PENSION REFORM AS A CATALYST OF DEVELOPMENT OF LIFE INSURANCE IN UKRAINE
Keywords:life insurance, life insurance companies, pension maintenance, pension reform, pension insurance
The article investigated the cause-and-effect link between the development of life insurance and pension reform. Defined place and role of life insurance companies in the system of non-state pension schemes. Established their membership in the subjects of the second level of the accumulative pension system. Analyzed changes in the tax legislation of Ukraine, which increase the attractiveness of life insurance companies in the implementation of pension reform. The dynamics of the number of life insurance companies in Ukraine and the results of their activity during the period of formation and implementation of pension reform were studied.
It was established that for the first time life insurance as a subset of personal insurance was allocated even in 1993 by the Decree of the Cabinet of Ministers of Ukraine «Insurance Law». Indirect, but incentive to develop an insurance life was formed Concept of social security of the population of Ukraine, which was approved on Dec. 21, 1993 by Resolution No. 3758-XII. In order to implement the Concept, the «Fundamentals of Ukrainian legislation on compulsory state social insurance» was immediately initiated. It is noted that with the enactment of this Law, the state has prescribed mechanisms for compulsory accumulation by the population of certain amounts of funds.
It is noted that the formation of the life insurance market in Ukraine began in 1996 with the adoption of the Law of Ukraine «Insurance Law», which defined life insurance as a separate type of voluntary insurance.
Also is analyzed the chronology of changes in the legally enforceable enactments, which prescribing the place of life insurance in the pension reform and its social function, and as well recognition of life insurance companies as full-fledged subjects of the second pillar pension accumulation system.
Highlighted that 2003 is important part of activity of life insurance companies, because during this time League of Insurance Organizations of Ukraine decided to maintain separate statistics of the numbers and results of life insurance activities.