What are legislative acts or laws referred to in the context of insurance?

The term "statutes" refers specifically to legislative acts or laws enacted by a governing body, such as a state legislature or Congress. In the context of insurance, statutes are the formal laws that establish the legal framework within which insurance companies operate, dictate the terms of insurance contracts, and outline the rights and responsibilities of policyholders and insurers. Statutes can cover a wide range of issues, including licensing requirements for insurance agents, claims processing procedures, and consumer protection measures.

In contrast, regulations are typically rules or guidelines created by administrative agencies based on statutes, intended to provide detailed implementation of the laws. Codes often refer to an organized collection of statutes or regulations related to a specific area, such as the insurance code, which compiles all relevant laws governing insurance in a particular jurisdiction. Ordinances are local laws enacted by municipalities or counties and usually pertain to local matters rather than the broader scope of insurance law established through statutes.