The Insurance Contract Act represents the most important legal source of insurance law. It regulates the legal relationship between the insurer and the policyholder as well as other beneficiaries of the insurance contract.
Insurance law (private insurance law) includes all legal norms, provisions and regulations that relate to the insurance industry. Private insurance law differs from social insurance law in particular in that the private insurance relationship is not established directly by law, but rather only through the conclusion of a private law contract. This can be done voluntarily or because of a legal obligation. Even with the legal obligation for the policyholder to take out insurance, the insurance relationship only arises when the insurance contract is concluded and not directly by law (as in social security law).