Regulation of Insurance Market in Slovak republic
Regulation of Insurance Market in Slovak republic

Author(s): Michal Fabuš, Viktória Čejková
Subject(s): Law on Economics, Financial Markets
Published by: Masarykova univerzita nakladatelství
Keywords: insurance; insurance market; insurance market regulation; supervision of the insurance market; regulatory tools;
Summary/Abstract: In contribution, we deal with insurance market as part of the financial market. We will examine financial market from an economic and legal point of view, stating its segmentation as economic-legal category. As the insurance market is regulated by different laws and legal norms, we will deal closer with regulation of the insurance market and supervision of the insurance market. The contribution will also focus on the assessment of the level of the insurance market through selected indicators. In the contribution, traditional methods of analysis and synthesis will be used as well as analytical and statistical methods to characterize main selected indicators of the insurance market. At the end, we list the options for improving the regulation of the insurance market and supervision of the insurance market. The activity of commercial insurance companies in the Slovak insurance market will in the future be influenced by the development of information technologies, which must be used also for investment activity. Very important is the interconnection - Information highway between commercial insurance companies as well as between insurance companies and their clients. Qualified use of these information technologies will lead in the future to a reduction in service and thus to a competitive advantage.Clients of commercial insurance companies are inadequately informed, for example, about the residual value of life insurance claims. They do not have enough information on the disposable value of the indemnity in case of early termination of the insurance contract and are not informed of the disadvantage of early termination of the life insurance contract.The main objective of the regulation should be stability, security, credibility in the insurance market for clients of commercial insurance companies. Only an efficiently fufunctioning insurance market can ensure the performance and development of the economy.

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