Indian Journal of Science and Technology
Year: 2016, Volume: 9, Issue: 14, Pages: 1-12
Amir Kateyevich Sembekov* , Gulzira Salmaganbetovna Serikova, Zhanar Oralkhanovna Lukpanova, Nazar Sayranovich Ulakov, Musiraly Smailovich Utebayev and Serikbol Kuanyshevich Aitbek
*Author of Corresponding: Amir Kateyevich Sembekov Karaganda Economic University, Karaganda, The Republic of Kazakhstan; [email protected]
Abstract: In the context of the Customs Union and the Eurasian Economic Union functions, a common insurance market is being formed. Common approaches to regulations in the insurance sector are observed in the five EEU member states, though the insurance legislation in each state has its own specific features that, in fact, hinder the process of integrating the insurance markets followed by failure to unify the norms and rules. Rapprochement in the EEU insurance market legislation should begin with identifying the paramount objectives of creating the common market. One of the first steps to operate the common market is stipulated by the necessity to harmonize legislation within the framework of the established insurance space. Harmonizing legal relations would not be a simple task, inasmuch as the level of each national insurance market is not the same; in particular, statutory instruments, conditions of regulation, market operating factors differ considerably. Methods/Statistical Analysis: In the course of this study, the methodology of alternative forecast scenarios has been applied. Findings: Insurance markets of Russia, Kazakhstan and Belarus are underdeveloped. The factors and the prerequisites for competition in the context of the insurance market Eurasian integration differ in many parameters. General level of insurance coverage in Belarus, Kazakhstan and Russia has been low for many years. The insurance companies with foreign capital occupy only a negligible share on the market. There are certain risks in the structure of the investment portfolio of the insurance market assets. Insurance as an element of social protection has not gained any considerable social and economic importance in the countries of the Eurasian Economic Union. Applications/Improvements: An important prerequisite for normal operation of the common insurance market in the Eurasian economic area implies eradicating different forms and methods of supporting national, industry-specific and regional monopoly.
Keywords: Customs Union, Eurasian Economic Union, Harmonization of Legislation, Insurance Market
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