The Insurance Act

The Insurance Act is a law that governs how insurance companies operate and how they handle policyholders’ claims. It ensures transparency, fairness, and honesty in insurance transactions by setting rules for policy terms, disclosures, and claims processes. The Act also establishes standards for insurers’ financial stability and prohibits unfair practices. Its goal is to protect consumers by making sure they receive clear information and fair treatment, while maintaining trust and integrity within the insurance industry. Overall, it helps balance the rights of policyholders and insurers, promoting a secure and reliable insurance market.