Features of state regulation of the insurance market in Ukraine
Abstract
Relevance of the research topic. State regulation of the insurance market is a necessary condition for forming stable economic relations and ensuring financial stability. As a component of the financial market, insurance performs important socio–economic functions related to capital redistribution and protection of participants’ interests. The effectiveness of this market largely depends on the flexibility and effectiveness of regulatory policy, which must take into account not only its development stage but also macroeconomic conditions and the needs of policyholders. In this regard, it is relevant to study the features of the modern system of state regulation of the Ukrainian insurance market and to search for ways to increase its effectiveness.The aim of the work is to outline the features of the modern policy of state regulation of the insurance market with a focus on problems and ways to improve it.Research objectives include substantiating the relevance of the research topic; studying the theoretical basis of insurance market organization; critically evaluating the regulatory–legal and institutional framework for insurance market regulation; analyzing the dynamics of the number of market participants as a response to regulatory changes; providing recommendations in the form of key vectors for reforming the system of state regulation of the insurance market.Research methods. Analysis, synthesis, comparison, induction, deduction, systematization.Main research findings. As a result of the conducted research, the need to improve the system of state regulation of the Ukrainian insurance market in accordance with European standards has been substantiated. The main directions of reforming the regulatory framework and their impact on insurers’ activities have been studied. Special attention is paid to the analysis of the role of the National Bank of Ukraine as a mega–regulator and the assessment of the consequences of strengthening regulatory requirements for market resilience. It has been established that the effective combination of stimulating and controlling functions of state supervision is a key condition for ensuring the transparency, competitiveness, and stability of the insurance sector. Field of application of the results. Financial sector, insurance market, public administration.
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ÌÀÊÐÎÅÊÎÍÎ̲×Ͳ ÀÑÏÅÊÒÈ ÑÓ×ÀÑÍί ÅÊÎÍÎ̲ÊÈ 18 ´ÎÐÌÓÂÀÍÍßÐÈÍÊÎÂÈÕÂÄÍÎÑÈͳÊÐÀÍ © ÃÀÉÄÀÉ Ñ. Î., 2025 ORCID: https://orcid.org/0000–0003–0693–865X e–mail: [email protected] Íåãðåé Ìàðèíà Âîëîäèìèð³âíà, ê.å.í, äîöåíò, Íàö³îíàëüíèé óí³âåðñèòåò á³îðåñóðñ³â ³ ïðèðîäîêîðèñòóâàííÿ Óêðà¿íè ORCID: https://orcid.org/0000–0001–9243–1534 e–mail: [email protected] Êðàâ÷åíêî Âîëîäèìèð Ìèêîëàéîâè÷, ä.å.í., ïðîôåñîð, Íàö³îíàëüíèé óí³âåðñèòåò á³îðåñóðñ³â ³ ïðèðîäîêîðèñòóâàííÿ Óêðà¿íè ORCID: https://orcid.org/0000–0002–8033–3985 e–mail: [email protected] Êîâàëü Ïàâëî Âàñèëüîâè÷, ê.å.í., äîöåíò, Íàö³îíàëüíèé óí³âåðñèòåò á³îðåñóðñ³â ³ ïðèðîäîêîðèñòóâàííÿ Óêðà¿íè ORCID: https://orcid.org/0009–0008–5257–2541 e–mail: [email protected] Data about the authors Nataliia Klymenko, PhD in Economics, Associate Professor, National University of Life and Environmental Sciences of Ukraine e–mail: [email protected] Maryna Nehrey, PhD in Economics, Associate Professor, National University of Life and Environmental Sciences of Ukraine e–mail: [email protected] Volodymyr Kravchenko, Doctor in Economics, Professor, National University of Life and Environmental Sciences of Ukraine e–mail: [email protected] Pavlo Koval, PhD in Economics, Associate Professor, National University of Life and Environmental Sciences of Ukraine e–mail: [email protected] ÓÄÊ 336.76 ÃÀÉÄÀÉ Ñ. Î. Îñîáëèâîñò³ äåðæàâíîãî ðåãóëþâàííÿ ñòðàõîâîãî ðèíêó Óêðà¿íè Àêòóàëüí³ñòü òåìè äîñë³äæåííÿ. Äåðæàâíå ðåãóëþâàííÿ ñòðàõîâîãî ðèíêó º íåîáõ³äíîþ óìîâîþ ôîðìóâàííÿ ñò³éêèõ åêîíîì³÷íèõ â³äíîñèí òà çàáåçïå÷åííÿ ô³íàíñîâî¿ ñòàá³ëüíîñò³. ßê ñêëàäîâà ô³íàíñîâîãî ðèíêó, ñòðàõóâàííÿ âèêîíóº âàæëèâ³ ñîö³àëüíî–åêîíîì³÷í³ ôóíêö³¿, ïîâ’ÿçàí³ ç ïåðåðîçïîä³ëîì êàï³òàëó òà çàõèñòîì ³íòåðåñ³â ó÷àñíèê³â. Åôåêòèâí³ñòü öüîãî ðèíêó çíà÷íîþ ì³ðîþ çàëåæèòü â³ä ãíó÷êîñò³ òà 䳺âîñò³ ðåãóëÿòîðíî¿ ïîë³òèêè, ÿêà ìຠâðàõîâóâàòè íå ëèøå åòàï éîãî ðîçâèòêó, à é ìàêðîåêîíîì³÷í³ óìîâè òà ïîòðåáè ñòðàõóâàëüíèê³â. Ó çâ’ÿçêó ç öèì àêòóàëüíèì º äîñë³äæåííÿ îñîáëèâîñòåé ñó÷àñíî¿ ñèñòåìè äåðæàâíîãî ðåãóëþâàííÿ ñòðàõîâîãî ðèíêó Óêðà¿íè òà ïîøóê øëÿõ³â ï³äâèùåííÿ ¿¿ ðåçóëüòàòèâíîñò³. Ìåòîþ ðîáîòè º îêðåñëåííÿ îñîáëèâîñòåé ñó÷àñíî¿ ïîë³òèêè äåðæàâíîãî ðåãóëþâàííÿ ñòðàõîâîãî ðèíêó ç ôîêóñîì íà ïðîáëåìàòèêó òà øëÿõè ¿¿ âäîñêîíàëåííÿ. Çàâäàííÿ äîñë³äæåííÿ ïîëÿãàþòü â îá´ðóíòóâàíí³ àêòóàëüíîñò³ òåìè äîñë³äæåííÿ; âèâ÷åíí³ òåîðåòè÷íîãî ï³ä´ðóíòÿ îðãàí³çàö³¿ ñòðàõîâîãî ðèíêó; êðèòè÷í³é îö³íö³ íîðìàòèâíî–ïðàâîâî¿ òà ³íñòèòóö³éíî¿ áàçè ðåãóëþâàííÿ ñòðàõîâîãî ðèíêó; àíàë³ç³ äèíàì³êè ê³ëüêîñò³ ó÷àñíèê³â ðèíêó ÿê ðåàêö³¿ íà ðåãóëÿòîðí³ çì³íè; íàäàííÿ ðåêîìåíäàö³é ó âèãëÿä³ êëþ÷îâèõ âåêòîð³â ðåôîðìóâàííÿ ñèñòåìè äåðæàâíîãî ðåãóëþâàííÿ ñòðàõîâîãî ðèíêó. Ìåòîäè äîñë³äæåííÿ. Àíàë³ç, ñèíòåç, ïîð³âíÿííÿ ³íäóêö³ÿ, äåäóêö³ÿ, ñèñòåìàòèçàö³ÿ. Îñíîâí³ ðåçóëüòàòè äîñë³äæåííÿ. Ó ðåçóëüòàò³ ïðîâåäåíîãî äîñë³äæåííÿ îá´ðóíòîâàíî íåîáõ³äí³ñòü óäîñêîíàëåííÿ ñèñòåìè äåðæàâíîãî ðåãóëþâàííÿ ñòðàõîâîãî ðèíêó Óêðà¿íè â³äïîâ³äíî äî ºâðîïåéñüêèõ ñòàíäàðò³â. Âèâ÷åíî îñíîâí³ íàïðÿìè ðåôîðìóâàííÿ íîðìàòèâíî–ïðàâîâî¿ áàçè òà ¿õ âïëèâ íà ä³ÿëüí³ñòü ñòðàõîâèê³â. Îñîáëèâó óâàãó ïðèä³ëåíî àíàë³çó ðîë³ Íàö³îíàëüíîãî áàíêó Óêðà¿íè ÿê ìåãàðåãóëÿòîðà òà îö³íö³ íàñë³äê³â ïîñèëåííÿ ðåãóëÿòîðíèõ âèìîã äëÿ ñò³éêîñò³ ðèíêó. Âñòàíîâëåíî, ùî åôåêòèâíå ïîºäíàííÿ ñòèìóëþþ÷î¿ òà êîíòðîëþþ÷î¿ ôóíêö³é äåðæàâíîãî íàãëÿäó º êëþ÷îâîþ óìîâîþ çàáåçïå÷åííÿ ïðîçîðîñò³, êîíêóðåíòîñïðîìîæíîñò³ òà ñòàá³ëüíîñò³ ñòðàõîâîãî ñåêòîðó. Ãàëóçü çàñòîñóâàííÿ ðåçóëüòàò³â. Ô³íàíñîâèé ñåêòîð, ñòðàõîâèé ðèíîê, äåðæàâíå óïðàâë³ííÿ.
