Developing state regulation system for the life insurance market in modern Russian conditions

Abstract

The modern development level of the insurance services market in Russia does not correspond to requirements of Russian economies, and insurance only partially performs the main functions. Fully it concerns life insurance which it is necessary to recognize as strategic sector of the national insurance market. Among the main problems of the insurance market development in Russia in general and in particular it is possible to note life insurance: high prices of insurance services; low level of insurance culture of the population; weak developing infrastructure and branch structure of the insurance market, imperfection of state and legal regulation of the insurance sphere. Potential of developing the life insurance market in Russia is not implemented sufficiently today. Activization of this sector of the insurance market taking into account a difficult economic situation and toughening of external working conditions of insurers is possible only on condition of sufficient measures of the state support and regulation. For achievement of research goals it is necessary to consider specifics of modern system of the life insurance market state regulation, to give an assessment to its efficiency and to define the directions of further modernization. In work need of improving system of the life insurance market state regulation with emphasis on development and deployment of new mechanisms of the state support and fiscal regulation of activity of participants of the market in the conditions of strengthening of processes of globalization and integration at the world insurance market is proved