TRANSPARENCY AS A PREREQUISITE FOR THE PROTECTION OF INSURANCE SERVICE CONSUMER RIGHTS

Abstract

The topicality of the article is determined by the need to increase consumers’ trust for the insurance market. The aim of the article is to determine the cause and effect relationships between the transparency of the insurance market and the protection of insurance service consumer rights. The applied aspect of the study is associated with consideration for the institutional peculiarities of the national insurance market. The general scientific research methods include: the use of legal frameworks, the dialectic and systemic approaches. The special-purpose research method is determining the influence of insurance service pricing mechanisms on the transparency of the market. The complex of measures to be implemented in practice with a view to increasing the transparency of the insurance market and ensuring the protection of insurance service consumer rights is justified. The theoretical significance of the results obtained is their positive influence on the overall economic situation in the state, as the restoration of confidence for insurance institutions will contribute to the attraction of the population’s savings to the investment market, and the proper use of insurance coverage opportunities to satisfy the social needs of citizens will decrease the load on government finance, which will provide an opportunity to allocate the resources released to the performance of economic development tasks.