NONPROFIT INSURANCE FORMS: EUROPEAN EXPERIENCE

Background. The specificity of mutual insurance societies and insurance cooperatives as nonprofit forms of insurance protection in the West European countries is investigated. Insurance regulating methods of mentioned organizations within the EU are examined. Their place as a separate segment on the insurance markets of developed countries and the range of insurance services provided are reviewed. The aim of investigation is based on available sources to identify the peculiarities of mutual insurance societies and insurance cooperatives, which increase their competitiveness, to highlight the regulatory policy of EU regarding abovementioned organizations, to determine the segment of mutual insurance on the European market of insurance services and justify the perspective of the organizational insurance forms implementation to Ukrainian practice. Material and methods. The research is based on the methods of scientific cognition and economic analysis. Results. It is determined that mutual insurance societies and insurance cooperatives, the activity of which has a nonprofit nature, are influential participants of the insurance market of West European countries. Organizing and developing of such insurance forms in the countries of EU are regulated by the Directives of EU and a relevant legislative framework of the particular countries. Created on the democratic bases with an aim of their members' insurance protection, mutual insurance societies and insurance cooperatives are used in personal insurance, life insurance, retirement insurance, property insurance, agricultural risks insurance, professional responsibility insurance, voluntary health insurance etc. On the insurance markets of developed countries they form a mutual insurance segment (sector). Conclusion. Basing upon the European experience it is proved that due to their specificity mutual insurance societies and insurance cooperatives can be successfully used in various spheres of national insurance market. Particularly they can be implemented to insuring individual producers and farmer households, small business entities with common risks and need in inexpensive and reliable insurance protection.