MARKET OF FINANCIAL SERVICES

YAVORSKA Tetiana Vasylivna

Instruments of insurance supervision in Ukraine

The article analyses the necessity of the use of insurance supervision, that is determined by the primary significance of insurance companies for the national economy of a country and by the specific character of their activity as business units. The quality of insurance supervision was established to be estimated on the basis of efficiency, economy and observance of corresponding principles. The basic principles of insurance supervision are as follows: objectivity and impartiality, openness, transparency, development according to plan, existence of a scheme of classification or arrangement etc. The article looks into the structure of the authorized organ of insurance supervision in Ukraine -- National Commission for the State Regulation of Financial Services Markets. The instruments of insurance supervision are explained, that are used in relation to the insurance companies at their inception and in their further activity as business units (while providing insurance services, dealing with reinsurance and investment activity). Separate directions of improvement of inspection activity of the National Commission for the State Regulation of Financial Services Markets, inspection activity are suggested. The new instruments of observant activity of the supervisory authority over insurance companies are described as prudential supervision, reporting on corporate management, setting up an institute of internal audit.

Keywords: insurance supervision, instruments of insurance supervision, insurance companies, means of influence, National Commission for the State Regulation of Financial Services Markets, inspection activity

JEL: G22, G28, G29

YAVORSKA T. V. Instruments of insurance supervision in Ukraine / T. V. YAVORSKA // Фінанси України. - 2014. - № 9. - C. 79-92.