A stable insurance market is a necessary prerequisite for sustainable economic development of Ukraine, increasing its investment attractiveness, one of the most important components of financial security, without which it is impossible to ensure the development of any country, safe operation of economic entities, ensuring various areas of their lives. In Ukraine, as in many countries around the world, insurance companies are quite powerful participants in the financial services market, which play a key role in implementing economic and social policies, in accelerating economic transformation. However, we should not ignore the fact that insurance activities are highly risky and there is always a danger, especially during the global financial crisis, due to the bankruptcy of one insurance company to cause a chain reaction of bankruptcies of other insurers (reinsurers, insurance intermediaries) up to systemic crisis in the financial services market as a whole.

Based on this understanding, in many countries of the world the legal regulation of insolvency of insurers, which are subject to bankruptcy proceedings (insolvency), the competition aims to prevent these negative consequences and preserve the assets of insurance companies. To some extent, this trend is traced in the bankruptcy legislation in Ukraine.

The purpose of the article is: to identify the specifics of bankruptcy proceedings, where the debtor (bankrupt) is the insurer; analyze the features of bankruptcy proceedings that may be applied to the insurer; to formulate proposals for improving the legislation of Ukraine on bankruptcy in terms of the studied problems.

It is established that with the adoption of the Bankruptcy Code of Ukraine, the legal regulation of insolvency relations and bankruptcy of the insurer has not undergone significant changes. In this regard, it is important to answer the question of whether the latest bankruptcy law contains enough provisions that can help solve the problem that arises in connection with and due to the insolvency of such debtors.

The authors conclude that: the uniqueness of bankruptcy cases of insurers is due to the fact that they are “burdened” by the specifics of the legal status of the subject of such procedures; Bankruptcy legislation provides for the possibility of applying to insurers procedures for restoring solvency; the specific legal consequences of opening liquidation proceedings and declaring the debtor-insurer bankrupt include termination of all insurance contracts, sale of a single property complex; а characteristic feature of bankruptcy laws (insolvency), bankruptcy laws of different countries is that they are based on different approaches to the legal regulation of the procedural relations of bankruptcy of insurers.

Bibliography

Authored books

1. Patsuriya N, Voytsekhovska I, Holovachova A, Pravove rehulіuvannіa diіalnosti u sferi strakhuvannya ta perestrakhuvannіa: problemy teoriіi ta praktyky (Lira-K 2017) (accessed: 30.06.2021) (in Ukrainian).

Journal articles

 2. Golovacheva A, ‘Jekonomiko-pravovaja sushhnost’ strahovoj posrednicheskoj dejatel’nosti’ (2015) 4/4 Legea si Viata 16 (in Russian).

3. Voytsekhovska I, ‘Ponyattіa i sutnist perestrakhuvannіa’ (2015) 1 Yurydychnyy visnyk. Povitryane i kosmichne pravo 110–4 (in Ukrainian).