Legislation on insurance contracts - some inadequacies and recommendations for finalization

Abstract

The insurance contract is an agreement between the policyholder and the insurance
company, in which the policyholder pays insurance premiums, and the insurance company pays
insurance benefits to the beneficiary or compensates the insured party in the event of an insured
event. Insurance contracts play a crucial role in recording and establishing the rights and
obligations of the parties involved in the insurance relationship. Currently, the Law on
Insurance Business of 2022 has introduced some adjustments regarding this type of contract;
however, it has not been fully perfected. Building on this premise, this article focuses on
analyzing and assessing certain limitations and shortcomings in the legal regulations pertaining
to insurance contracts based on the Law on Insurance Business 2022. Subsequently, it presents
recommendations for improvement.