scholarly journals CURRENT STATE AND PROBLEM ASPECTS OF SUSTAINABLE DEVELOPMENT IN INSURANCE MARKET IN GLOBALIZATION CONDITIONS

2019 ◽  
pp. 61-68
Author(s):  
Olena MARTSENYUK-ROZARYONOVА
Keyword(s):  
Growth Rate ◽  
European Union ◽  
Economic Security ◽  
State Regulation ◽  
Insurance Market ◽  
Insurance Markets ◽  
The European Union ◽  
Difficult Situation ◽  
National Insurance ◽  
The World

In modern conditions, the functioning of the world financial insurance system is an objectively necessary attribute of a market economy and provides reliable guarantees for the restoration of violated property rights and interests in cases of losses caused by fire, natural disasters, man-made accidents, transport accidents and other unpredictable cases. Due to the mechanism of insurance protection for all market actors, equal rights are created, there is the possibility to benefit, there is a desire to take risks, incentives for increasing labor productivity, technical upgrading of production capacities, and investment in business development are provided. At the same time, insurance not only prevents the state from the cost of damages in the event of occurrence of insurance events, but also significantly affects the consolidation of state finances and is an effective form of accumulation of citizens' funds and a significant and stable source of long-term investment. The insurance market, which has a significant impact on the socio-economic stability of society, is one of the factors that directly determines the level of economic security of the country. The intensive globalization of the world insurance market requires from the national insurance markets adaptation to the new regime of international trade in insurance services, which is determined by the processes of liberalization of insurance supervision and state regulation of insurance markets. Today, an important task is to assess the causes, forms and trends of globalization of the insurance environment, which will allow optimally to form the direction of development of the insurance market in Ukraine. The globalization of insurance relations is a process of eradicating legislative and economic barriers between national insurance markets, which is under the influence of changes in the global economy, and aims to form a global insurance space. This phenomenon is eloquent in the following processes: the concentration of insurance and reinsurance capital; merging of bank and insurance capital; concentration on the market of insurance intermediaries; concentration of consumers of insurance services; change in demand for "mass" insurance services, increased participation of insurers in pension insurance; expanding the scope of private commercial insurance; changes in traditional forms and types of insurance services that lead to a combination of insurance and financial services; change of the market environment in the conditions of full computerization of consumers of insurance services. Ukraine's insurance market is at the stage of formation, gradually adapting to the requirements of European and world markets. We have many gaps in insurance activity, but we are actively trying to eliminate them. For this purpose, the Ukrainian insurance market must be connected to foreign insurance experience and change its own operating models. One such option is Ukraine's cooperation in insurance with the countries of the European Union. Thus, today the insurance market of Ukraine is at the development stage and has certain advantages and a significant number of shortcomings: the growth rate of the insurance market lags behind the growth rate of the economy, and its share in the GDP of the country is insignificant. But the Ukrainian insurance market has a great potential for development. In our opinion, the implementation of the above recommendations should strengthen the financial potential of the Ukrainian insurance market. The formation of a developed market of insurance services in Ukraine will provide favorable conditions for market transformation and stable development of the national economy, development of the world economy and international relations. In view of the preservation of the difficult situation in the economy, the volatility of the operating environment, as well as unresolved issues in the East of the country, one can expect the pressure on the insurance market to be maintained in the near future. This can be manifested as a further reduction in solvent demand for individual insurance services by domestic consumers (both the population and companies), as well as reducing the liquidity and profitability of the insurers themselves. Since the limits of globalization are unrealistic, the only right option in these circumstances is to develop new approaches to regulating processes in the national insurance market and to form effective models of insurance relations management in Ukraine. In view of this, you need: - to determine the main parameters and trends of the development of the modern world insurance space and the place of the insurance market of Ukraine in it; - to form a system of economic regulation instruments that would promptly react to probable significant changes in the insurance business; - ensure a gradual narrowing of the scope of the use of fiscal mechanisms for regulating insurance relations by maximizing the tax burden on the financial performance of insurers through the introduction of taxation principles in the field of insurance in the countries of the European Union; - to adapt the conceptual tools of the national insurance law to the conceptual apparatus of the international agreements regulating the trade in insurance services in the conditions of globalization of the world insurance market; - to adapt the classification of types of insurance activity, the rules for the formation of insurance reserves and their investment in accordance with the requirements of the global insurance market; - continue work on improving the system and structure of management of the institutions of the national insurance market, to study the causes, forms and experience of merging financial, banking and insurance capital.

