INSURANCE MARKET AS A SPHERE OF ACTIVITY OF NON-BANK FINANCIAL INSTITUTIONS

Abstract

The insurance market is a system of economic relations concerning the purchase and sale of a specific product – insurance coverage due to the occurrence of certain events (insured events), defined by the insurance contract or current legislation. The problem of state regulation of the insurance institution and the participation of the non-banking sector of the economy in it is one of the most relevant in the theory and practice of modern domestic insurance. The importance of its research is due to the fact that this system has not yet been fully formed, in particular: the state of the insurance market is changing, the regulatory framework of insurance is constantly improving, the activities of government regulators and non-bank financial institutions are changing. The instability of the system of state regulation of the insurance market is caused by internal factors of the insurance market, but at the same time is a direct consequence of macroeconomic processes, economic problems in general, as well as the development of international integration trends. A number of unresolved issues remain in the regulation of the domestic insurance market by insurance companies, in particular: insufficient coordination of actions of state bodies in charge of insurance issues, as well as state bodies and non-bank financial institutions, which leads to unsystematic decisions and reduced overall regulation of insurance activities; Insufficient powers of state bodies to apply sanctions and prosecute non-bank financial institutions for violations of insurance legislation, which does not increase the level of liability of professional participants in the insurance market; lack of a quality system of accounting, reporting, disclosure and supervision of insurance companies. It should be noted that the key problem in the regulation of the financial services market is insufficient coordination between financial regulators, which in the process of supervisory activities is reflected in the inconsistency of their actions during the adoption of regulations, insufficient coordination in systemic financial crises, insufficient exchange information and lack of mechanisms for interaction during the supervision of financial conglomerates or related parties. The further integration of Ukraine into the world structures that determine the international policy in the field of financial services regulation is also important.