ÌÀÊÐÎÅÊÎÍÎ̲×Ͳ ÀÑÏÅÊÒÈ ÑÓ×ÀÑÍί ÅÊÎÍÎ̲ÊÈ 19 ´ÎÐÌÓÂÀÍÍßÐÈÍÊÎÂÈÕÂÄÍÎÑÈͳÊÐÀÍ Ïîñòàíîâêà ïðîáëåìè. Äåðæàâíå ðåãóëþâàííÿ åêîíîì³êè òà óñ³õ ñóñï³ëüíèõ ³íñòèòóò³â âèñòóïຠïåðåäóìîâîþ ôîðìóâàííÿ ñò³éêèõ åêîíîì³÷íèõ â³äíîñèí. Îá’ºêòèâí³ñòü öüîãî òâåðäæåííÿ ï³äòâåðäæóºòüñÿ ñó÷àñíîþ ïðàêòèêîþ âèñîêîðîçâèíåíèõ êðà¿í. Ñòðàõîâèé ðèíîê ÿê ñóñï³ëüíèé ³íñòèòóò ïîâ’ÿçàíèé ³ç ðîçïîä³ëîì òà ïåðåðîçïîä³ëîì ïðèâàòíîãî êàï³òàë ïåðåáóâຠï³ä äåðæàâíèì íàãëÿäîì, àäæå áåççàïåðå÷íèì º éîãî âïëèâ íà åêîíîì³÷í³ ³ ñîö³àëüí³ àñïåêòè ñò³éêîãî ðîçâèòêó ñóñï³ëüñòâà. Çâàæàþ÷è íà òå, ùî íà ñòðàõîâèé ðèíîê ïîêëàäåíî âàæëèâ³ ôóíêö³¿, à ó÷àñíèêè ñòðàõîâîãî ðèíêó ïîâèíí³ âîëîä³òè ³íñòðóìåíòàìè çàõèñòó âëàñíèõ ïðàâ òà ³íòåðåñ³â, äåðæàâíå ðåãóëþâàííÿ òàêîãî ðèíêó ïîâèííî áóòè ãíó÷êèì òà åôåêòèâíèì âîäíî÷àñ. Ùå îäíèì âàæëèâèì àñïåêòîì íåîáõ³äíîñò³ ïîáóäîâè 䳺âî¿ ñèñòåìè ðåãóëþâàííÿ ñòðàõîâîãî ðèíêó º òå, ùî â³í ïåðåáóâຠó ñêëàä³ ô³íàíñîâîãî ðèíêó êðà¿íè, çàéìàþ÷è çíà÷íó éîãî ÷àñòèíó, à îòæå, âèçíà÷ຠñò³éê³ñòü ñòðàõîâîãî ðèíêó. Òîìó êîíòðîëü òà íàãëÿä çà ä³ÿëüí³ñòþ ñòðàõîâèê³â ïåðåáóâຠâ êîìïåòåíö³¿ óïîâíîâàæåíèõ äåðæàâîþ îðãàí³â. Ðîçâèòîê ñòðàõîâîãî ðèíêó â ñó÷àñíèõ óìîâàõ íå ìîæíà íàçâàòè ïðîñòèì òà çëàãîäæåíèì, º ÷èìàëî ïðîáëåì, ùî éîãî ñóïðîâîäæóþòü. Ç âèêîðèñòàííÿì äåðæàâíèõ ðåãóëþþ- ÷èõ ³íñòðóìåíò³â çíà÷íó ¿õ ÷àñòêó ìîæíà âèð³øèòè. Âò³ì ¿õ àðñåíàë ïîâèíåí âðàõîâóâàòè íå ëèøå åòàï ðîçâèòêó ñòðàõîâîãî ðèíêó, à é çàïèòè ñòðàõóâàëüíèê³â òà ìàêðîåêîíîì³÷í³ óìîâè.  öüîìó Êëþ÷îâ³ ñëîâà: ñòðàõîâèé ðèíîê, ñòðàõóâàííÿ, äåðæàâíå ðåãóëþâàííÿ, ñòðàõîâ³ ïîñëóãè, ñòðàõîâ³ êîìïàí³¿, ô³íàíñîâèé ðèíîê, ñò³éê³ñòü ñòðàõîâèê³â. JEL Codes G22, G28, L51 SERHII HAIDAI Features of state regulation of the insurance market in Ukraine Relevance of the research topic. State regulation of the insurance market is a necessary condition for forming stable economic relations and ensuring financial stability. As a component of the financial market, insurance performs important socio–economic functions related to capital redistribution and protection of participants’ interests. The effectiveness of this market largely depends on the flexibility and effectiveness of regulatory policy, which must take into account not only its development stage but also macroeconomic conditions and the needs of policyholders. In this regard, it is relevant to study the features of the modern system of state regulation of the Ukrainian insurance market and to search for ways to increase its effectiveness. The aim of the work is to outline the features of the modern policy of state regulation of the insurance market with a focus on problems and ways to improve it. Research objectives include substantiating the relevance of the research topic; studying the theoretical basis of insurance market organization; critically evaluating the regulatory–legal and institutional framework for insurance market regulation; analyzing the dynamics of the number of market participants as a response to regulatory changes; providing recommendations in the form of key vectors for reforming the system of state regulation of the insurance market. Research methods. Analysis, synthesis, comparison, induction, deduction, systematization. Main research findings. As a result of the conducted research, the need to improve the system of state regulation of the Ukrainian insurance market in accordance with European standards has been substantiated. The main directions of reforming the regulatory framework and their impact on insurers’ activities have been studied. Special attention is paid to the analysis of the role of the National Bank of Ukraine as a mega–regulator and the assessment of the consequences of strengthening regulatory requirements for market resilience. It has been established that the effective combination of stimulating and controlling functions of state supervision is a key condition for ensuring the transparency, competitiveness, and stability of the insurance sector. Field of application of the results. Financial sector, insurance market, public administration. Keywords: insurance market, insurance, state regulation, insurance services, insurance companies, financial market, insurers’ resilience.
