnity, or a combination of both against loss attributable to sickness or infirmity, but exclusive of Permanent Health Insurance. 
                      3. Land vehicles.  
                      a. Loss and damage to land motor vehicles. 
                      b. Loss or damage to land vehicles other than land motor vehicles. 
                      4. Railway Locomotives and Wagons.
                      Loss and damage to railway locomotives and wagons. 
                      5. Aircraft.
                      Loss and damage to aircraft. 
                      6. Ships.
                      Loss and damage to ships, vessels and boats used on the seas, lakes, rivers or canals.  
                      7. Goods in Transit.
                      Loss and damage to goods or baggage in transit irrespective of the form of transport.   18
                      8. Fire and Natural Forces. 
                      Loss and damage to property (exclusive of the property falling under paragraphs 3-7 of this regulation) due to fire, explosion, storm, natural forces (other than the storm) nuclear energy risk and land subsidence.  
                      9.  Other Damage to Property.
                      Loss and damage to property (exclusive of the property falling under paragraphs 3-7 of this regulation) due to hail or frost or any other event such as theft, other than those falling under paragraph  (8) of this regulation.    
                      10.    Land Motor Vehicles’ Liability.  
                      Liability arising out of the use of motor vehicles on land, including carrier’s liability. 
                      11.   Aircraft Liability. 
                      Liability arising out of the use of aircraft, including the carrier’s liability. 
                      12.   Ship Liability.
                      Liability arising out of the use of ships, vessels, and both on the seas, lakes, rivers or canals, including carrier’s liability. 
                      13.   General Liability.
                      All liabilities other than those covered under paragraphs (10) (11) and (12) of this regulation. 
                      14.   Credit.
                      Insolvency (in general), export credit, installment credit, mortgage, and agricultural credit. 
                      15.  Suretyship.  
                              Direct and indirect suretyships. 
                      16.   Miscellaneous Financial Loss       
                      Maldives – Loss due to any of the following risks: 
                      1. Interruption of business carried on by the insured, or reduction of the scope of business so carried on. 
                      2. Incurring unforeseen expenses. 
                      3. The financial loss of the insured involving neither of the above.  
                      17.   Legal Expenses.
                      The loss to the person insured attributable to legal expenses incurred, including litigation costs.  
                      18.   Assistance.
                       Providing either of the following. 
                      1. In cash or in-kind assistance to persons who get into difficulties while traveling, while away from home or while away from their permanent residence, or  
                      2. In cash or in-kind assistance to the person who gets into difficulties in cases other than above.
                       
                      From  I N S U R A N C E   I N D U S T R Y   R E G U L A T I O N S

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                      Maldives, Asia – World Insurance Companies Logos