The bankruptcy procedure for insurance companies is not settled from the point of view of the proper protection of consumer rights, Director of the law and analytical department of the League of Insurance Organizations of Ukraine (LIOU) Serhiy Tarasov said at the second Restructuring and Bankruptcy Forum organized by Yurydychna Praktyka (Law Practice) newspaper on March 29.

According to a press release of the LIOU, Tarasov said that among key directions for increasing reliability of insurance companies is improvement of public regulation and supervision, increase of capitalization, improvement of the quality of assets and corporate management standards, increase of the role of associations and self-regulating organizations.

"Efforts should be coordinated. We should persistently create the conditions and incentives to prevent insolvency of insurance organizations. This would help to retain trust and trigger the realization of a powerful potential of the insurance sphere for the national economy," he said.

Forum participants and speakers discussed the key trends in the bankruptcy sphere in Ukraine. They said that all over the world bankruptcy is a stimulating factor for economic growth, purification of the market from incompetent participants, which creates conditions for restoring business and helps to fairly distribute the funds between creditors of debtors. However, in Ukraine the main goal of bankruptcy is satisfaction of claims of creditors and a chance for the court and arbitration managers to quickly and effectively settle cases.