ÌÀÊÐÎÅÊÎÍÎ̲×Ͳ ÀÑÏÅÊÒÈ ÑÓ×ÀÑÍί ÅÊÎÍÎ̲ÊÈ 20 ´ÎÐÌÓÂÀÍÍßÐÈÍÊÎÂÈÕÂÄÍÎÑÈͳÊÐÀÍ ðóñë³ àêòóàëüíèìè çàëèøàþòüñÿ ïèòàííÿ âèçíà- ÷åííÿ îñîáëèâîñòåé ñó÷àñíî¿ ïîë³òèêè äåðæàâíîãî ðåãóëþâàííÿ ñòðàõîâîãî ðèíêó ç ìåòîþ âñòàíîâëåííÿ àêöåíò³â íà éîãî ïðîáëåìàõ òà øëÿõàõ ¿õ âèð³øåííÿ. Àíàë³ç îñòàíí³õ äîñë³äæåíü ³ ïóáë³êàö³é. Ïèòàííÿ äåðæàâíîãî ðåãóëþâàííÿ ñòðàõîâîãî ðèíêó Óêðà¿íè àêòèâíî äîñë³äæóþòüñÿ â³ò÷èçíÿíèìè íàóêîâöÿìè. Òàê, Þ. Âåðãåëþê òà Þ. Ìèðîí÷óê [1] ðîçãëÿäàþòü ³íñòèòóö³éí³ îñîáëèâîñò³ ñòðàõîâîãî ðèíêó, ï³äêðåñëþþ÷è éîãî àäàïòèâí³ñòü äî ô³íàíñîâîãî ñåðåäîâèùà. Í. Ôåäîðîâà [2] àíàë³çóº ðîëü äåðæàâè ó ôîðìóâàíí³ íàïðÿì³â ñòðàõîâî¿ ä³ÿëüíîñò³, íàãîëîøóþ÷è íà íåîáõ³äíîñò³ ï³äâèùåííÿ ïðîçîðîñò³ ðåãóëÿòîðíèõ ïðîöåäóð. Þ. Ìèðîí÷óê [3] âèçíà÷ຠñó÷àñí³ ³ìïåðàòèâè ðîçâèòêó ñòðàõîâîãî ðèíêó, çîêðåìà âïëèâ âîºííèõ ³ ìàêðîåêîíîì³÷íèõ ôàêòîð³â. Ê. Ðîæêîâà [4], ÿê ïðàêòèê, âêàçóº íà îñîáëèâîñò³ ïåðåäàííÿ ðåãóëÿòîðíèõ ïîâíîâàæåíü Íàö³îíàëüíîìó áàíêó Óêðà¿íè. Çíà÷íèé âíåñîê ó ðîçêðèòòÿ àñïåêò³â ºâðî³íòåãðàö³¿ çðîáèëè Í. Ìåòåëåíêî, ². ѳë³íà òà Ê. Æîâí³ð–Âàñèëåíêî [10], ÿê³ ðîçãëÿäàþòü àäàïòàö³þ óêðà¿íñüêîãî ñòðàõîâîãî ðèíêó äî âèìîã Solvency II. Ó ñâîþ ÷åðãó, Þ. Âåðãåëþê, Ì. Ãàíöÿê òà À. Áîëäîâà [8] àíàë³çóþòü ïèòàííÿ äîñòóïíîñò³ ÎÑÖÏ â óìîâàõ ðåôîðìóâàííÿ ðèíêó, íàãîëîøóþ÷è íà ô³íàíñîâ³é íåãîòîâíîñò³ ñóñï³ëüñòâà äî ï³äâèùåííÿ ñòðàõîâèõ òàðèô³â óíàñë³äîê çàïðîâàäæåííÿ íîâèõ ðåãóëÿòîðíèõ âèìîã. Âîäíî÷àñ Ì. Áîáèê [12] àíàë³çóº ïðàâîâ³ âèêëèêè ä³ÿëüíîñò³ ñòðàõîâèê³â, àêöåíòóþ÷è íà íåîáõ³äíîñò³ ãàðìîí³çàö³¿ ³ç çàêîíîäàâñòâîì ªÑ. Ñóêóïí³ñòü öèõ äîñë³äæåíü ôîðìóº òåîðåòè÷íå ï³ä´ðóíòÿ äëÿ îö³íêè åôåêòèâíîñò³ ñó÷àñíî¿ ðåãóëÿòîðíî¿ ïîë³òèêè äåðæàâè ó ñôåð³ ñòðàõóâàííÿ. Ìåòîþ ðîáîòè º îêðåñëåííÿ îñîáëèâîñòåé ñó- ÷àñíî¿ ïîë³òèêè äåðæàâíîãî ðåãóëþâàííÿ ñòðàõîâîãî ðèíêó ç ôîêóñîì íà ïðîáëåìàòèêó òà øëÿõè ¿¿ âäîñêîíàëåííÿ. Ìåòîäè äîñë³äæåííÿ. Àíàë³ç, ñèíòåç, ïîð³âíÿííÿ ³íäóêö³ÿ, äåäóêö³ÿ, ñèñòåìàòèçàö³ÿ. Âèêëàä îñíîâíîãî ìàòåð³àëó. Ñòðàõîâèé á³çíåñ º âàæëèâèì ³íñòèòóòîì çàõèñòó òà çàáåçïå÷åííÿ ñîö³àëüíî¿ ñòàá³ëüíîñò³ ñóñï³ëüñòâà, â³äòâîðåííÿ îñíîâíèõ çàñîá³â ãîñïîäàðþþ÷èõ ñóá’ºêò³â, ì³í³ì³çàö³¿ ðèçèê³â òà ìîá³ë³çàö³¿ ³íâåñòèö³éíèõ êàï³òàë³â. Ñòðàõîâ³ â³äíîñèíè ðåàë³çóþòüñÿ â ìåæàõ ñòðàõîâîãî ðèíêó, ÿêèé º ñêëàäíîþ ñèñòåìîþ ³ç øèðîêèì ä³àïàçîíîì âçàºìîçâ’ÿçê³â ó÷àñíèê³â, ùî ÷èíÿòü âïëèâ íà ñîö³àëüíî–åêîíîì³÷íèé ðîçâèòîê êðà¿íè. Ñë³ä ïîãîäèòèñü ç íàóêîâöÿìè, ÿê³ àêöåíòóþòü óâàãó íà ïðèíàëåæíîñò³ ñòðàõîâîãî ðèíêó äî ô³íàíñîâîãî ðèíêó, ó çâ’ÿçêó ç ÷èì ïåðøèé ìຠõàðàêòåðèçóâàòèñÿ âèñîêèì ð³âíåì àäàïòèâíîñò³ äî ³íñòèòóö³éíèõ óìîâ. «Òàê, ³íñòèòóö³éíèé òà ô³íàíñîâèé ïîòåíö³àë ðèíêó ìຠíàëàøòîâóâàòèñÿ íà ³ñíóþ÷³ àäàïòèâí³ ìåõàí³çìè òà çàáåçïå÷óâàòè éîãî ñòàá³ëüíèé ðîçâèòîê â óìîâàõ íåñòàá³ëüíîñò³. Ñàìå öå ïîâèííî ëåæàòè â îñíîâ³ éîãî ðîçáóäîâè òà îêðåñëåííÿ ïåðñïåêòèâ ðîçâèòêó» [1]. Íåçâàæàþ÷è íà ïåâí³ ïîçèòèâí³ çðóøåííÿ ó ðîçâèòêó ñòðàõîâîãî ðèíêó Óêðà¿íè, â³í óñå ùå ïåðåáóâຠíà ñòà䳿 ñòàíîâëåííÿ òà õàðàêòåðèçóºòüñÿ íàÿâí³ñòþ íèçêè ïðîáëåìíèõ àñïåêò³â, ïîäîëàííÿ ÿêèõ ïîòðåáóº àêòèâíî¿ ó÷àñò³ äåðæàâè.  óìîâàõ åêîíîì³÷íîãî ñïàäó, ðîëü äåðæàâíîãî ðåãóëþâàííÿ íàáóâຠîñîáëèâî¿ âàãè, àäæå âîíî ñëóãóº 䳺âèì ìåõàí³çìîì ñòàá³ë³çàö³¿ ðèíêó òà âîäíî÷àñ çàáåçïå÷óº çàõèñò ïðàâ ³ ³íòåðåñ³â ñïîæèâà÷³â ñòðàõîâèõ ïîñëóã. Åôåêòèâí³ñòü äåðæàâíîãî âïëèâó íà ñòðàõîâèé ñåêòîð ìຠ´ðóíòóâàòèñÿ íà ïðèíöèïàõ ïðîçîðîñò³, àäåêâàòíîñò³ é ðåçóëüòàòèâíîñò³, ùî ñïðèÿòèìå çì³öíåííþ ïîçèö³é ñòðàõîâèê³â, ï³äâèùåííþ ¿õ ïðèáóòêîâîñò³ òà äîâ³ðè ê볺íò³â [2].  öüîìó ðóñë³ âàðòî â³äçíà÷èòè, ùî äåðæàâíå ðåãóëþâàííÿ ñòðàõîâîãî ðèíêó ñüîãîäí³ çä³éñíþºòüñÿ â ñêëàäíèõ ìàêðîåêîíîì³÷íèõ óìîâàõ, à ñòðàõîâèé ðèíîê ðîçâèâàºòüñÿ ï³ä âïëèâîì ðÿäó íåãàòèâíèõ ôàêòîð³â, ïðî ÿê³ ó ñâîºìó äîñë³äæåíí³ çàçíà÷àâ Þ. Ìèðîí÷óê: • «íàñë³äêè â³éñüêîâèõ ä³é òà ïîë³òè÷íà íåñòàá³ëüí³ñòü, çîêðåìà â Óêðà¿í³; • ï³äâèùåííÿ ðèçèê³â, ïîâ’ÿçàíèõ ³ç êë³ìàòè÷- íèìè çì³íàìè òà ïðèðîäíèìè êàòàñòðîôàìè; • êîíêóðåíö³ÿ ç áîêó àëüòåðíàòèâíèõ ô³íàíñîâèõ ñåðâ³ñ³â (ô³íòåõ–êîìïàí³é); • çì³íà ñïîæèâ÷èõ óïîäîáàíü, ùî âèìàãຠïîñò³éíî¿ àäàïòàö³¿ ç áîêó ñòðàõîâèê³â; • äåìîãðàô³÷í³ çì³íè (ñòàð³ííÿ íàñåëåííÿ, çì³íà ñòðóêòóðè äîìîãîñïîäàðñòâ); • íåäîñòàòí³é ð³âåíü äîâ³ðè íàñåëåííÿ äî ñòðàõîâèõ êîìïàí³é; • íèçüêà ñòðàõîâà êóëüòóðà òà ôðàãìåíòàðí³ñòü ïîïèòó íà ñòðàõîâ³ ïîñëóãè; • âèñîêèé ð³âåíü âèòðàò íà âåäåííÿ ä³ÿëüíîñò³ òà óòðèìàííÿ ²Ò–³íôðàñòðóêòóðè; • ñêëàäí³ñòü ³ìïëåìåíòàö³¿ ì³æíàðîäíèõ ñòàíäàðò³â ³ âèìîã ó íàö³îíàëüíå çàêîíîäàâñòâî;
