Certain issues of legal regulation of animal insurance as a compulsory form of insurance

Agricultural insurance is a prerequisite for the existence of agriculture, especially for agricultural countries. The present time poses serious climatic, economic, and biological challenges to agricultural production. Insurance should become a tool that will help to balance the risks between all participants in agricultural insurance relations. Insurance should reduce the negative impact on agricultural production and living standards in the country. In the article on the basis of analysis of normative-legal acts, regulating the procedure of agricultural animals insurance the problematic issues are investigated and the ways of elimination of collisions in legal regulation of this type of insurance are offered. The problems of determining the list of animals subject to compulsory insurance are investigated and solutions are proposed. The question of legal expansion of the range of insurance risks for insurance contracts of animals in the framework of the Law of Ukraine «On peculiarities of insurance of agricultural products with state support» is analyzed. The proposed additions to the regulatory and legal acts in the field of insurance of breeding animals will lead to the harmonization of relevant legislation, as well as improve awareness of breeding animals for regulatory authorities, consumers of relevant products and insurers. Keywords: insurance, compulsory animal insurance, breeding animal insurance, insurance risk, insurance of agricultural products with state support

“Green” finance as a modern tool for social and environmental security

The article is devoted to the study of the essence of “green” finance and is intended to give an idea of the existing “green” financial instruments and problems of their application in Ukraine, to outline ways to improve the use of “green” financial instruments to ensure social and environmental security. The study calls for a review and improvement of practices in the use of “green” financial instruments, taking into account the international experience. The research paper is structured as follows: firstly, theoretical approaches to the essence of “green” finance are disclosed; secondly, the impact of “green” finance on social and environmental security is considered; thirdly, “green” finance is examined financial instruments to enhance national security in both the environmental and social spheres. The results of the study allowed to provide directions for the development of “green” finance in the context of social and environmental security in Ukraine, in particular, to strengthen the use of public-private partnerships, climate risk insurance and investment in education to create a skilled labor force in “green” finance.

Institutionalization of State Support and Development of Sectoral Entrepreneurship of Rural Areas

The article presents the implementation of the results of supporting sectoral entrepreneurship in rural areas as a multifunctional and multi-channel process of formation, attraction, and use of financial resources provided by the rules of the institutional environment of state policy. A methodical approach to the integrated assessment of indicators of the target direction of the involved financial resources of the state and their impact on the development of sectoral entrepreneurship in rural areas is presented. It is proved that the specific criteria that determine the scenarios of consolidation of tax revenues to local rural budgets are minimization of discretion, compensation, and compromise, budget adequacy, complementarities, as well as the sequence of changes in parameters and flexibility of the tax system which allows responding quickly to changes in the institutional environment of state support of sectoral entrepreneurship. Indicators of state support for risk insurance of sectoral entrepreneurship, volumes of accumulated revenues of local budgets in decentralized rural areas of Ukraine are analyzed. A cognitive model is proposed. It determines the hypothetical ability of the multifactorial system of the institutional environment of state policy to influence the level of financial capacity of sectoral enterprises, taking into account the tax burden and targeted use of state financial resources for production, processing, and storage of agricultural products as well as to update the technological process

Kajian Proses Penilaian Kewajaran atas Transaksi Sewa Pihak Berelasi

This research aims to identify the fairness assessment procedures of related-party transactions by the tax assessor functional at KPP Madya Surabaya as well as the resistancesoccured whilemaking the assessment. This research applies qualitative method with descriptive research type. The focus of this research is to ascertain the assessment procedures carried out by the tax assessor functional at KPP Madya Surabaya with the types of transactions in the form of machine and equipment rental for the cigarette industry between the related-party (PT ABC and PT XYZ) The assessment is achived by adopting the income approach. The results of this study indicate that the valuation of fair market rental rates is implemented by referring to the investment feasibility criteria. The rental price is said to be reasonable if it yields NPV> 0, IRR>WACC and does not exceed the tenant's maximum return level (interest rate for investment credit in 2017 is 10.29% + bank credit risk (insurance 5%)).There are no specific provisions regarding how much numbers are used as long as they meet the criteria used by the tax assessor functional of the Surabaya Tax Office. The Resistance during the assessment process arises due to the lack of taxpayers and related parties disclosure regarding to the data and required information in the assessment. Apart from that, the assessment object which is classified as special property and the conditions during the field visit were different from the day of the assessment