scholarly journals COMPARATIVE ANALYSIS OF INSURANCE IN UKRAINE

2020 ◽  
Vol 1 (4(106)) ◽  
pp. 102-109
Author(s):  
І. В. Ліченко
Keyword(s):  
European Union ◽  
Comparative Analysis ◽  
Consumer Demand ◽  
System Development ◽  
Well Being ◽  
State Regulation ◽  
Insurance Market ◽  
Insurance Companies ◽  
The European Union ◽  
Insurance System

The relevance of the article is that bringing Ukrainian legislation in line with the insurance legislation of the European Union is one of the priority areas in the economy of Ukraine. The process of adaptation is a complex process given the large volume of regulations. The analysis of the comparative insurance process is the initial stage for determining the methods for implementing the norms of international cooperation at the domestic level. Insurance during the crisis (covid-19) and other negative political and economic events, the decline in the material well-being of the population has created a problem of significant reduction in consumer demand for insurance services. The problem of supporting consumer demand and the competitiveness of insurance companies is especially relevant today. The article provides a comparative comparative analysis of Ukrainian insurance legislation, the purpose of which is to identify regulatory relationships based on a comparison of national legislation and international regulations of one or different historical periods. It is concluded that significant differences in the parameters and proportions of the domestic market in accordance with the standards of the European insurance market indicate that on the path to European integration our country faces complex long-term challenges for the development of the domestic insurance system. In the EU there are unified methods and forms of state regulation of insurance activities, which are established by the relevant directives of the European Union on insurance. In this regard, the strategic perspective of Ukraine's insurance system development should be based on European standards, in particular, it is necessary to improve the work of the regulator, the legal framework, life insurance and health insurance, accident compensation limits, etc. Therefore, in order to create a proper basis for further development of the insurance market, increase its reliability, the regulatory framework should be based on clear, understandable and modern principles that will ensure proper performance of the functions assigned to them by insurers.

scholarly journals FOREIGN EXPERIENCE IN FINANCIAL SERVICES REGULATION AND ITS USE IN UKRAINE

2020 ◽  
Keyword(s):  
European Union ◽  
Public Relations ◽  
Financial Markets ◽  
Financial Market ◽  
Financial Services ◽  
Legal Regulation ◽  
State Regulation ◽  
The European Union ◽  
Foreign Experience ◽  
The World

The article deals with the problems of public relations in the sphere of financial services in foreign countries. The foreign experience of regulation of the sphere of financial services is studied and possibilities of its use in Ukraine are determined. An example of a model of legal regulation of the financial services industry in Ukraine may be the model used by the European Union. The European Union in the field of financial services has introduced a system of authorized institutions and bodies of the European Union, based on the principles of the internal market, aimed at consolidating a competitive efficient financial market, ensuring a high degree of financial stability, consumer protection and control. The regulation of financial markets in different countries of the world usually works within two different models. The first model involves regulation by predominantly state bodies, and only a small part of the powers overseeing, controlling, establishing the rules for conducting operations are transferred to associations of professional market participants - self-regulatory organizations. The second involves the transfer of as much authority as possible to self-regulatory organizations. At the same time, the state retains basic control functions and the ability to intervene at any time in the process of self-regulation. An important issue in the implementation of the European Union's financial services policy is the organization of a prudential oversight structure for financial market participants.However, the effectiveness of its operation depends on the specific institutional structure of supervision established in the Member States of the European Union in most countries of the world as a regulator of the banking system entrusted to the central bank. The experience and possibilities of introducing positive experience in regulating public relations in the sphere of financial services of such countries of the European Union as Germany, Great Britain, France, Denmark, Czech Republic, Hungary, Estonia, Latvia, Malta and the experience of the Russian Federation are discussed in detail The study of the financial services market regulation systems makes it possible to conclude the gradual development of common rules, rules and principles that are recognized by most countries. The need for unification is linked to the processes of interstate integration, internationalization and globalization of the financial markets, which initiate the gradual blurring of the identification boundaries between different national models of state regulation of the financial services market.