ÌÀÊÐÎÅÊÎÍÎ̲×Ͳ ÀÑÏÅÊÒÈ ÑÓ×ÀÑÍί ÅÊÎÍÎ̲ÊÈ 21 ´ÎÐÌÓÂÀÍÍßÐÈÍÊÎÂÈÕÂÄÍÎÑÈͳÊÐÀÍ • íåäîñòàòí³é ð³âåíü ïðîôåñ³éíî¿ ï³äãîòîâêè êàäð³â ó ñòðàõîâ³é ñôåð³» [3]. Çã³äíî ÷èííîãî çàêîíîäàâñòâà, êëþ÷îâèì äåðæàâíèì ðåãóëþþ÷èì îðãàíîì (ðåãóëÿòîðîì) ñòðàõîâîãî ðèíêó Óêðà¿íè âèñòóïຠÍàö³îíàëüíèé áàíê Óêðà¿íè. Ó ñâ³ò³ ³ñíóº ÷èìàëî ìîäåëåé ðåãóëþâàííÿ ñòðàõîâîãî ðèíêó, â³ä ñïåö³àëüíèõ îðãàí³â ðåãóëþâàííÿ äî ìåãàðåãóëÿòîð³â. Ó 2020 ðîö³ ìîíîïîëüíèì ðåãóëþþ÷èì îðãàíîì çàì³ñòü Íàö³îíàëüíî¿ êîì³ñ³¿, ùî çä³éñíþº äåðæàâíå ðåãóëþâàííÿ ðèíêó ô³íàíñîâèõ ïîñëóã, ñòàâ ÍÁÓ. Óêðà¿íà çì³íèëà ìîäåëü ðåãóëþâàííÿ òà íàãëÿäó ñòðàõîâîãî ðèíêó ç ìåòîþ ³ìïëåìåíòàö³¿ âèìîã çàêîíîäàâñòâà ªÑ òà íåîáõ³äíîñò³ ïîøòîâõó ãàðìîí³éíîãî ðîçâèòêó ñòðàõîâîãî ðèíêó òà óñóíåííÿ ïðîáëåì ó éîãî ðåãóëþâàíí³. Ðåãóëþâàííÿ ñòðàõîâîãî ðèíêó äî 2020 ðîêó ³íñòèòóö³éíî íå óçãîäæóâàëîñÿ ³ç ïðèíöèïàìè ñòðàõîâîãî íàãëÿäó (Insurance Core Principles) ̳æíàðîäíî¿ àñîö³àö³¿ íàãëÿäîâö³â çà ðèíêîì ñòðàõóâàííÿ (IAIS) òà ºâðîñîþç³âñüêèì çàêîíîäàâñòâîì Solvency [4]. Ó 2024 ðîö³ ñóòòºâèõ íîâàö³é íàáóëî íîðìàòèâíî–ïðàâîâå ï³ä´ðóíòÿ äåðæàâíîãî ðåãóëþâàííÿ ñòðàõîâîãî ðèíêó Óêðà¿íè. Éîãî îñíîâó ñêëàëè: 1) íîâà ðåäàêö³ÿ Çàêîíó Óêðà¿íè «Ïðî ñòðàõóâàííÿ» [5], ÿêèé âèçíà÷èâ çàãàëüí³ çàñàäè ôóíêö³îíóâàííÿ ñòðàõîâîãî ðèíêó òà ä³ÿëüíîñò³ éîãî ó÷àñíèê³â, à òàêîæ îñîáëèâîñò³ äåðæàâíîãî ðåãóëþâàííÿ òà íàãëÿäó çà ä³ÿëüí³ñòþ íà ðèíêó ñòðàõóâàííÿ; 2) ïðèéíÿòòÿ Çàêîíó Óêðà¿íè «Ïðî ô³íàíñîâ³ ïîñëóãè òà ô³íàíñîâ³ êîìïàí³¿» [6], ÿêèé ÷³òêî ³äåíòèô³êóâàâ ñòðàõóâàííÿ ÿê âèä ô³íàíñîâèõ ïîñëóã, ùî, â³äïîâ³äíî, ï³äëÿãຠñïåö³àëüíîìó ðåãóëþâàííþ Íàö³îíàëüíèì áàíêîì Óêðà¿íè; 3) ïðèéíÿòòÿ Çàêîíó Óêðà¿íè «Ïðî îáîâ’ÿçêîâå ñòðàõóâàííÿ öèâ³ëüíî–ïðàâîâî¿ â³äïîâ³äàëüíîñò³ âëàñíèê³â íàçåìíèõ òðàíñïîðòíèõ çàñîá³â» [7], ùî âñòóïèâ â ä³þ ç 1 ñ³÷íÿ 2025 ðîêó òà â³äîêðåìèâ ðåãëàìåíòàö³þ ñòðàõóâàííÿ öèâ³ëüíî–ïðàâîâî¿ â³äïîâ³äàëüíîñò³ âëàñíèê³â íàçåìíèõ òðàíñïîðòíèõ çàñîá³â â îêðåìó ãàëóçü ç³ ñâî¿ìè îñîáëèâîñòÿìè. Äâà ïåðøèõ íîðìàòèâíî–ïðàâîâèõ àêòè âíåñëè ñóòòºâ³ çì³íè òà íîâàö³¿ â ³ñíóþ÷ó ñèñòåìó äåðæàâíîãî ðåãóëþâàííÿ ñòðàõîâîãî ðèíêó. Ö³ íîâàö³¿ ñòîñóâàëèñÿ: • óïðîâàäæåííÿ êëàñèô³êàö³¿ âèä³â ñòðàõóâàííÿ òà ñïðîùåííÿ ïðîöåäóðè ë³öåíçóâàííÿ, îñê³ëüêè çàì³ñòü ÷èñëåííèõ äîçâîë³â íà îêðåì³ ñòðàõîâ³ ïðîäóêòè ïåðåäáà÷àºòüñÿ îòðèìàííÿ ºäèíî¿ ë³öåí糿 íà ïåâíèé êëàñ; • óñòàíîâëåííÿ âèìîã äî ðîçêðèòòÿ ³íôîðìàö³¿ ïåðåä óêëàäåííÿì äîãîâîðó ñòðàõóâàííÿ, çîêðåìà ùîäî ðîçì³ðó ñòðàõîâî¿ ïðå쳿, ïåðåë³êó ðèçèê³â ³ âèíÿòê³â, çà àíàëî㳺þ ç ïðàêòèêîþ áàíê³â ó ðîçêðèòò³ óìîâ êðåäèòóâàííÿ; • çàñòîñóâàííÿ ðèçèê–îð³ºíòîâàíî¿ ìîäåë³ íàãëÿäó òà îäíî÷àñíå ðîçøèðåííÿ êîëà ñóá’ºêò³â êîíòðîëþ, âêëþ÷íî ç âëàñíèêàìè ³ñòîòíî¿ ó÷àñò³, àô³ë³éîâàíèìè òà ïîâ’ÿçàíèìè îñîáàìè; • ðîçøèðåííÿ ïîâíîâàæåíü ðåãóëÿòîðà ÷åðåç çàïðîâàäæåííÿ íîâèõ ³íñòðóìåíò³â âïëèâó – â³ä òðàäèö³éíèõ çàõîä³â âïëèâó äî êîðèãóâàëüíèõ ä³é ³ ìåõàí³çì³â ðàííüîãî âòðó÷àííÿ; • óñòàíîâëåííÿ âèìîã äî ïëàòîñïðîìîæíîñò³ ñòðàõîâèõ êîìïàí³é, ÿê³ îõîïëþþòü îáîâ’ÿçêîâ³ íîðìàòèâè ðåãóëÿòèâíîãî, ì³í³ìàëüíîãî òà êàï³òàëó ïëàòîñïðîìîæíîñò³, êðèòå𳿠ùîäî ïðèéíÿòíèõ àêòèâ³â, ôîðìóâàííÿ òåõí³÷íèõ ðåçåðâ³â ³ çàïðîâàäæåííÿ íîâèõ ôîðìàò³â çâ³òíîñò³; • çàïðîâàäæåííÿ ñòàíäàðò³â êîðïîðàòèâíîãî óïðàâë³ííÿ, ï³äâèùåííÿ ïðîçîðîñò³ ä³ÿëüíîñò³, âèçíà÷åííÿ ïîðÿäêó àâòîðèçàö³¿ àêòóàð³¿â, ðåºñòðàö³¿ ñòðàõîâèõ áðîêåð³â, ðåãëàìåíòàö³¿ ïîñåðåäíèöüêî¿ ä³ÿëüíîñò³, âåäåííÿ îáë³êó äîãîâîð³â òà çàáåçïå÷åííÿ íàëåæíîãî çàõèñòó ³íôîðìàö³¿. Ùîäî ðèíêó ñòðàõóâàííÿ öèâ³ëüíî–ïðàâîâî¿ â³äïîâ³äàëüíîñò³ âëàñíèê³â íàçåìíèõ òðàíñïîðòíèõ çàñîá³â, ÿêèé ç ïðèéíÿòòÿì Çàêîíó â³äîêðåìèâñÿ â îêðåìèé ñåãìåíò, òî íîâîââåäåííÿìè éîãî ðåãóëþâàííÿ ñòàëî: • ïîñòóïîâèé ïåðåõ³ä íà óêëàäåííÿ äîãîâîð³â ÎÑÖÏ ⠺äèí³é áàç³ òà åëåêòðîííîìó ôîðìàò³; • âïðîâàäæåííÿ íîâî¿ ñèñòåìè ö³íîóòâîðåííÿ, ùî âêëþ÷àº: ñêàñóâàííÿ êîåô³ö³ºíòà çíîñó òà îáìåæåííÿ ìàêñèìàëüíî¿ ñóìè ñòðàõîâîãî â³äøêîäóâàííÿ çà ºâðîïðîòîêîëîì; • çá³ëüøåííÿ ñóì â³äøêîäóâàííÿ àäàïòîâàíî¿ äî ºâðîïåéñüêî¿ ïðàêòèêè; • çàáîðîíà âèêîðèñòàííÿ ôðàíøèçè. Çì³íè äî çàêîíîäàâñòâà Óêðà¿íè, ÿê³ ïåðåäáà- ÷àþòü ñêàñóâàííÿ ôðàíøèçè â ñèñòåì³ îáîâ’ÿçêîâîãî ñòðàõóâàííÿ öèâ³ëüíî–ïðàâîâî¿ â³äïîâ³äàëüíîñò³ âëàñíèê³â íàçåìíèõ òðàíñïîðòíèõ çàñîá³â (ÎÑÖÏÂ) ç 1 ñ³÷íÿ 2025 ðîêó çã³äíî ³ç Çàêîíîì ¹ 3720–²Õ, áóëè ïðåäñòàâëåí³ ÿê êðîê ó íàïðÿì³ ãàðìîí³çàö³¿ ç ºâðîïåéñüêèìè ñòàíäàðòàìè òà ïîñèëåííÿ çàõèñòó ïðàâ ïîòåðï³ëèõ øëÿõîì ïîâíîãî â³äøêîäóâàííÿ çáèòê³â. Âîäíî÷àñ ó ðÿä³ äåðæàâ ªÑ – çîêðåìà ͳìå÷÷èí³, Ôðàíö³¿ òà ²ñïàí³¿ – ôðàíøèçà é íàäàë³ âèêîðèñòîâóºòüñÿ ÿê
