Insurance Companies (Licensing) Act

The Insurance Companies (Licensing) Act is a law that regulates the licensing of insurance companies within a jurisdiction. It ensures that only authorized and properly registered companies can operate, maintaining industry standards and protecting consumers. The Act outlines the process for obtaining a license, the requirements companies must meet, and compliance obligations. It also provides authority to supervise, investigate, and take disciplinary action against unlicensed or non-compliant insurers, thereby promoting transparency, stability, and trust in the insurance market.