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Менеджмент B) Single out the main facts from the text end present them in short summary.
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A) Read and discuss the text.

c) Say what is more important for the development and improvement of Ukraine’s insurance market.


Higher independence of good manufacturers, formation of market infrastructure, contractual relations, keen restriction of the impact of state control on the progress of manufacture and allocation of material advantages - all these factors determine the need in the development of new approaches to the use of financial-credit mechanism in administration of the economy. The development of market relations, where every good manufacturer act at his risk, increases importance of insurance. The issues of insurance of economic activity become especially important. Along with traditional tasks (provision of protection against natural calamities, accidents of technical and technological character, insurance more and more frequently covers financial risks, losses as a result of additional expenditures, not gained profit. New kinds of insurance appear e.g., UkrStrakhNaglyad (state supervisory body) issues licenses to property insurance of holders of privatization securities and other kinds of securities, insurance of liabilities of investment funds and other legal persons due to investors for the non-fulfillment of concluded agreements, on insurance of liabilities of investment managers.

The rise and development of the insurance market in Ukraine is uneven. Along with the rise and stabilization of some insurance companies one can observe decay, insolvency, or recall of license of others. The problems faced by insurance companies are caused by objective and subjective factors. The objective factors include: inflation (albeit controllable), economic recession; harsh competition that sometimes takes ugly forms; a comparatively high level of unemployment that provokes activation of criminal elements: utilization obsolete economically "dirty" technologies that comprise an appreciable percent of risk; imperfect legal acts, etc. The subjective factors include "capture" by insurance companies of a portion of the market that do not comply with the level of their real solvency; insufficient skillfulness of personnel; a comparatively narrow range of risks that are insures (similar insurance brief-bag); an absence of the practice of reinsurance.

The creation of the efficient insurance protection of business in the context of objectively available economic and social realities is complicated; therefore, companies have to adjust themselves to such realities, sometime distorting the nature and principles of insurance, discrediting thereby this sort of financial. The measures for sanitation of the insurance market should be based on the activity aimed at modernization and actualization of the existing legal acts. The principal executive link in the settlement of activity of insurance companies is the state supervision service, which, by way of establishing of an assured level of provision of insurance companies' solvency and putting into practice qualificatory requirements for the licensing of particular activity, must create a kind of filter that would prevent entering the insurance market by "ephemeral" and "shadow" companies. The present phase of transition to market -oriented economy requires strict observance of disciplinary procedures, that, unfortunately, are insufficiently developed as of yet and operate poorly. In order to protect consumers and increase of the level of insurance companies' competence, it is necessary to create general occupational standards both for the levels insurance (insurance - reinsurance - retrocession) and for the hierarchy of official functions (agent - broker -underwriter).

Words you may need:

keen restriction –різке (сильне) обмеження

approach –підхід (до вирішення, розв’язування проблеми)

natural calamities –природні лиха

license –дозвіл, ліцензія, патент

nonfulfillment –невиконання

uneven –нерівний, неврівноважений

decay –розпад, руйнування

insolvency –банкрутство, неплатоспроможність

albeit –хоч, хоча

recession –спад, зниження

harsh competition –жорстка конкуренція

retrocession –ретроцесія

obsolete – застарілий

appreciable –помітний, відчутний

capture –захоплення