ÌÀÊÐÎÅÊÎÍÎ̲×Ͳ ÀÑÏÅÊÒÈ ÑÓ×ÀÑÍί ÅÊÎÍÎ̲ÊÈ 22 ´ÎÐÌÓÂÀÍÍßÐÈÍÊÎÂÈÕÂÄÍÎÑÈͳÊÐÀÍ åôåêòèâíèé ³íñòðóìåíò çíèæåííÿ âàðòîñò³ ñòðàõîâèõ ïîë³ñ³â, ùî ñâ³ä÷èòü ïðî ð³çíîìàí³òí³ñòü ï³äõîä³â äî ðåãóëþâàííÿ ÎÑÖÏ ó ìåæàõ ªâðîïåéñüêîãî Ñîþçó [8]. Åôåêòèâíå ðåãóëþâàííÿ ñòðàõîâîãî ðèíêó ñïðèÿº çì³öíåííþ ñóñï³ëüíî¿ äîâ³ðè, ùî ìຠîñîáëèâå çíà÷åííÿ â óìîâàõ ðèíêîâî¿ åêîíîì³êè. Âîíî çàáåçïå÷óº ñïðàâåäëèâå ö³íîóòâîðåííÿ, ïðîçîð³ñòü ä³ÿëüíîñò³ òà äîñòóïí³ñòü ñòðàõîâèõ ïðîäóêò³â, ïðîïîíîâàíèõ ÷èñëåííèìè êîíêóðåíòíèìè é íàä³éíèìè êîìïàí³ÿìè [9].  öüîìó êëþ- ÷³ îñîáëèâ³ñòþ äåðæàâíîãî ðåãóëþâàííÿ ñòðàõîâîãî ðèíêó Óêðà¿íè º îêðåñëåííÿ ïð³îðèòåòíîñò³ çì³öíåííÿ ñò³éêîñò³ ñòðàõîâîãî ðèíêó, ùî ïðîÿâëÿºòüñÿ ó âñòàíîâëåíí³ ïîñèëåíèõ âèìîã äî ïëàòîñïðîìîæíîñò³ òà òåõí³÷íèõ ðåçåðâ³â, ùî â³äïîâ³äຠâèìîãàì Solvency II. Äëÿ çàïðîâàäæåííÿ ê³ëüê³ñíèõ âèìîã, ïåðåäáà÷åíèõ Äèðåêòèâîþ, óñòàíîâëåíî ïåðåõ³äíèé ïåð³îä, ÿêèé òðèâàòèìå äî 1 ñ³÷íÿ 2027 ðîêó. Óïðîäîâæ öüîãî ÷àñó äëÿ ñòðàõîâèõ êîìïàí³é çàëèøàòèìóòüñÿ ÷èííèìè ïîòî÷í³ íîðìè, ùî çàáåçïå÷óþòü ëèøå ÷àñòêîâå âïðîâàäæåííÿ ïîëîæåíü Solvency II. Óêðà¿íñüê³ íàóêîâö³ îá´ðóíòîâóþòü ïîçèòèâí³ ñòîðîíè àäàïòàö³¿ â³ò÷èçíÿíîãî çàêîíîäàâñòâà äî âèìîã Solvency II. ϳäâèùåííÿ ïðîçîðîñò³ òà ñòàá³ëüíîñò³ óêðà¿íñüêîãî ñòðàõîâîãî ðèíêó îäíî÷àñíî çì³öíþº éîãî êîíêóðåíòîñïðîìîæí³ñòü ³ íàáëèæຠäî ì³æíàðîäíèõ ñòàíäàðò³â. ׳òê³ âèìîãè ùîäî êîðïîðàòèâíîãî óïðàâë³ííÿ, ñòðóêòóðè êàï³òàëó, ïëàòîñïðîìîæíîñò³ òà êâàë³ô³êàö³¿ êåð³âíèê³â ³ ñòðàõîâèõ ïîñåðåäíèê³â äîçâîëÿþòü êîìïàí³ÿì àäàïòóâàòèñÿ äî ñó÷àñíèõ ºâðîïåéñüêèõ ïðàêòèê ³ ãàðàíòóâàòè âèñîêèé ð³âåíü çàõèñòó ïðàâ ñïîæèâà÷³â. Âîäíî÷àñ ïîëîæåííÿ ùîäî ë³öåíçóâàííÿ, ðåºñòðàö³¿ òà ïðèïèíåííÿ ä³ÿëüíîñò³ ñòðàõîâèê³â â³äïîâ³äàþòü ñòàíäàðòàì ªÑ, ùî ñïðèÿº ³íòåãðàö³¿ Óêðà¿íè â ºäèíèé ºâðîïåéñüêèé åêîíîì³÷íèé ïðîñò³ð [10]. Ó òîé æå ÷àñ ïðàêòèêè ºâðîïåéñüêîãî ñòðàõîâîãî ðèíêó çâåðòàþòü óâàãó íà òå, ùî çàõîäè äðóãîãî ð³âíÿ ñòàíäàðò³â Solvency II ìîæóòü çàãàëüìóâàòè åêîíîì³÷íå çðîñòàííÿ òà ïîòåíö³àë äîâãîñòðîêîâîãî ³íâåñòóâàííÿ â ªÑ. Òàê, ïðàâèëà íå óñóâàþòü øòó÷íî¿ âîëàòèëüíîñò³, ÷åðåç ùî áàëàíñè ñòðàõîâèê³â ñòàþòü íàäì³ðíî ÷óòëèâèìè äî ðèíêîâèõ êîëèâàíü. ²í³ö³àòèâè Solvency II âîëîä³þ÷è ÷èìàëèì ñïèñêîì ïåðåâàã, ìຠïîºäíóâàòè çàõèñò ñòðàõóâàëüíèê³â, ô³íàíñîâî¿ ñòàá³ëüíîñò³ ç³ çðîñòàííÿì òà ñò³éê³ñòþ ºâðîïåéñüêî¿ åêîíîì³êè òà çìåíøåííÿì áþðîêðàòè÷íèõ ïðîöåäóð äëÿ ñòðàõîâèê³â [11]. Íàâ³òü çà óìîâè, ùî ºâðîïåéñüê³ ñòðàõîâ³ êîìïàí³¿ äåìîíñòðóþòü îáåðåæí³ñòü ó ðåàãóâàíí³ íà çàõîäè äðóãîãî ð³âíÿ ñòàíäàðò³â Solvency II, óêðà- ¿íñüê³ ñòðàõîâèêè, ÿê³ ôóíêö³îíóþòü ó óìîâàõ â³éíè òà çíà÷íèõ ìàêðîåêîíîì³÷íèõ äèñáàëàíñ³â, ìîæóòü áóòè ùå á³ëüø âðàçëèâèìè äî ïîñèëåííÿ ðåãóëÿòîðíèõ âèìîã. Ô³íàíñîâà òà îðãàí³çàö³éíà ñïðîìîæí³ñòü óêðà¿íñüêèõ êîìïàí³é ó òàêèõ óìîâàõ ïîòðåáóº îñîáëèâî¿ óâàãè, îñê³ëüêè ïîñèëåííÿ ñòàíäàðò³â áåç íàëåæíî¿ àäàïòàö³¿ ðèçèêóº ïîã³ðøèòè ¿õíþ ñò³éê³ñòü ³ çäàòí³ñòü âèêîíóâàòè çîáîâ’ÿçàííÿ ïåðåä ñòðàõóâàëüíèêàìè. Âîäíî÷àñ ïèòàííÿ ïëàòîñïðîìîæíîñò³ çàëèøàºòüñÿ ïð³îðèòåòíèì, àäæå ñòðàõîâ³ êîìïàí³¿ óïðàâëÿþòü çíà÷íèìè îáñÿãàìè çàëó÷åíîãî êàï³òàëó. Íåäîîòðèìàííÿ ðåãóëÿòîðíèõ âèìîã àáî íåäîñòàòíÿ åôåêòèâí³ñòü óïðàâë³ííÿ àêòèâàìè ìîæå ïðèçâåñòè äî ïîðóøåííÿ ô³íàíñîâî¿ ñòàá³ëüíîñò³ ðèíêó òà çàãðîæóâàòè ïðàâàì ³ ³íòåðåñàì ñòðàõóâàëüíèê³â. Òîìó, ïîðÿä ³ç ãàðìîí³çàö³ºþ óêðà¿íñüêîãî çàêîíîäàâñòâà ç ºâðîïåéñüêèìè ñòàíäàðòàìè, êðèòè÷íî âàæëèâî âïðîâàäæóâàòè ìåõàí³çìè ïîñòóïîâîãî âïðîâàäæåííÿ Solvency II, ÿê³ âðàõîâóþòü ñïåöèô³êó íàö³îíàëüíî¿ åêîíîì³êè òà ðèçèêè, ïîâ’ÿçàí³ ç ïîòî÷íèì áåçïåêîâèì òà ìàêðîåêîíîì³÷íèì êîíòåêñòîì. Âäàëî çðîáëåíî àêöåíò íà ô³íàíñîâ³é íåãîòîâíîñò³ ñïîæèâà÷³â ñòðàõîâèõ ïîñëóã äî ï³äâèùåííÿ òàðèô³â íà