The Financial Regulatory Commission (FRC) re-established the "Driver Insurance Policy" in October 2024 and has retroactively repealed the "Driver Insurance Policy" that was in effect from January 1, 2025. Furthermore, citizens who have purchased driver's insurance within 10 days of the implementation of the new regulations are reminded to submit a request to amend their insurance contract to their insurance company. The FRC has made the following explanation in this regard:

•  According to the relevant regulations revised by the FRC by Order No. 493 on October 31, 2024, the regulations included a higher fee dependent on the number of drivers involved in road and transport accidents, repeated compensation payments, and violations of traffic rules. The amount of the fee for responsible drivers who do not have road and transport accidents shall be lower. In addition, the regulation includes a certain percentage reduction in the amount of the fee for vehicles with an engine capacity of up to 1000, environmentally friendly electric vehicles, and other special engines. Last year, insurance contracts that specified the driver's name accounted for 35 percent of all contracts, but according to the figures for the first 10 days of this year, this has reached 92 percent of all insurance contracts, which provides an opportunity to assess the responsibility of drivers and realistically determine insurance premiums. During this 10-day period, approximately 80 percent of all contracts signed, or 7,638 contracts, were signed by individuals, with the driver's name mentioned, and the average fee was 57,139 tugriks. Considering the requirement for continuous and normal continuation of driver insurance operations, the FRC has decided to retain the existing credit factor regulation that calculated the insurance premium amount between 2018 and 2024 and to repeal the aforementioned revised regulation.
•  Therefore, citizens and legal entities who have purchased driver liability insurance between January 1 and 9, 2025, will have the right to submit a request to the insurance company to amend the insurance contract.

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