Insurers' organization in Ukraine plead for a more effective consumer protection in case of insurance provider's bankruptcy

Insurance companies' bankruptcy procedure doesn not provide for a proper protection of consumer rights, Serhiy TARASOV, Director of the law and analytical department of the League of Insurance Organizations of Ukraine (LIOU) recetly said, quoted by Interfax-Ukraine.

"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.
According Interfax-Ukraine, the Forum participants and speakers discussed the key trends in the bankruptcy sphere in Ukraine. They said that all over the world bankruptcy is a stimulating factor for economic growth, purification of the market from incompetent participants, which creates conditions for restoring business and helps to fairly distribute the funds between creditors of debtors. However, in Ukraine the main goal of bankruptcy is satisfaction of claims of creditors and a chance for the court and arbitration managers to quickly and effectively settle cases.

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