íèõ ó çâ’ÿçêó ³ç âïðîâàäæåííÿì íîâèõ âèìîã äî ñòðàõîâèõ êîìïàí³é. Éäåòüñÿ ïðî ñòðàõóâàííÿ ÎÑÖÏ òà äîñòóïí³ñòü ñòðàõîâèõ ïîñëóã äëÿ íàñåëåííÿ ÷åðåç ï³äâèùåííÿ âàðòîñò³. Ââàæàºìî, ùî ö³íîâèé àñïåêò ïîñèëåííÿ ðåãóëÿòîðíèõ âèìîã àêòóàëüíèé äëÿ óñüîãî ñòðàõîâîãî ðèíêó, à íå ëèøå ðèíêó ÎÑÖÏÂ, àäæå çðîñòàííÿ ö³í ìîæå ïðèçâåñòè äî äåôîðìàö³¿ ñîö³àëüíî¿ ïðèðîäè ñòðàõóâàííÿ òà ñóïåðå÷èòè éîãî ïðèíöèïàì [8, ñ. 310]. Ïîñò³éíå âäîñêîíàëåííÿ äåðæàâíî¿ ðåãóëÿòîðíî¿ ïîë³òèêè ñòîñóºòüñÿ ä³ÿëüíîñò³ ñòðàõîâèê³â â Óêðà¿í³, îñîáëèâîñòåé îðãàí³çàö³¿ ¿õ ä³ÿëüíîñò³ òà çâ³òíîñò³. ³äïîâ³äíî äî Ïîëîæåííÿ ïðî àâòîðèçàö³þ íàäàâà÷³â ô³íàíñîâèõ ïîñëóã òà óìîâè çä³éñíåííÿ íèìè ä³ÿëüíîñò³ ç íàäàííÿ ô³íàíñîâèõ ïîñëóã, ùî íàáóëî ÷èííîñò³ ó 2023 ðîö³, àêòóàë³çóâàëîñü ïèòàííÿ ðîçðîáêè ñòðàòåã³é ðîçâèòêó ñòðàõîâèõ êîìïàí³é. Ïåðñïåêòèâè ðîçâèòêó ñòðàõîâèê³â, ÿê îêðåìèõ ñóá’ºêò³â ãîñïîäàðþâàí-
ÌÀÊÐÎÅÊÎÍÎ̲×Ͳ ÀÑÏÅÊÒÈ ÑÓ×ÀÑÍί ÅÊÎÍÎ̲ÊÈ 23 ´ÎÐÌÓÂÀÍÍßÐÈÍÊÎÂÈÕÂÄÍÎÑÈͳÊÐÀÍ íÿ, ïîâèíí³ âðàõîâóâàòè äîñâ³ä ïëàíóâàííÿ òà âäîñêîíàëåííÿ ìåòîäîëî㳿 ðîçðîáêè ñòðàòå㳿, ùî ´ðóíòóºòüñÿ íà ìîäåëÿõ âåëèêèõ êîðïîðàö³é òà ñâ³òîâîìó äîñâ³ä³. Óêðà¿íñüê³ ñòðàõîâ³ êîìïàí³¿ ïîñòóïîâî ïåðåõîäÿòü íà ì³æíàðîäí³ ñòàíäàðòè ô³íàíñîâî¿ çâ³òíîñò³, çîêðåìà ̳æíàðîäíèé ñòàíäàðò ô³íàíñîâî¿ çâ³òíîñò³ 17 «Ñòðàõîâ³ êîíòðàêòè» (IFRS 17), ùî ñïðèÿº ï³äâèùåííþ ïðîçîðîñò³ ô³íàíñîâî¿ ³íôîðìàö³¿ òà âäîñêîíàëåííþ âçàºìî䳿 ì³æ ô³íàíñîâèìè é àêòóàðíèìè ï³äðîçä³ëàìè ñòðàõîâèê³â. Ó ïðîöåñ³ âäîñêîíàëåííÿ ñèñòåìè ðåãóëþâàííÿ ô³íàíñîâîãî ñåêòîðó, ÍÁÓ îíîâèâ íèçêó íîðìàòèâíî–ïðàâîâèõ àêò³â, ùî âèçíà÷àþòü ä³ÿëüí³ñòü íàäàâà÷³â ô³íàíñîâèõ ïîñëóã. Çì³íè òîðêíóëèñÿ ïîëîæåíü ùîäî ë³öåíçóâàííÿ òà ðåºñòðàö³¿, ñòðóêòóðè âëàñíîñò³, çàñòîñóâàííÿ çàõîä³â âïëèâó é ïîðÿäêó ïðîâåäåííÿ ³íñïåêö³éíèõ ïåðåâ³ðîê. Ïîÿñíþþ÷è ïîë³òèêó ïîñèëåííÿ ðåãóëÿòîðíèõ âèìîã òà íàãëÿäó çà ä³ÿëüí³ñòþ ó÷àñíèê³â ñòðàõîâîãî ðèíêó Óêðà¿íè, íàóêîâö³ àêöåíòóþòü íà ïðàãíåíí³ ÍÁÓ ñòâîðèòè ÿê³ñíèé òà êîíêóðåíòîñïðîìîæíèé ðèíîê, â ÿêîìó çàëèøàòüñÿ íàéñèëüí³ø³ ãðàâö³. Òàêà òåíäåíö³ÿ ïðîñë³äêîâóâàëàñü ³ ó ªâðîï³ â 2016–2021 ðð., êîëè íà ðèíêàõ êðà¿í–ó÷àñíèöü àêòèâíî âïðîâàäæóâàëèñü âèìîãè Äèðåêòèâè Solvency II. ªâðîïåéñüê³ ñòðàõîâèêè ïîñòóïîâî çàëèøàëè ðèíîê ÷åðåç âëàñíó íåñïðîìîæí³ñòü óòðèìóâàòè êàï³òàë ó â³äïîâ³äíîñò³ äî ä³þ÷èõ âèìîã [12]. Äèíàì³êà ê³ëüêîñò³ ñòðàõîâèê³â â Óêðà¿í³, ÿêà äåìîíñòðóº ð³çêå ¿õ çìåíøåííÿ, º â³äïîâ³ääþ ðèíêó íà ïîñèëåííÿ ðåãóëÿòîðíèõ âèìîã, à òàêîæ ñêëàäí³ óìîâè âåäåííÿ á³çíåñó, ùî îáóìîâëåí³ ìàêðîåêîíîì³÷íîþ òà ãåîïîë³òè÷íîþ ñèòóàö³ºþ (ðèñ. 1). Íàóêîâö³ ðîçö³íþþòü òàêèé òðåíä ÿê íåãàòèâíèé, àäæå ñêîðî÷åííÿ ê³ëüêîñò³ ó÷àñíèê³â ðèíêó âèêðèâëÿº êîíêóðåíòíó áîðîòüáó, ðîáëÿ÷è ðèíîê ìîíîïîë³çîâàíèì [14]. Çã³äíî ç íàâåäåíèìè äàíèìè, ê³ëüê³ñòü ñòðàõîâèõ êîìïàí³é â Óêðà¿í³ ñêîðîòèëàñÿ ç 155 ó 2021 ðîö³ äî 62 ó 2025 ðîö³, òîáòî á³ëüø í³æ ó 2,5 ðàçè. Òàêà äèíàì³êà ñâ³ä÷èòü, ùî ðåãóëÿòîðí³ òðàíñôîðìàö³¿, ³í³ö³éîâàí³ Íàö³îíàëüíèì áàíêîì Óêðà¿íè, çîêðåìà ïîñèëåííÿ âèìîã äî ïëàòîñïðîìîæíîñò³, êîðïîðàòèâíîãî óïðàâë³ííÿ òà ïðîçîðîñò³ ñòðóêòóðè âëàñíîñò³, áåçïîñåðåäíüî âïëèíóëè íà ðèíêîâó êîíñîë³äàö³þ. Âîäíî÷àñ ïîä³áí³ çì³íè ôîðìóþòü íîâ³ ÿê³ñí³ îð³ºíòèðè ðîçâèòêó ðèíêó, çàáåçïå÷óþ- ÷è ïîñòóïîâèé ïåðåõ³ä äî á³ëüø ñò³éêî¿ òà â³äïîâ³äàëüíî¿ ìîäåë³ ñòðàõîâîãî á³çíåñó. Ó êîíòåêñò³ ïîë³òèêè ïîñèëåííÿ âèìîã äî ó÷àñíèê³â ñòðàõîâîãî ðèíêó Óêðà¿íè òà ¿¿ â³äïîâ³äíîñò³ ºâðîïåéñüêèì òà ñâ³òîâèì ñòàíäàðòàì, ñèñòåìà ðåôîðìóâàííÿ ïîâèííà âðàõîâóâàòè îñîáëèâîñò³ â³ò÷èçíÿíîãî ñòðàõîâîãî ðèíêó òà ìàêðîåêîíîì³÷íîãî ñåðåäîâèùà. Ðåãóëÿòîðíà ïîë³òèêà ìຠñïðèÿòè ôîðìóâàííþ ñòàá³ëüíîãî êîíêóðåíòíîãî òà ÿê³ñíîãî ðèíêó, äå çàáåçïå÷óþòüñÿ ãàðàíò³¿ ïðàâ ñòðàõîâèê³â òà ñòðàõóâàëüíèê³â. Öüîãî ìîæíà äîñÿãòè âèêîðèñòîâóþ÷è ãíó÷ê³ òà àäàïòèâí³ ï³äõîäè â ðåôîðìóâàíí³. Ïîâíà ³ìïëåìåíòàö³ÿ çàðóá³æíîãî äîñâ³äó òà ñòàíäàðò³â ìîæå ç³øòîâõíóòèñÿ ç ô³íàíñîâîþ íåñïðîìîæí³ñòþ ðèíêó òà íåñâîº÷àñí³ñòþ ¿õ âïðîâàäæåííÿ. Íà áëîê–ñõåì³ (ðèñ. 2) â³äîáðàæåíî áàçîâ³ âåêòîðè (áëîêè), ùî ìàþòü ëåæàòè â îñíîâ³ äåðæàâíî¿ ðåãóëÿòîðíî¿ ïîë³òèêè íà ñòðààõîâîìó ðèíêó. ϳäõ³ä äî äåðæàâíîãî ðåãóëþâàííÿ ñòðàõîâîãî ðèíêó ìຠïîºäíóâàòè ÿê ñòèìóëþþ÷ó, òàê ³ ñòàÐèñóíîê 1. ʳëüê³ñòü ñòðàõîâèé êîìïàí³é â Óêðà¿í³ ó 2021–2025 ðð. Äæåðåëî: ïîáóäîâàíî àâòîðîì çà [13].
