Statute

What Does Statute Mean?

A statute is a written policy or law enacted by a legislative authority. Statutes may prescribe, declare, prohibit, or mandate specific actions. Numerous statutes govern the insurance industry to ensure a fair market and protect consumers.

Insuranceopedia Explains Statute

Statutes take effect immediately upon being passed. There are several types of statutes: temporary, private, perpetual, and declarative. Temporary statutes have a limited duration, while perpetual statutes are continuous and do not have time limits. Declarative statutes resolve conflicting decisions regarding laws that govern a particular issue. Private statutes apply to specific individuals and their private rights.