Prospective changes in the legal regulation of insurance relations in general indicate the need to introduce in insurance companies a quality, structured, independent and modern risk management system, the disclosure of which is due to both external and internal factors. Such a system in world practice is called compliance control.

Thus, the lack of a proper and effective risk management system (compliance control) threatens the emergence of internal problems of the insurer, which can cause him catastrophic losses as a business entity, which may affect the implementation of its obligations and rules of insurance.

 The current insurance legislation does not contain requirements for the establishment of a compliance control system in insurance companies, unlike the best international practices.

This highlights the need to define the essence, delimitation and relationship between them and formulate the concept of compliance and compliance control in the corporate governance system of insurance companies.

The term “compliance” is relatively new to the Ukrainian financial services market, in particular, the non-banking market. The study of the problem allowed to identify scientific approaches by which the concept of compliance is identified with the concept of compliance control.

Compliance control is the cornerstone (element) of the compliance system as the basis of the overall system of corporate governance as a higher order category.

The issue of disclosure of the principles of compliance control in the corporate governance system of the insurance company needs special attention. In this case, we are talking about consolidating the principles as the main ideas, the initial provisions, which are defined in official documents, have general significance and imperative. In the context of the above, it should be noted that the European practice of approving state policy in the field of insurance supervision is carried out in compliance with the principle of transparency (the Principles of Transparency).

Transparency as a principle of corporate governance in insurance has not yet found its proper legal standardization and established substantive understanding. If these issues are properly addressed, favorable conditions will be created to strengthen the sustainable development of non-banking financial services markets, able to provide the real sector with the necessary financial resources, meet consumer needs for quality financial services, increase the efficiency of state and local budgets in risk management as well as the creation of new jobs through a state policy of prudent regulation and supervision through the application of the principle of transparency and will be the basis for the formation of a holistic, science-based concept of corporate governance in insurance.

Therefore, in order to ensure the effectiveness of corporate governance of the insurer, there is a need to introduce compliance control, which will serve as confirmation that the insurance company meets the requirements of norms, standards and rules established by law.

The purpose of the study is to analyze current and future legislation governing internal control in general and in insurance companies in particular, compliance control, substantiation of theoretical and practical aspects of compliance control and development of proposals to improve regulatory implementation of the compliance function in the corporate governance system of the insurer.

 In accordance with the set goal, the author solved the following tasks in the study: to define the concept of compliance as a system of corporate governance of insurance companies; define the concept of compliance control in the system of corporate governance of insurance companies; determine the place of compliance control in the corporate governance system of the insurer; provide proposals for the modernization of insurance legislation of Ukraine in terms of compliance control as an element of the corporate governance system of the insurer.

According to the results of the research, the author managed to formulate proportions to the modernization of the current insurance legislation of Ukraine in terms of standardization of compliance control in the system of corporate governance of insurance companies.

The study of compliance control in the system of corporate governance of insurance companies allowed the author to formulate a number of scientific and practical conclusions.