ÌÀÊÐÎÅÊÎÍÎ̲×Ͳ ÀÑÏÅÊÒÈ ÑÓ×ÀÑÍί ÅÊÎÍÎ̲ÊÈ 24 ´ÎÐÌÓÂÀÍÍßÐÈÍÊÎÂÈÕÂÄÍÎÑÈͳÊÐÀÍ á³ë³çóþ÷ó ôóíêö³¿. Ç îäíîãî áîêó, ðåãóëÿòîðíà ïîë³òèêà ïîâèííà ñòâîðþâàòè óìîâè äëÿ ðîçâèòêó, ³ííîâàö³é òà çàëó÷åííÿ íîâèõ ó÷àñíèê³â ðèíêó. Ç ³íøîãî – çàáåçïå÷óâàòè íàëåæíèé ð³âåíü êîíòðîëþ, ïðîçîðîñò³ é ô³íàíñîâî¿ ñò³éêîñò³ ñóá’ºêò³â ñòðàõóâàííÿ. Ïîðóøåííÿ öüîãî áàëàíñó ìîæå ìàòè íåãàòèâí³ íàñë³äêè: íàäì³ðíå ïîñèëåííÿ âèìîã ïðèçâîäèòü äî ñêîðî÷åííÿ ê³ëüêîñò³ ñòðàõîâèê³â, òîä³ ÿê íàäì³ðíà ë³áåðàë³çàö³ÿ – äî ïîÿâè ô³íàíñîâî íåñò³éêèõ êîìïàí³é, ùî ï³äðèâàþòü äîâ³ðó ñïîæèâà÷³â äî ñòðàõîâîãî ñåêòîðó çàãàëîì. Ñàìå òîìó åôåêòèâíà ðåãóëÿòîðíà ìîäåëü ìຠïîºäíóâàòè ãíó÷ê³ñòü ñòèìóëþâàííÿ ðîçâèòêó ç æîðñòê³ñòþ çàáåçïå÷åííÿ ñòàá³ëüíîñò³. Âèñíîâêè Îòæå, çà äîïîìîãîþ äåðæàâíîãî ðåãóëþâàííÿ ñòðàõîâîãî ðèíêó Óêðà¿íè â³äáóâàºòüñÿ íå ëèøå çãëàäæóâàííÿ îñíîâíèõ ïðîáëåì, à é çàáåçïå÷óºòüñÿ ñò³éê³ñòü ðèíêó òà äîâ³ðà ñïîæèâà÷³â ñòðàõîâèõ ïîñëóã äî íüîãî. Ëèøå çà äîñÿãíåííÿ áàëàíñó ì³æ êîíòðîëþþ÷èì òèñêîì òà ñòèìóëþâàííÿì ðîçâèòêó ñòðàõîâèé ðèíîê ìîæå çàáåçïå÷óâàòè â ïîâí³é ì³ð³ âèêîíàííÿ ïîêëàäåíèõ íà íüîãî ôóíêö³é. Ïîã³ðøåííÿ ìàêðîåêîíîì³÷íî¿ òà ãåîïîë³òè÷íî¿ ñèòóàö³¿ Óêðà¿íè ñòâîðþº íîâ³ âèêëèêè òà óñêëàäíþº ïîñòàâëåí³ çàâäàííÿ ùîäî ðåãóëþâàííÿ ñòðàõîâîãî ðèíêó. Çä³éñíèâøè îãëÿä îñíîâíèõ òðåíä³â ðåôîðìóâàííÿ ä³þ÷î¿ ñèñòåìè äåðæàâíîãî ðåãóëþâàííÿ ñòðàõîâèõ â³äíîñèí, âèçíà÷åíî îñîáëèâîñò³ öüîãî ïðîöåñó. Ïåðøîþ îñîáëèâ³ñòþ òàêî¿ ïîë³òèêè º ïðèñòîñóâàííÿ äî 䳿 ðÿäó íåãàòèâíèõ ôàêòîð³â ç ìåòîþ ì³í³ì³çàö³¿ âïëèâó íà ó÷àñíèê³â ðèíêó. Íåùîäàâíÿ çì³íà ìîäåë³ ðåãóëþâàííÿ ñòðàõîâîãî ðèíêó ïåðåîð³ºíòóâàëà ôóíêö³¿ íà Íàö³îíàëüíèé áàíê Óêðà¿íè, ùî çóìîâèëî íåîáõ³äí³ñòü ïåðåãëÿäó ä³þ÷èõ íîðìàòèâíî–ïðàâîâèõ àêò³â. Ñóòòºâèõ ³íñòèòóö³éíèõ çì³í çàçíàâ ñòðàõîâèé ðèíîê ÷åðåç íîâàö³¿ ä³þ÷îãî çàêîíîäàâñòâà. Çàïðîâàäæåííÿ êëàñ³â ñòðàõóâàííÿ òà ïîñèëåííÿ âèìîã äî êàï³òàëó ñïðè÷èíèëî ÷³òêèé ïîä³ë ðèíêó íà ñóáñåãìåíòè, êîæåí ç ÿêèõ çäîáóâ âëàñí³ îñîáëèâîñò³ ðîçâèòêó òà ïðîáëåìè. Óñ³ çì³íè â ñèñòåì³ ðåãóëþâàííÿ ñòðàõîâîãî ðèíêó Óêðà¿íè ñïðèÿëè ãàðìîí³çàö³¿ óêðà¿íñüêî¿ òà ºâðîïåéñüêî¿ ïðàêòèê. Ïîñòóïîâèé ïåðåõ³ä íà ñòàíäàðòè Solvency II ñïðè- ÷èíèâ ñóòòºâ³ òðàíñôîðìàö³¿ íå ëèøå â îðãàí³çàö³¿ ä³ÿëüíîñò³ ñòðàõîâèê³â, à é â ñòðóêòóð³ ðèíêó òà íàãëÿä³ çà ó÷àñíèêàìè. Ðåàêö³ÿ ðèíêó íà ïîñèëåííÿ âèìîã íå ìîæå ðîçö³íþâàòèñü îäíîçíà÷íî.  Óêðà¿í³ ñïîñòåð³ãàëîñü ð³çêå ñêîðî÷åííÿ ñòðàõîâèê³â, à îòæå, â³äáóëîñü çâóæåííÿ ðèíêó, ùî ïîòðåáóº ïîäàëüøîãî íàóêîâîãî âèâ÷åííÿ òà êîíòðîëþ çà ìàéáóòíüîþ äèíàì³êîþ. Êîðåêö³ÿ ïîë³òèêè ðåãóëþâàííÿ ñòðàõîâîãî ðèíêó ïîâèííà âðàõîâóâàòè ô³íàíñîâó ãîòîâí³ñòü ñòðàõîâèê³â òà ñòðàõóâàëüíèê³â äî ìàéáóòí³õ çì³í. Áàçîâèìè âåêòîðàìè äåðæàâíî¿ ðåãóëÿòîðíî¿ ïîë³òèêè ñë³ä ââàæàòè: ïðîçîð³ñòü òà äîâ³ðó, ô³íàíñîâó ñòàá³ëüí³ñòü, êîíêóðåíòîñïðîìîæí³ñòü òà ãíó÷ê³ñòü. Ñàìå âîíè ïîâèíí³ ëåæàòè â îñíîâ³ âïðîâàäæåííÿ ïîäàëüøèõ ðåãóëÿòîðíèõ íîâàö³é, îñîáëèâî ï³ä ÷àñ ³ìïëåìåíòàö³¿ ºâðîïåéñüêèõ ñòàíäàðò³â. Ñïèñîê âèêîðèñòàíèõ äæåðåë: 1. Âåðãåëþê Þ., Ìèðîí÷óê Þ. Ñóòí³ñí³ õàðàêòåðèñòèêè òà çíà÷åííÿ ðèíêó ñòðàõóâàííÿ â³äïîâ³äàëüíîñò³. ªâðîïåéñüêèé íàóêîâèé æóðíàë Åêîíîì³÷íèõ òà Ô³íàíñîâèõ ³ííîâàö³é. 2024. ¹ 2(14). Ñ. 112–121. DOI: https://doi.org/10.32750/2024–0212 2. Ôåäîðîâà Í. Î. Äåðæàâíå ðåãóëþâàííÿ íàïðÿìê³â ñòðàõîâî¿ ä³ÿëüíîñò³ â Óêðà¿í³. Ïóáë³÷íå àäì³í³ñòðóâàíÐèñóíîê 2. Áàçîâ³ âåêòîðè äåðæàâíî¿ ðåãóëÿòîðíî¿ ïîë³òèêè ñòðàõîâîãî ðèíêó Äæåðåëî: ïîáóäîâàíî àâòîðîì
