|Article title||Transparency as the Principle of the State Policy on Supervision of Insurance Business|
|Name of magazine||Legal journal «Law of Ukraine» (Ukrainian version)|
The analysis of current Ukrainian laws underlying the implementation of the state policy in the domain of supervision over insurance business proves that this policy is inefficient due to the lack of overall understanding and entrench exercising state supervision over insurance business. The establishment of transparent procedures according to which the authorized body should function ensues from the need to enhance the efficiency of the system of state regulation of financial markets by making amendments to current laws with the aim of eliminating the duplication of licensing, control and supervision functions of the national regulators, simplifying and adding transparency to administrative decision-making in this area, improving the insurance business environment with enhancing the responsibility of entities operating on the insurance market at the same time. The purpose of the article is to formulate a comprehensive and science-based concept of the state supervision over insurance business in Ukraine which would be founded on the principle of transparency; this will ensure that consumers of insurance services can be realistically informed about the essence of governmental control and the impact of such control on the insurance market; the article also defines the main characteristics of the concept which should meet certain basic criteria (factors); clarifies the essence of the transparency principle in the context of implementation of the state policy relating to supervision over insurance business and the concerns arising when it is not used; outlines the ways of resolving the said issues; lays out the stages of the work to be made with the aim of formulating a comprehensive, science-based concept of the state supervision over insurance business which would be founded on the principle of transparency; analyzes the current situation with legal regulatory framework for the state regulation of insurance business and with the entrenchment, at the regulatory level, of the provisions protecting the rights of consumers of insurance services. The author comes to the conclusion that so far, transparency as a principle of the state policy in the domain of supervision over insurance business has no appropriate position within the legal framework and also no well-established understanding of its essence. If these issues are properly resolved, favorable conditions will be created for enhancement of sustainable development of Ukraine’s insurance market as a type of non-bank financial service markets which can ensure the inflow of necessary financial resources to the real sector of economy and meet the needs of consumers for high-quality insurance services, and which will become the basis for formulating of a comprehensive and science-based concept of the state supervision over insurance business in Ukraine.
|Keywords||transparency principle; state policy; supervision over insurance|
List of legal documents
13. Pylaieva V, ‘Naukovi pidkhody shchodo vyznachennia pryntsypu transparentnosti v diialnosti orhaniv vykonavchoi vlady u vitchyznianii nautsi administratyvnoho prava’ [‘Scientific Approaches for Defining the Transparency Principle in the Operation of Executive Authorities in the National Science of Administrative Law’] ch 2 (2016) 2 Pravo i suspilstvo 131 (in Ukrainian).
14. Pylaieva V, ‘Administratyvno-pravovi zasady zabezpechennia transparentnosti v diialnosti orhaniv vykonavchoi vlady v Ukraini’ [‘Administrative Law Framework for Ensuring Transparency of Operation of Executive Authorities in Ukraine’] (dys kand yuryd nauk, Kharkivskyi natsionalnyi universytet im V N Karazina 2017) (in Ukrainian).