INSTITUTIONAL AND TAX ASPECTS OF THE DEVELOPMENT OF THE INSURANCE MARKET AS A SEGMENT OF THE FINANCIAL SERVICES MARKET

In the conditions of war, the market of financial services reacts to an unfavorable economic situation by changing the quantitative and qualitative indicators of the activity of financial intermediaries, in particular insurance companies. The stability of the financial services market is ensured thanks to the effective supervision of the National Bank of Ukraine, which is the market regulator. At the same time, the importance of removing entities that have a “Russian footprint” in the ownership structure or are financially unstable is an important task of the state regulator. After all, today, the presence of insurers on the market with problematic insurance portfolios and low solvency is a threat to the financial security of the state in particular and the economy in general. The insurance market in modern conditions is an important component of the financial services market, the level of development of which depends on the coherence and success of the functioning of the country's financial system as a whole. The basis of the development of the insurance market is the public need for insurance protection and the functioning of financially capable insurance companies capable of ensuring the continuity of the recovery process by indemnifying losses and providing monetary assistance to injured persons. Challenges to economic stability, provoked by the full-scale military invasion of Russia, led to the transformation of all spheres of the economy, including the insurance market. To study the trends in the functioning of the national insurance market, the main indicators of the activity of insurance companies for the first half of 2021–2023 were analyzed, in particular, the number of insurers, the amount of their assets, insurance premiums, payments, the number of concluded contracts, the level of payments, and a comparison of its actual values with normative ones was made, outlined features of regulatory and legal regulation of their activities from the new financial year, current aspects of tax regulation of insurers' activities are presented. The main trends and prospects for the development of the insurance market of Ukraine are outlined.