Mykhaylov R. Convergence of national regulatory policies on the EU insurance market.

The research analyzes the theoretical basis transformation of national insurance markets during the European integration process. Insurance considers as a structural component of the global financial services market. Author determined the impact of regional integration on the transformation processes in the development of national insurance markets in European countries and motivated objective prerequisites for convergence of regulatory policies. This enabled us to provide a process of convergence of national regulatory policies of countries - members of the association and to establish mechanisms supranational supervision and control over the activities of insurers in Europe. The study analyzed the principles and policy instruments forming the EU insurance market comprehensively assessed institutional mechanism to ensure the solvency of European insurers, based on a review of various systems assess the solvency of insurance companies, such as Solvency I, Solvency II, Swiss Solvency Test and the U.S. RBC standards. The author reveals trends of modernization of the regulatory tools of the European Union insurance market in the post-crisis period. In the work were identified current parameters of functioning of the insurance market of Ukraine and its regulatory provision and reasonable institutional measures implementing the European standards for regulating the domestic insurance market. The author draws attention to the need for insurance companies to pay special attention to the change in the approach to the taxation of their activities in connection with the Tax Code of Ukraine, in addition, insurance regulators and tax authorities will be required to promptly reconcile those contentious issues that will inevitably arise in the application of new regulatory requirements. With strategic intent membership in the European Integration association for Ukraine is extremely important to monitor transformational changes occurring in national regulatory policies on insurance markets of the EU in order to adapt the system of regulation of the insurance industry to European standards. Based on the research, the author concludes that the implementation of the European model of regulation of the insurance market is a reasonable step to ensure effective competitive environment of the insurance industry in Ukraine.