Insurance Companies Act 1982

The Insurance Companies Act 1982 is a UK law that regulates the operation, management, and oversight of insurance companies. It sets out rules to ensure these companies are financially sound, treat policyholders fairly, and operate transparently. The Act requires insurers to maintain proper financial records, obtain necessary licenses, and adhere to standards that prevent insolvency. It also gives regulatory authorities the power to supervise, investigate, and take action against non-compliance, aiming to protect consumers and maintain stability in the insurance market.