The governmental regulation of the insurance market in the European integration processes

Economic Annals-ХХI: Volume 153, Issue 7-8(2), Pages: 49-52

Citation information:
Achkasova, S. (2015). The governmental regulation of the insurance market in the European integration processes. Economic Annals-XXI, 7-8(2), 49-52. https://ea21journal.world/index.php/ea-v153-12/

Svitlana Achkasova
PhD (Economics),
Lecturer,
Simon Kuznets Kharkiv National University of Economics
9a Lenin Ave, Kharkiv, 61166, Ukraine
svet_achk@meta.ua

The governmental regulation of the insurance market in the European integration processes

Abstract. Introduction. The entry of Ukraine into the global financial system requires a gradual transition to state supervision and regulation based at international principles set by the agreements and standards of international organizations. Thus, the study and implementation of a range of activities and innovations at the state level aimed at introducing new conditions in the insurance industry, which does not change the fundamentals of the system but leads to the elimination of problems and contradictions in the insurance market is relevant.

The purpose of this article is to define approaches to improve state regulation of the insurance market in the European integration processes.

Methods. Insurance theory and insurance concepts are the methodological basis of the study.

Results. This article describes an experiment in defining an influence level of a mega-regulator on the Ukrainian insurance market. The alternative options of creating an effective governmental regulation of the Ukrainian insurance market were justified with the use of hierarchical analysis method.

Conclusions. The options include introduction of a mega-regulator for the financial services market and improvement of the insurance market regulations according the best EU standards, protection of customer interests in the insurance market and an increase in their trust in insurers, which will bring insurance regulation in accordance to EU Directives. The obtained results have scientific and practical value and they could be used by governmental regulation institutes to improve European integration processes.

Keywords: Еuropean Integration; Ukrainian Insurance Market; Insurance; Market of Financial Services

JEL Classification: G22; G20

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Received 14.07.2015