ADAPTATION OF THE REGULATION OF THE INSURANCE SERVICES WITH ACCEPTANCE OF THE EU LEGISLATIO

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ADAPTATION OF THE REGULATION OF THE INSURANCE SERVICES WITH ACCEPTANCE OF THE EU LEGISLATIO

Journal Title: Право та інновації - Year 2017, Vol 4, Issue 20

Abstract

Problem setting. Activation of European integration processes in the insurance market requires the reorganization of the national insurance market to provide insurers with the proper quality of services. The leading factor in safe insurance is the solvency of the insurer, which is marked by a balance between its assets and liabilities, which will be facilitated by the introduction of prudential norms according to EU regulatory standards. Using prudential rules reduces supervisory burden on financial institutions. A promising task is to regulate the insurance market, taking into account the norms of the legislation of the EU countries. The issue of their adaptation to the functioning of the insurance services market in Ukraine remains open. Target of research. The aim is theoretical substantiation and search of directions of adaptation of regulation of the insurance services to the norms of the legislation of the European Union. Analysis of resent researches and publications. It is noted insufficient level of scientific research in the areas of adaptation of Ukrainian legislation in the field of insurance market to the norms of EU legislation. These are articles by R.Pukały, M.V.Mnicha, T.A.Govorushko and others. Article’s main body. The introduction of the conditions for the gradual integration of Ukraine into the EU market is stipulated by the Association Agreement between Ukraine and the EU. An analysis of the legal framework of the EU states that the EU has created modern criteria for regulating the insurance market in the following areas: insurance services, insurance mediation, insurance supervision, consumer protection, liquidation of insurance companies and their ability to pay. The introduction of prudential supervision is part of the overall supervisory system. The transition to Solvency II is the transition to an economic, risk-based, regulatory model that includes requirements for managing the organization, current self-assessment of risks and financial security, internal control, audit, etc. Conclusions and prospects for the development. Ukraine should gradually adapt its legislation regulating the insurance market to the requirements of the EU through the introduction of prudential supervision standards. The priority task of the insurers is to increase consumer confidence in financial services markets. Improving the protection of the rights of policyholders will have a positive impact on the overall economic situation in the state and will contribute to reducing the burden on public finances.

Authors and Affiliations

N. Vnukova

Keywords

EP ID EP456781
DOI -
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