Expected changes in legislation regarding the issue of improvement of financial control of insurers

Inna Vyacheslavivn Popova


Abstract


It has been analyzed the regulatory framework, regarding the regulation of the insurance market, in terms of financial control over activities of insurers, namely: solvency assessment based on risk impact. It has been found out that the old methods of analysis do not meet the current needs of the market. The draft law of Ukraine has been considered and changes have been marked, related to the introduction of new requirements for assessing insurers' capital and assets, which are covered by insurance reserves and funds. Increased state control of insurance companies is noted. To avoid conflict of public interest and market participants it is suggested to create a self-regulatory organization (SRO).

Keywords


financial supervision of insurance companies; financial crisis and economic instability; inadequate legislation; the assessment of the solvency of insurers; insurance reserves

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References


Zaletov, A. M. (2013). Insurance Market in Ukraine : results of 6 months of 2013. Journal of Insurance Top Results H1 2013, 3 ( 43), 77.

Information on the activities of the National Commission for the State Regulation of Financial Services Markets, in April 2013. (2013). Forinshurer. Retrieved September 15, 2013, from : http://forinsurer.com/public/13/06/05/4598.

Draft Law on Amending Certain Laws of Ukraine and a statement of the Law of Ukraine "On Insurance" in the new edition of 19.12.2011, № 9614. (2012).

Draft order Natskomfinposluh "On Amendments to the order of the National Commission for the State Regulation of Financial Services Markets of November 27, 2012 № 2422 " On Approval of the Rules of inspections ( inspections ) by the National Commission for the State Regulation of Financial Services Markets ". (2012).

Draft Law on Amending the Law of Ukraine " On mandatory insurance of civil liability of vehicle owners " of 15 . 05. 2013, № 2007. (2013).

Law of Ukraine "On Insurance" from 07.03.1996 85/96-VR number. (1996).

Draft Law of Ukraine "On the self-regulatory organization" 16.07.2009, № 4841. (2009).

Draft order Natskomfinposluh "On approval of the Internal Audit Department (control) in financial institutions " 10.10.2013. (2013).


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Articles are distributed under Creative Commons Attribution  International 4.0 (CC-BY-NC 4.0) 


Science Works Journal "Ekonomichnyy analiz"

ISSN 1993-0259 (Print)  ISSN 2219-4649 (Online) DOI: 10.35774/econa


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