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ÌÀÊÐÎÅÊÎÍÎ̲×Ͳ ÀÑÏÅÊÒÈ ÑÓ×ÀÑÍί ÅÊÎÍÎ̲ÊÈ 26 ´ÎÐÌÓÂÀÍÍßÐÈÍÊÎÂÈÕÂÄÍÎÑÈͳÊÐÀÍ © ÌÎËÍÀÐ Î. Ñ., ÃÀÐÀÏÊÎ Ì. Ñ., ÇÂÎÍÀÐ Î. À., 2025 11. Insurance Europe. (2025). Insurance Europe poperedzhaie, shcho proiekt pravyl Solvency II dlia strakhuvykiv mozhe pidryvaty tsili zrostannia YeS. FORINSURER. Retrieved from https://forinsurer.com/ news/25/09/09/45129 (in Ukrainian). 12. Bobyk, M. V. (2024). Vyklyky stanovlennia pravovoho rehuliuvannia diialnosti strakhuvykiv v Ukraini. Analitychno–porivnialne pravoznavstvo, (3), 292–296. https://doi. org/10.24144/2788–6018.2024.03.49 (in Ukrainian). 13. Pokaznyky diialnosti strakhuvykiv. (n.d.). Nahlidova statystyka. Natsionalnyi bank Ukrainy. Retrieved from https://bank.gov.ua/ua/statistic/supervision–statist (in Ukrainian). 14. Bublyk, Ye. (2025). Funktsionalna spromozhnist strakhovoho rynku Ukrainy yak chynnyk ekonomichnoho vidnovlennia. Ekonomika ta suspilstvo, (75). https:// doi.org/10.32782/2524–0072/2025–75–12 (in Ukrainian). Äàí³ ïðî àâòîðà Ãàéäàé Ñåðã³é Îëåãîâè÷, çäîáóâà÷ òðåòüîãî (îñâ³òíüî–íàóêîâîãî) ð³âíÿ âèùî¿ îñâ³òè, Äåðæàâíèé íàóêîâî–äîñë³äíèé ³íñòèòóò ³íôîðìàòèçàö³¿ òà ìîäåëþâàííÿ åêîíîì³êè e–mail: [email protected] ORCID https://orcid.org/0009–0005–9562–9139 Data about the author Serhii Haidai, PhD student, State Research Institute for Informatization and Economic Modeling e–mail: [email protected] ÓÄÊ 330.552:338.47 ÌÎËÍÀÐ Î. Ñ. ÃÀÐÀÏÊÎ Ì. Ñ. ÇÂÎÍÀÐ Î. À. Äåðæàâíà ïîë³òèêà â ñôåð³ ëîã³ñòèêè òà ¿¿ ðîëü ó ñòèìóëþâàíí³ åêîíîì³÷íîãî ðîçâèòêó Ïðåäìåòîì äîñë³äæåííÿ º äåðæàâíà ïîë³òèêà â ñôåð³ ëîã³ñòèêè òà ¿¿ ðîëü ó ñòèìóëþâàíí³ åêîíîì³÷íîãî ðîçâèòêó. Ìåòîþ äîñë³äæåííÿ º àíàë³ç äåðæàâíî¿ ï³äòðèìêè ëîã³ñòè÷íî¿ ãàëóç³ òà ¿¿ åôåêòèâíîñò³ äëÿ åêîíîì³÷íîãî çðîñòàííÿ. Ìåòîäè äîñë³äæåííÿ. Ó ñòàòò³ âèêîðèñòàí³ ä³àëåêòè÷íèé ìåòîä íàóêîâîãî ï³çíàííÿ, ìåòîä àíàë³çó ³ ñèíòåçó, ïîð³âíÿëüíèé ìåòîä, ìåòîä óçàãàëüíåííÿ äàíèõ. Ðåçóëüòàòè ðîáîòè. Ó ñòàòò³ âèçíà÷åíî îñíîâí³ çàõîäè äåðæàâíî¿ ëîã³ñòè÷íî¿ ïîë³òèêè. Ïåðåðàõîâàíî ãîëîâí³ ïîêàçíèêè äåðæàâíî¿ ëîã³ñòè÷íî¿ ïîë³òèêè. Îêðåñëåíî ïðîáëåìè äåðæàâíî¿ ï³äòðèìêè ëîã³ñòè÷íî¿ ãàëóç³. Îá´ðóíòîâàíà ðîëü ëîã³ñòè÷íî¿ ãàëóç³ â çàáåçïå÷åíí³ åêîíîì³÷íîãî çðîñòàííÿ êðà¿íè. Âèñíîâêè. Åôåêòèâíà ëîã³ñòè÷íà ñèñòåìà º âàæëèâèì ôàêòîðîì äëÿ ï³äâèùåííÿ êîíêóðåíòîñïðîìîæíîñò³ êðà¿íè, çàëó÷åííÿ ³íâåñòèö³é òà çàáåçïå÷åííÿ ñòàëîãî åêîíîì³÷íîãî çðîñòàííÿ. Äåðæàâíà ï³äòðèìêà ðîçâèòêó ëîã³ñòè÷íî¿ ³íôðàñòðóêòóðè, ñïðîùåííÿ ìèòíèõ ïðîöåäóð, ãàðìîí³çàö³ÿ íîðìàòèâíî–ïðàâîâî¿ áàçè òà ñïðèÿííÿ âïðîâàäæåííþ ³ííîâàö³éíèõ òåõíîëîã³é ó ëîã³ñòèö³ º âàæëèâèìè ñêëàäîâèìè óñï³øíî¿ äåðæàâíî¿ ïîë³òèêè. ϳäâèùåííÿ åôåêòèâíîñò³ ëîã³ñòè÷íî¿ ñèñòåìè ñïðèÿº çíèæåííþ òðàíñïîðòíèõ âèòðàò, ñêîðî÷åííþ òåðì³í³â äîñòàâêè âàíòàæ³â, îïòèì³çàö³¿ óïðàâë³ííÿ çàïàñàìè òà ï³äâèùåííþ ÿêîñò³ îáñëóãîâóâàííÿ ê볺íò³â. Öå ïîçèòèâíî âïëèâຠíà ðîçâèòîê âíóòð³øíüî¿ òà çîâí³øíüî¿ òîðã³âë³, çá³ëüøåííÿ îáñÿã³â âèðîáíèöòâà òà ñòâîðåííÿ íîâèõ ðîáî÷èõ ì³ñöü. Âðàõîâóþ÷è âàæëèâ³ñòü ëîã³ñòèêè äëÿ åêîíîì³÷íîãî ðîçâèòêó, äåðæàâ³ íåîáõ³äíî çîñåðåäèòè óâàãó íà ðîçðîáö³ òà ðåàë³çàö³¿ åôåêòèâíî¿ äåðæàâíî¿ ïîë³òèêè â ö³é ñôåð³. Âàæëèâî çàáåçïå÷èòè êîîðäèíàö³þ çóñèëü ð³çíèõ äåðæàâíèõ îðãàí³â, á³çíåñó òà íàóêîâèõ óñòàíîâ äëÿ äîñÿãíåííÿ ïîñòàâëåíèõ ö³ëåé. Äåðæàâà ïîâèííà àêòèâíî ³íâåñòóâàòè â ðîçâèòîê ëîã³ñòè÷íî¿ ³íôðàñòðóêòóðè, âêëþ÷àþ÷è ïîêðàùåííÿ äîð³ã, çàë³çíèöü, àåðîïîðò³â òà ìîðñüêèõ ïîðò³â. Öå ñïðèÿòèìå çíèæåííþ òðàíñïîðòíèõ âèòðàò òà ñêîðî÷åííþ òåðì³í³â äîñòàâêè. Êëþ÷îâ³ ñëîâà: ëîã³ñòèêà, ðåôîðìè, ïðîäóêòèâí³ñòü, ³íôðàñòðóêòóðà, ³íâåñòèö³¿, ðèíêè, ëàíöþãè ïîñòà÷àíü, ô³íàíñóâàííÿ, ëîã³ñòè÷í³ ïðîöåñè, âèòðàòè.