Optimization of the Mechanism of Natural and Climate Risk Insurance at the Macro- and Meso-levels of the National Economy

Ukraine has geographical conditions for development of different industries affected by natural and climatic factors. It is necessary to optimize the mechanisms of risk insurance. Modifications of the risk insurance, ways to improve its effectiveness are outlined. Selection of a multi-risk solution for the insurer for strategic findings of it as a player is appropriate based on business environment or the nature of the business of the insurers. Algorithms for minimizing uncertainty in relation to the national economy as a whole, based on risk matrices, with zones 0 and FGK algorithms are determined. Insurance mechanisms with elements of game theory are formed. The optimization measures allow concluding hybrid multi-risk contracts and formation of a model of public-private partnership with state support.

Legal regulation and practical features of travel risk insurance

The purpose of this article is to find the most effective ways to protect the interests of citizens traveling on tourist trips. The main problems of tourist insurance have been identified, current aspects of insurance coverage, payment limits, and exclusions from coverage have been reflected. The current situation with various types of insurance used in the tourism industry has been considered, the current problems of civil liability insurance of tourist organizations have been studied, a comparison of the effectiveness of the insurance mechanism and the bank guarantee in this area has been made. Proposals for improving the legal regulation of the responsibility of tourism service providers have been formulated. It has been concluded that it is necessary to use the studied international experience in regulating the civil liability of tourism service providers.

STATE OF CONCENTRATION AND MONOPOLIZATION OF THE INSURANCE MARKET OF UKRAINE

The intensity and quality of insurance market development are directly related to the level of competition, concentration and monopolization between insurance companies. Although the insurance market of Ukraine is insignificant in terms of key indicators in comparison with foreign ones, the competitiveness of its insurers is very important to ensure proper insurance protection of policyholders. The article is devoted to the assessment of the processes of concentration and monopolization of the insurance market of Ukraine. The study analyzed the structure of the insurance market by segments, concentration indicators and the Herfindahl-Hirschman index for the market as a whole and for individual types of insurance, gradation of insurance companies by the amount of collected insurance premiums. Based on the assessment, it was determined that the insurance market of Ukraine is generally low concentrated, as well as the sector of risky types of insurance. Among the selected segments of the insurance market, the most concentrated is the CASCO insurance. In the field of health insurance there is a slightly lower level of concentration and monopolization as in the OTSPVVNTZ segment. The market of classical property insurance is the least concentrated. The life insurance segment is characterized by moderate concentration and monopolization. The most powerful insurance companies in the relevant sectors of the insurance market of Ukraine are outlined. Since 2015, the top three leaders of the life insurance market are PJSC “MetLife”, PJSC “Insurance Group TAS” and PJSC “IC UNIСA LIFE”. Virtually unchanged leaders in the field of risk insurance during 2018-2020 were PJSC “IC ARX”, PJSC “IC UNICA” and PJSC “Insurance Group TAS”, which are members of financial groups that include leaders of the life insurance market. In general, the national insurance market is becoming more concentrated, which will be appropriate and accepted benefits while strong market players will not involve their residents, and the state controls these processes.

How to Understand the Role of Insurance Mechanism in a Global Pandemic?

The COVID-19 epidemic has seriously affected global economic and social development. The extent to which insurance can play a role in preventing and transferring the risk of infectious diseases has become one of the major concerns of the community. This paper first analyzes the main contents of the U.S. Pandemic Risk Insurance Act during the COVID-19 epidemic and its insights to the global audiences. Then, on the basis of the definition of global pandemic, this paper analyzes the great challenges faced by the insurability of the infectious diseases’ catastrophe from the regional impact, risk accumulation, correlation with capital markets, and accuracy of catastrophe model, and the insurability of local infectious diseases. Finally, this paper presents the key points of the top-level design of the risk transfer mechanism of infectious disease insurance in China. This paper is informative in understanding the role of insurance in the risk transfer of infectious diseases.