Influence of the State Regulation Instruments on the Financial and Economic Security of the Ukrainian Insurance Market in the Current Business Environment
Journal Title: Проблеми економіки - Year 2015, Vol 2015, Issue 2
Abstract
The article studies the effect of state regulation instruments on the financial and economic security of the insurance market of Ukraine in modern conditions of the national economy development. In particular, there have been analyzed the differences in the basic legislative acts, on the basis of which the state regulation of the insurance market in Ukraine is implemented, the dynamics and structure of assets as well as insurance reserves of insurers in the context of the solvency of insurance companies and, as a consequence — the insurance market as a whole. The analysis of reinsurance as an important instrument of influence on the financial and economic security of the national insurance market has been carried out. The analysis showed a significant effect of government regulation on the financial and economic security of the insurance market of Ukraine. In the process of the study it was proved that in the current conditions of national economic development the priorities of the state regulator in relation to creating the legitimate and safe environment for the domestic insurance market are: changing the orientation of insurers’ capitalization and asset quality, increasing requirements to domestic reinsurance companies and non-resident reinsurers, introduction of obligatory placement of insurance reserves in the form of government securities as giving a high rate of return and having a high level of reliability. The author considers that these measures have a significant impact on increasing the level of financial and economic security of the insurance sector and as a consequence — the implicit fulfillment of the undertaken obligations by insurers and restoration of public confidence in the insurers.
Authors and Affiliations
Olga Zhabynets
Keywords
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