“…Conceptual approaches and a comprehensive analysis of the problems of social security, conditions and principles of its financing, mechanisms of formation of the major sources of financial resources, and principles of some of its forms are presented in great depth in the works by local and foreign scientists, among whom are S. Anna McCord and Rachel (2015) [1], V. V. Antropov (2006) [2], K. Barglowski et al (2015) [3], A. Barrientos (2010) [4], B. Başak and K. [5], M. Cichon et al (2004) [6], K. Devesh and P. Nangia (2015) [7], G. Esping-Andersen (1990) [8], L. Morgon Banks et al (2016) [9], M. Pinilla-Roncancio (2015) [11], M. Waqas and M. Sarwar Awan (2017) [12], D. Piachaud (2011) [13], D. Pieters (2002) [14], M. M. Ruzhenskyi (2006) [15], P. Ruxandra (2017) [16], S. M. Brooks (2015) [17], S. Kidd (2017) [18], V. B. Tropin (2008) [19]. Basic conditions and principles of the organisation of the social protection system, the peculiarities of the formation and use of financial resources by governmental and private social insurance institutions, the forms and principles for the implementation of social assistance to various segments of the population, the peculiarities of the functio ning of the social protection system under the influence of the whole range of social and economic factors and the characteristics of the relevant country have been researched by thre scientists mentioned above.…”