УПРОВАДЖЕННЯ СИСТЕМИ ГАРАНТУВАННЯ ВИПЛАТ ЗА ДОГОВОРАМИ СТРАХУВАННЯ ЖИТТЯ В УКРАЇНІ: МЕХАНІЗМ ФІНАНСУВАННЯ НА ОСНОВІ ОЦІНКИ РИЗИКУ

Анотація

Abstract. Life insurance, as well as bank deposits, is a form of household savings, so contributions under life insurance contracts must be properly guaranteed by creating compensation mechanism. The paper deals with a number of issues in relation to the solutions for Ukrainian life insurance guarantee scheme (IGS). The main purpose of this study is to introduce decision on scheme design and appropriate fund-raising mechanism for Ukrainian IGS providing the last resort protection to customers who make their savings via life assurance contracts. Highlighting positive and negative effects of IGS implementation, analysing sources of funding for guarantee schemes, the research substantiates economic effects of risk-based approach to assessing contribution and proposes general scheme of estimating the insurer’s contribution to the IGS fund, in particular indicators for risk-based adjustment of IGS levies and adjustment procedures. Based on methods for calculating contributions to European deposit guarantee schemes, the article specifies technically sound methods for calculating contributions to IGS fund which capture various aspects of the insurers’ risk profile including capital adequacy, asset quality, liquidity and funding, profitability profile, business management, as well as the potential loss for the IGS and market circumstances. The methodology, proposed in the paper, is relevant not only for Ukraine, where the introduction of the IGS scheme for life assurance is only in perspective, but also for all other countries with existing IGS to implement risk-weighted approach to scheme setting that prompts insurers to control their risks, provides more effective and healthy competition. Keywords: life assurance, insurance guarantee scheme, policyholder protection, funding mechanism, risk-weighted contribution. JEL Classification G22, G33 Formulas: 5; fig.: 4; tabl.: 1; bibl.: 13.

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