SGI Seoul Guarantee Partners with Mongolian State Reinsurance Company
Mongolia's Only State-Owned Reinsurance Company 'Mongolian Re' Signs MOU
Sharing Expertise to Introduce Local Surety Insurance System for the First Time
SGI Seoul Guarantee Insurance will transfer its various experiences related to guarantee insurance to local insurance companies in Mongolia.
SGI Seoul Guarantee Insurance announced on the 6th that it signed a business agreement to support the activation of guarantee insurance in Mongolia with local insurance companies 'Mongolian Re' in Ulaanbaatar, Mongolia.
'Mongolian Re' is Mongolia's only state-owned reinsurance company and is a member of the Asian Guarantee & Credit Insurance Association (AGCIA). It has continuously worked with SGI Seoul Guarantee Insurance to introduce the guarantee insurance system in Mongolia, including holding joint workshops.
As a result, in January, the Mongolian National Assembly amended laws such as the Insurance Business Act and the Public Procurement Act to introduce the guarantee insurance system. The Financial Regulatory Commission of Mongolia has completed preparations for operating the guarantee insurance system by establishing an operating committee for the establishment and activation of guarantee insurance operation plans. Subsequently, this business agreement was signed at the request of the Financial Regulatory Commission of Mongolia and Mongolian Re.
Based on this agreement, SGI Seoul Guarantee Insurance will transfer its experience in guarantee insurance product development and operation to Mongolian Re, and Mongolian Re will collaborate by developing products in accordance with local laws. In addition, through joint marketing between the two companies, they plan to promote the supply of guarantee insurance to Korean companies entering Mongolia.
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Hwang Eui-tak, Executive Director of SGI Seoul Guarantee Insurance, said, "SGI Seoul Guarantee Insurance will provide wholehearted support to ensure that the newly introduced guarantee insurance system in Mongolia can be activated," and added, "We plan to expand cooperation with various countries based on AGCIA in the future."
On the 5th, at the headquarters of Mongolian Lee in Ulaanbaatar, Mongolia, Hwang Eui-tak, Executive Director of SGI Seoul Guarantee Insurance (fifth from the left in the first row), and Javkhlant, Acting CEO of Mongolian Lee (fourth from the right in the first row), are taking a commemorative photo with attendees after signing a business agreement. (Photo by SGI Seoul Guarantee Insurance)
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