General insurance Are they government policies for the purchase of insurance plans

[Phabbyfundz]

In any region or state or geographical zone that has a government, I believe the government makes laws and policies on the matters affecting the state and also on how things are supposed to be done in that state or region, what is deemed as a criminal offense and are punishable under the law are also stated by the government .
As insurance companies are owned in a state or region or geographical zone I would like to know if they are rules, laws or policies binding the purchase of insurance plans or policy ,if they are also rules for the ownership of insurance companies in any state, region or geographical zone.
For those who has plans or intentions to purchase insurance plans who would want to know if they are any rule what so ever binding the purchase of insurance plans in a particular region.

 

[Mandy96]

Yes to my best knowledge, there are bodies that control the insurance companies. These agencies are created to regulate the functions of the insurers because if not, they might use the opportunity to take advantage of the clients patronizing them which is definitely wrong of them to do. I once came across one of them on this platform

 

[btaliat]

Just like I said in my previous post on your thread, I made mention of a body that is regulating the activites of insurance companies. If there is law regulating their activites, citizens may be of greater disadvantage because to be honest, not all insurance companies have good intention to indemnify risks.

 

[Chibson]

Definitely depending on the country or your geographical location there are definitely government rules and regulations guiding insurance companies and also the people venturing it. It is very important that the government to regulate the activities of insurance companies and have rules and regulations guiding it in order for it to be maintained.

 

[Wisdom01]

Yeah I think the government most times set policies and most especially tax , because when paying premiums in some countries you would actually need to pay tax as part of the premiums you would be remiting to the insurance company maybe on a weekly or on a monthly basis ,