scholarly journals CURRENT STATE OF THE INSURANCE MARKET: PROBLEMS AND PROSPECTS OF DEVELOPMENT

2021 ◽  
Author(s):  
Inna Rud
Keyword(s):  
National Economy ◽  
Capital Accumulation ◽  
Business Models ◽  
Insurance Industry ◽  
Economic Security ◽  
Insurance Market ◽  
Insurance Companies ◽  
The European Union ◽  
Current State ◽  
National Insurance

The insurance market and its products are an important and indispensable attribute of a country operating on the basis of a market economy, as it provides the right to an effective system of protection of personal and property interests of citizens and legal entities, their rights and social stability. Economic security is an important financial instrument of the national economy, as well as a powerful source of capital accumulation for long-term investment in the national economy. Observation of the current state, trends and forecasts of the insurance industry is the main direction for the study of industry development. This article examines the state of the Ukrainian insurance market as one of the significant sectors of the financial market and the national economy as a whole. To ensure a qualitative statistical analysis and comparison of national insurance companies with companies in other international markets, especially with the national insurance market of the European Union, it is recommended to adopt a single European classification of insurance, which requires some changes in legislation. The study showed that the main indicators of the domestic insurance market have positive trends, but their individual functions and characteristics of the system do not correspond to promising areas of development. Taking into account the current situation on the insurance market of Ukraine, the main problems of its functioning are identified and the prospects for the development of the country's insurance industry are described. For the study it is advisable to use a full set of different statistical techniques and methods that allow comparisons in time and space, to establish cause-and-effect relationships between indicators, to determine in absolute and relative terms the various factors on the basis of the effectiveness of others. In order to improve the situation on the insurance market, domestic companies should gain experience from foreign insurance experience and change their own business models, including improving the national mechanism for supervising insurance companies, adapting insurance rules to world standards and introducing the latest insurance technologies and quality standards in this area.

scholarly journals Enaction of Chapter VII of the Insurance Distribution Directive: What Can Member States Learn from the Enforcement Failures of the United States?

2020 ◽  
pp. 197-217
Author(s):  
Kathleen M. Defever
Keyword(s):  
United States ◽  
European Union ◽  
The United States ◽  
Insurance Market ◽  
The European Union ◽  
Insurance Regulation ◽  
Member States ◽  
The World ◽  
Extensive Body ◽  
Enforcement Mechanisms

AbstractChapter VII of the Insurance Distribution Directive delineates the sanctions and other pecuniary measures which the Commission of the European Union now requires as a portion of the minimum harmonization of the Directive. As Member States adopt and apply the articles of Chapter VII, which are unprecedented in their scope and specificity, they may find guidance through a comparison of the enforcement mechanisms already in place in other jurisdictions.The United States is well known as the largest insurance market in the world, and possesses an extensive body of insurance regulation. The National Association of Insurance Commissioners, an advisory organization comprised of the insurance commissioners from each of the 50 U.S. states, drafted the Producer Licensing Model Act—the closest American corollary to the IDD. Unfortunately, despite widespread adoption of the PLMA, the effectiveness of U.S. state enforcement mechanisms on the actions of intermediaries is, overall, weak and inconsistent. We will analyze why this is the case, and offer concrete examples of the failures of specific state enforcement regimes.

THE EUROPEAN UNION FORUM ON KIDS' SAFETY IN INTERNET SIF 2019

2019 ◽  
pp. 3-6
Author(s):  
D. A. Bogdanova
Keyword(s):  
European Union ◽  
World Wide Web ◽  
World Wide ◽  
The European Union ◽  
Internet Forum ◽  
The World

The article provides an overview of the activities of the European Union Forum on kids' safety in Internet — Safer Internet Forum (SIF) 2019, which was held in Brussels, Belgium, in November 2019. The current Internet risks addressed by the World Wide Web users, especially children, are described.

