Insurance acts and statutes

Insurance acts and statutes are laws enacted by governments to regulate the insurance industry. They set rules for how insurance companies operate, including licensing, solvency requirements, policy standards, and claims handling. These laws protect consumers by ensuring fair practices, transparency, and financial stability of insurers. They also establish the legal framework within which insurance contracts are created and enforced, providing mechanisms for dispute resolution and penalties for violations. Overall, these statutes aim to maintain trust, promote competition, and safeguard both policyholders and the broader financial system.