Insurance regulatory law

Insurance regulatory law is part of insurance law that covers statutory law, administrative regulations and jurisprudence that regulates the insurance industry and those engaged in the business of insurance. Insurance regulatory law is primarily enforced through regulations, rules and directives by national or state insurance agencies or departments as authorized and directed by statutory law enacted by each countries legislatures. In the United States this is primarily done through state legislation, however, federal law, court decisions and administrative adjudications also play an important role.

The business of insurance, although primarily a matter of private contract, is nevertheless of such concern for the public interest it tends to be subject to governmental regulation to protect the public’s interests in most countries. The fundamental purpose of insurance regulatory law is to protect the public as insurance consumers and policyholders.