FUNCTIONS AND TASKS OF UNDERWRITING

Аннотация

This paper examines the process of emergence and development of the first insurance organizations in the global economy. The article analyzes the historical background of the emergence of insurance as a form of risk protection, starting with ancient civilizations (Sumer, Babylon, Ancient Egypt) to the formation of the first professional insurance companies in Europe. Particular attention is paid to the development of marine insurance in the Middle Ages andthecreation ofsuch organizationsas Lloyd's ofLondon. It also examines thesocio-economic conditions that contributed to the institutionalization of insurance activities and the formation of itslegal framework. Keywords: insurance, history of insurance, insurance organizations, marine insurance, Lloyd's, risks,economic protection, MiddleAges, insurance market, legal regulation Life insurance originated in Ancient Rome - in professional unions and colleges. The main goal then was to provide decent funerals for members of these unions and colleges, since it was believed that if a decent ceremony was not provided to the deceased, he would become an unfortunate sign. Thus, anyone who wanted a decent funeral could become a member of the community and be sure of organizing a decent ceremony, even in the absence of relatives, since the community took on all the troubles of organizing the burial. It is interesting that the accumulated contributions could not be collected as debts of the deceased. The beginning of existing life insurance is the founding in 1706 by the Englishmen W. Talbot and T. Allen of the "Friendly Society of Perpetual Guarantee", this organizationis the first lifeinsurance company in the world. The essence of the activity was as follows - each member of the society was obliged to buy out the company's shares in the agreed amount, and the payment must be made annually. At the same time, the volumeof shares purchased depended on the age of the participants. At the end, the contributions were distributed among the widows or children of the deceased members oftheclub. On the one hand, the liberalization of international trade in insurance services is a positive moment in the development of the national insurance market of developing countries: clients of insurance companies gain access to new high-tech insurance products. On the other hand, ill- considered steps to open the national insurance market may lead to the loss of any significant share of participation of national companies in the implementation of insurance coverage on the territory of the state. Local insurance companies in developing countries with a small level of capitalization are unlikely to be able to withstand open competition with the largest transnational companies. Therefore, given the role of insurance in the national economy in modern conditions, it is necessary to take a balanced approach to the issue of liberalization of the national insurance market. http://www.internationaljournal.co.in/index.php/jasass 92 Volume15 Issue05, May2025 Impact factor: 2019: 4.679 2020: 5.015 2021: 5.436, 2022: 5.242, 2023: 6.995, 2024 7.75 The main reason for the significant reduction in restrictions on access of foreign insurers and reinsurers to the markets of countries with developing and transitional economies is the process of expanding the participation of these countries in global economic relations. In the global economy, interstate integration agreements determining the international conditions of trade in insurance services are acquiring an increasingly important role. By joining the General Agreement on Trade in Services (GATS), each state undertakes to comply with certain requirements regarding the regulation of international trade in services. The main objective is to eliminate the existing discrimination of foreign insurance market operators compared to national service providers in offering insurance services to the national consumer. Therefore, it is important to understand what requirements are imposed on a state intending to join such a system of multilateral agreements, as well as to measure the required and currently possible volume of national obligations of the state in the field of insurance services in connection with accession to theWorldTrade Organization. But the foundation of modern life insurance, on which life insurance schemes now operate, was laid a little later in 1762 by Edward Rowe Morse, who was able to found the Society for Equitable Guarantees of Life and Survival. The company worked on the principle of mutual insurance, for the first time introduced the principle of the sizeof insurance premiums depending on age and based on the mortality rate, and the person making such calculations was called an actuary. With the growth of cities and the emergence of large settlements, the risk of loss or damage to property from fires and other natural disasters increased, which prompted people to unitefor jointactions to prevent danger. Economicmeasures began to beinclud