THE CONCEPT OF STATE REGULATION OF THE UKRAINIAN INSURANCE SYSTEM IN THE CONTEXT OF INTEGRATION INTO THE EUROPEAN ECONOMIC AREA

The article focuses on developing the concept of state regulation for the Ukrainian insurance system in the context of its integration into the European Economic Area. As Ukraine progresses toward European integration, enhancing the insurance system has become an integral part of modernizing the country’s financial and economic landscape and strengthening its international standing. The article analyzes the current challenges facing the Ukrainian insurance system, including an insufficient legal framework, a weak institutional structure, and a low level of public confidence in insurance services. Particular attention is given to researching European experiences in state regulation of insurance markets, which may provide valuable insights for Ukraine. The authors argue for the implementation of European standards in insurance activities and identify priority areas for reforming the insurance sector. The article also explores the instruments of state regulation that can ensure the stability and sustainability of insurance companies, enhance market competitiveness, and adapt national legislation to meet European Union requirements. A key aspect of the proposed concept is the establishment of an effective supervisory system for insurance companies that aligns with European standards and requirements. The authors emphasize the importance of harmonizing Ukrainian insurance legislation with EU directives regulating the activities of insurance companies within the EU. Adopting European regulatory standards will help increase the transparency and efficiency of the Ukrainian insurance system while attracting foreign investment. In summary, the article presents conceptual approaches to creating an effective state regulation system for the insurance industry, aimed at facilitating its integration into the European Economic Area and promoting the stable development of the national insurance market.