Shadowing the Financial Flows in the Insurance Market: the Main Schemes and Instruments for Implementation

Анотація

The article analyzes the main schemes of shadowing the financial flows in the insurance market of Ukraine. In particular, the main indicators of the development of the insurance and reinsurance market of Ukraine for the period 2013-2018 are analyzed; the insurance market is evaluated by the insurant categories and the main types of insurance; peculiarities of the insurance companies’ operations with securities in terms of assets formation and balance transactions involving bills of exchange, as well as the main negative effects of shadowing the financial flows in the insurance market. It is proved that even in difficult economic-political conditions, which are usually accompanied by insolvency of most business structures and the population, insurance companies have not lost their positions and even demonstrated an increase in the main indicators of development, which indicates the involvement of domestic insurers in the implementation of so-called pseudo-insurance operations, which are most often carried out in such crisis periods. It is determined the primary servicing the interests of legal entities by insurers and the predominance of the types of property insurance among the insurance services sold, including financial risks insurance, which are actively used as tax optimization instruments for enterprises in the real sector of the economy. It is proved that insurance companies use domestic incoming reinsurance to reduce their tax liabilities, as well as so-called «technical» securities, including bills of exchange, to withdraw money outside the country or cash them out.

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