Insurers' organization in Ukraine plead for a more effective consumer protection in case of insurance provider's bankruptcy
"Efforts should be coordinated. We should persistently create the conditions and incentives to prevent insolvency of insurance organizations. This would help to retain trust and trigger the realization of a powerful potential of the insurance sphere for the national economy," he said. The LIOU's official statements were made on the occasion of the second Restructuring and Bankruptcy Forum organized by the Law Practice newspaper on March 29.
According to a previous LIOU press release, in order to increase the insurers' realiability, thus protecting the customers' interests, a number of key directions should be taken, among which:
- improvement of public regulation and supervision,
- increase of capitalization,
- improvement of the assets' quality and corporate management standards,
- strenghten the role of associations and self-regulating organizations.