LIFE INSURANCE COMPANIES IN THE PENSION SYSTEM OF UKRAINE

This article examines the legislative and theoretical basis of the performance of life insurance companies in the pension system of Ukraine. Following the world practice, the three "pillars" pension system has been established since 2004 as the only one acceptable answer to the old age crisis. Life insurance companies have been included as a party to the mandatory accumulation system and non-state pension provision system. However, the mechanism and the key points of life insurers participation in the pension system are hardly regulated, and, moreover, are sometimes controversial. Although the system functions more than ten years, due to the strong governmental lobby of non-state pension funds as the main player in the non-state pension market, life insurers remain outsiders of the pension system. Thus, the suggested by the authors recommendations to settle theoretical and practical issues of life insurance companies activity on the pension provision market are designed to strengthen their role in the market and to create a more efficient, competitive environment.