Pakistan and the World Economy (Distinguished Lecture)

1998 ◽  
Vol 37 (4I) ◽  
pp. 181-201
Author(s):  
John Williamson
Keyword(s):  
Direct Investment ◽  
World Economy ◽  
Balance Of Payments ◽  
Engineering Industry ◽  
The European Union ◽  
Growth Trend ◽  
Difficult Situation ◽  
Financial Investment ◽  
The World ◽  
Deep Integration

This paper aims to explore Pakistan's geo-economic options in the difficult situation that confronts following the easing of sanctions, which added acute balance of payments pressures to its existing ailments of near-stagnant exports, a lower growth trend than in preceding decades, an unattractive climate for foreign investment, and weak social indicators. The first question explored is whether Pakistan has any opportunity of participating in a regional trade grouping. It is argued that the only conceivable way of achieving this would involve the development of SAARC, which would demand a profound transformation of Indo-Pakistani relations (though one no more profound than that realised in Franco-German relations since the founding of what is now known as the European Union). One benefit of achieving deep integration through SAARC is that this would create the possibility of Pakistan developing a serious engineering industry far more rapidly than will otherwise happen. In the absence of deep integration in SAARC, it is argued that Pakistan's best option would be a policy close to unilateral free trade, so as to place it in a position to take advantage of whatever the next generation of labour-intensive activities demanded by the world economy proves to be. Under either of those scenarios, the reestablishment of a dynamic industrial sector will require the maintenance of a competitive exchange rate, something that, it is argued, is not necessarily guaranteed by floating. The paper also discusses the role of inward direct investment in contributing to the export success of East Asia, and considers whether the expatriate Pakistani community might be capable of playing a role comparable to that played by the overseas Chinese in nurturing the Chinese export expansion of the last two decades. It is suggested that such a hope was set back by the extra-legal attempt to renegotiate power tariffs with the independent power producers in the course of 1998, and that Pakistan needs to become a country of laws rather than discretion if foreign investors, including expatriate Pakistanis, are ever to find the country an attractive export platform. While more inward direct investment would almost certainly be beneficial, the same is not true for inward financial investment, where too large an inflow can easily expose a country to very significant risks, as the East Asian crisis showed. In the long run, Pakistan needs to be prepared to repel excessive capital inflows if they materialise; but its immediate problem is still balance of payments pressure, and this seems to demand targeting a major and sustained improvement in the current account over the next several years.

Russia in the XXI century: a request for a new economic policy

2020 ◽  
pp. 8-23 ◽  
Author(s):  
R. Khasbulatov
Keyword(s):  
European Union ◽  
Economic Policy ◽  
Western Europe ◽  
The European Union ◽  
New Economic Policy ◽  
The World ◽  
Economic Position

The author examines Russia’s economic position in the world in the XXI century, China’s economic and political infl uence on other countries, and analyzes the economy of the European Union, classifi es the experience of Western Europe as the most successful, while taking into account miscalculations and mistakes.

Comparative Assessment of Poverty Indicators in the European Part of the CIS and the European Union as a Social Criterion of Economic Security

2020 ◽  
Vol 26 (9) ◽  
pp. 924-939
Author(s):  
V. A. Tsvetkov ◽  
K. Kh. Zoidov ◽  
K. S. Yankauskas ◽  
Sh. Kobil
Keyword(s):  
European Union ◽  
Comparative Analysis ◽  
Poverty Reduction ◽  
Economic Security ◽  
Actual State ◽  
The European Union ◽  
Poverty Dynamics ◽  
Subsistence Level ◽  
Strategic Objectives ◽  
Poverty Indicators

