New Aspects of Control and Regulation of Insurance Companies

Анотація

The article identifies three main stages of supervision of and control over insurance activities as the main direction in regulation of insurance companies: preliminary, current and final one. It is noted that the dominant area of external financial control is supervision of the solvency of insurance companies, assigned to the National Commission for the State Regulation of Financial Services Markets. The world practice distinguishes three types of supervision of insurers’ activities: licensing supervision, prudential supervision and business supervision. Prudential aspects of insurance regulation involve supervising the financial condition and professionalism of insurers. Business supervision is aimed at regulating relationships between the insurer and the insured, advertising the existing and new insurance products. The necessity of monitoring such important aspects as formation of insurance tariffs and development of typical forms of policies (the implementation of financial control) is emphasized. The article emphasizes the importance of using indirect methods for stimulating the development of insurance business by the state: ensuring the stability of legislation; forming insurance interest; improving the effectiveness of the state supervision system; providing availability of a guarantee system; ensuring presence of insurance competition; increasing the effectiveness of the insurance market infrastructure; intensifying investment activity; attracting foreign insurers to the market; promoting solvent demand for insurance services.

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