Insurance Act (varies by country)

The Insurance Act is a set of laws that regulate the insurance industry within a country. It establishes rules for how insurance companies operate, ensuring they are financially stable, fair to consumers, and transparent in their dealings. The Act covers aspects such as licensing insurers, safeguarding policyholders’ rights, setting standards for policy contracts, and managing claims. Its goal is to promote trust, prevent fraud, and ensure that insurance companies can fulfill their obligations, ultimately protecting both consumers and the stability of the insurance market. Different countries have varying versions of this legislation to suit their specific needs.