According to the Canadian Legal System, the Insurance Act is categorized as what type of law?

The Insurance Act is categorized as statute law because it is a written law that has been enacted by a legislative body, specifically the provincial legislature in British Columbia. Statute law is established through a formal legislative process, which includes proposals, debates, and approvals before becoming law. The Insurance Act outlines the legal framework governing insurance transactions within the province, detailing the rights, responsibilities, and regulations applicable to insurers and policyholders alike.

This categorization emphasizes the act's authoritative nature as a component of the law that addresses specific areas of regulation, distinct from common law, which arises from judicial decisions and precedents. Understanding that the Insurance Act is a statute helps clarify its binding nature and importance in guiding insurance practices, as opposed to being part of the criminal code, which handles criminal behavior, or the Civil Code, which typically pertains to private law in jurisdictions that use such a system.