Development of Insurance Management in the Process of Institutionalization of Insurance Activities in Ukraine

The article discusses the peculiarities of institutional support for the effective use of insurance management tools. The authors associate the relevance of insurance management development with the emergence of new institutional conditions, management methods and tools, and information communications necessary for making and implementing effective management decisions. development of the financial management system for effective. The purpose of the article is to determine the organizational and legal framework for the development of the financial management system for effective institutionalization of new rules and practices in the financial management of insurance. The process of institutionalization of insurance management is considered as a process of innovative changes of an institutional and legal nature as a result. The complexity and peculiarities of management activities in the insurance sector are shown. New approaches, methods, techniques and tools to ensure the solvency and financial stability of an insurance company are considered. Changes in the organizational, informational, legislative, and motivational subsystems of insurance management are identified. The effectiveness of insurance management is considered in the context of general corporate governance, development of a culture and contract information system, institutionalization of the conditions in which there is a minimum level of transaction costs for the insurance company. New innovative approaches to assessing the solvency of insurance companies, regulatory activities of the NBU, and the insurance market supervision system. The article presents measures aimed at increasing the market value of insurers’ capital, reducing risks, improving insurance management systems and the system of external management of insurance companies, and to introduce innovative insurance products in the market. Innovative approaches to ensuring prudential requirements for the financial and economic activities of insurance companies are shown. Institutionalization of the external management system of insurance companies, the NBU’s regulatory activities, and the insurance market supervision system will help to clear the market of insolvent entities. The authors present the requirements of the regulator to ensure the quality of general management in insurance companies.