Definition - What does Statute mean?
A statute is a declarative policy or law that has been passed by a legislative authority. Statutes proscribe, declare, prohibit, or command something specific in writing. There are many statutes governing the insurance industry to ensure a fair market and protect consumers.
Insuranceopedia explains Statute
Statutes become effective as soon as they are passed. There are temporary, private, perpetual and declarative statutes. Temporary statutes have limited duration, while perpetual statutes are continuous and have no time limits. Declarative statutes put an end to conflicting decisions in relation to laws that govern a particular issue. Private statutes are for designated individuals and their private rights.