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Finance and Credit
 

Topical issues of insurance regulation in Russia and the ways to improve its effectiveness

Vol. 23, Iss. 28, JULY 2017

PDF  Article PDF Version

Received: 2 June 2017

Received in revised form: 16 June 2017

Accepted: 30 June 2017

Available online: 27 July 2017

Subject Heading: Insurance

JEL Classification: G22, G23, G32, O38

Pages: 1690–1706

https://doi.org/10.24891/fc.23.28.1690

Prokop'eva E.L. Khakassia Technical Institute, Branch of Siberian Federal University, Abakan, Republic of Khakassia, Russian Federation
evgenia-prokopjeva@yandex.ru

Importance The paper focuses on the issues of regulation of the insurance market, the optimal approaches and methods as well as the degree of government involvement.
Objectives The aim of this article is to study and identify methods and models of regulation of the Russian insurance market used in foreign and Russian practices.
Methods The main research methods of the work are comparison, analogy, economic analysis, scientific abstraction, statistical methods, modeling, and the systems approach.
Results In this study, I clarified the concepts of insurance regulation and insurance supervision. I also present international best practices in the field of commercial insurance, carry out a comparative analysis of the methods of State regulation and self-regulation. Consequently, I propose a model of two-level system of insurance regulation.
Relevance Having identified the problems and matters of the Russian system of insurance regulation, I propose certain activities to improve its efficiency.

Keywords: State regulation, insurance supervision, self-regulatory organization, competition, quality, insurance service

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