Definition - What does Statutory Law mean?
A statutory law, or a statute, is a law that is passed and voted in a legislative body and then finally approved by an executive body. It is not subject to multiple interpretations but is recorded and published for access to anyone that is affected by it.
Insuranceopedia explains Statutory Law
Common law, or court law, can be interpreted differently from one court to another, even if the interpretation has a solid legal basis such as an appeal to precedent. A statutory law, however, does not admit the same looseness of interpretation.
The law is passed and voted by a legislative body, such as the congress. It is then considered a law if approved by an executive body, such as the office of the president of the country.
In the United States, the insurance industry is governed by statutory laws enacted at the state level.