FORMAL AND INFORMAL INSURANCE MARKET INSTITUTIONS

Purpose. The purpose of the article is to defining nature, types, and role formal informal insurance market institutions. Methodology research. methodological basis work has become a systematic approach study formation functioning institutions; as well dialectical method cognition grouping determine types institutions that have formed ensure development relationships. Methods induction deduction been used generalize essence under provisions economic theory business. differences between established by comparative method. To make theoretical generalizations, form conclusions from study, an abstract reasoning used. Findings. presents results empirical analysis institutions, influence which currently functioning. Formal are clearly defined, regulated public protection mechanisms, mandatory for all entities involved in process. Informal unwritten undocumented norms rules shape behaviour regarding creation, purchase sale, consumption services. Both should be divided into basic specific ones, taking account peculiarities specifics Originality. Given business, distinguished, with their subsequent division ones. Practical value. can serve further research this area will useful insurers, supervisory authorities, other participants terms improving quality services, identifying areas market, efficiency its participants, increase confidence market. Key words: institution, institution.