Features of the state regulation of the insurance market of Ukraine in the conditions of martial law

Анотація

Introduction. The war in Ukraine and the corresponding actions of the state to support insurance market participants revealed many problems that were ignored or insufficiently worked out by the regulator for many years. Problem Statement. Determination of the role and features of the state regulation of the insurance market of Ukraine in the conditions of a full-scale war. Purpose. Clarification of conceptual approaches regarding the content, purpose and forms of state regulation of the insurance market of Ukraine, as well as the analysis of the regulatory and legal regulation of the activity of insurance companies by the NBU. Methods. The research was conducted using critical analysis, methods of scientific generalization and systematization, analysis, synthesis, grouping, comparison, and abstract-logical. Results. The conceptual provisions regarding state regulation of the insurance market of Ukraine have been clarified. Its content, purpose and forms of implementation are defined. A comparative analysis of legal acts adopted by the NBU after the start of armed aggression against Ukraine and the introduction of martial law was carried out, and their impact on the activities of participants in the domestic insurance market and its further development was determined. The regulator's active rule-making activity was aimed primarily at ensuring the reliability and stability of the banking system. Only a few normative acts directly related to the activities of insurance market participants. The content of the reasons for the need to purchase currency by insurers and make cross-border currency payments is revealed. Conclusions. The insurance market and its participants need significantly more government support, active measures to promote their activities by the regulator, as well as the implementation of real steps to deregulate and simplify requirements for their activities. In the short term, the tasks of the NBU should include ensuring that insurers fulfill their obligations to policyholders and laying the foundation for further market development. Full liberalization of cross-border currency payments will provide an opportunity to receive protection from the world's most powerful insurance and reinsurance corporations. At the same time, it is recommended to postpone the deadlines for the introduction of new by-laws and to extend the moratorium on non-application of influence measures, which will allow the insurance business to concentrate on professional activities.

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