The presented study comparatively analyzes indicators of the level of poverty and social inequality in Belarus, Ukraine, Moldova, and the European Union (EU) as a criterion of national economic security.Aim. The study aims to examine existing approaches to determining the level of poverty and its dynamics and to consider suggestions for improving this methodology.Tasks. The authors examine and comparatively analyze approaches and methods for determining the level of poverty and its dynamics in the European Union and the CIS countries that are not members of the Eurasian Economic Union (EAEU).Methods. This study uses the methods of systems analysis, evolutionary-institutional theory, and historical approach.Results. Determining the level of poverty based on the number of citizens with incomes below the subsistence level can lead to misrepresentation of the actual state of this phenomenon. Calculation of poverty indicators based on consumer spending provides more accurate data on the level of poverty in a country where a significant share of the population’s income is generated by remittances from individuals living abroad, which are not reflected in official income statistics. A comparative analysis of poverty dynamics shows that in 2013 the level of poverty in all four examined countries decreased compared to 2006. Poverty dynamics in Russia and Belarus is more synchronized than in Ukraine and Moldova. A common methodology for calculating the level of poverty in all EU countries makes it possible to conduct a more thorough comparative analysis of poverty dynamics and to formulate more accurate recommendations in the field of anti-poverty policies. Based on the identified poverty dynamics in the EU and Russia, it is highly possible that strategic objectives on poverty reduction in the European Union and Russia will not be completed.Conclusions. To exclude the possibility of interested authorities influencing the dynamics of the poverty indicator by changing its threshold values depending on the current economic or political situation, it is necessary to switch to comprehensive assessment of this indicator in Russia. For comparative cross-country data analysis, it is advisable to consider the possibility of creating a Eurasian Statistics Service within the EAEU that would collect statistics and standardize statistical methods among the EAEU member states.

scholarly journals Wastewater Treatment and Water Reuse in Spain. Current Situation and Perspectives

Water ◽  
2019 ◽  
Vol 11 (8) ◽  
pp. 1551 ◽  
Author(s):  
Antonio Jodar-Abellan ◽  
María Inmaculada López-Ortiz ◽  
Joaquín Melgarejo-Moreno
Keyword(s):  
Water Quality ◽  
European Union ◽  
Wastewater Treatment ◽  
Water Reuse ◽  
Wastewater Reuse ◽  
The European Union ◽  
Water Planning ◽  
Structural Problem ◽  
The World ◽  
Access To Water

The issues of wastewater treatment and the reuse of water are of great importance, especially in areas where the shortage of conventional resources is a structural problem, as it is in the case of Spain. Wastewater reuse is a valid mechanism to avoid problems derived from droughts and water scarcity. It allows access to water resources in areas with water restrictions and to prevent futures scenarios, due to it being expected that water consumption will double by 2050 over the world. Thus, the likelihood that this unconventional, strategic resource would become scarce is unquestionable, particularly in cases where water planning and exploitation systems prioritize the preservation, protection, and improvement of water quality, as well as the sustainable and efficient use of natural resources. This paper shows how wastewater treatment and reuse are linked, as the reuse of wastewater is associated with a previous regeneration, and both of them are essential tools for maximizing environmental outcomes, as called for in the European Union Directives.

Lawful Remedy or Illegal Response? Resolving the Issue of Foreign Subsidization Under WTO Law

2021 ◽  
pp. 1-24
Author(s):  
Victor Crochet ◽  
Marcus Gustafsson
Keyword(s):  
European Union ◽  
World Trade Organization ◽  
World Trade ◽  
The European Union ◽  
Fair Competition ◽  
Trade Law ◽  
International Trade Law ◽  
The World ◽  
Shed Light ◽  
Do So

Abstract Discontentment is growing such that governments, and notably that of China, are increasingly providing subsidies to companies outside their jurisdiction, ‘buying their way’ into other countries’ markets and undermining fair competition therein as they do so. In response, the European Union recently published a proposal to tackle such foreign subsidization in its own market. This article asks whether foreign subsidies can instead be addressed under the existing rules of the World Trade Organization, and, if not, whether those rules allow States to take matters into their own hands and act unilaterally. The authors shed light on these issues and provide preliminary guidance on how to design a response to foreign subsidization which is consistent with international trade law.

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