The Act makes provision for registration of the articles, names, etc., of the directors and managers and the holders of any non-paid up shares, with proof of a guarantee fund and deposited security fund. There are various provisions regarding the financial situation of insurance enterprises and a section on reciprocity. Enterprises must have reserves corresponding to their potential liabilities in respect of each type of insurance, and invested in assets belonging to the enterprise absolutely. There will be rules regarding rates and the drafting of documents relating to insurance contracts and an insurance control office is set up with rights of control, prohibition and inspection. The office has power to dismiss officials who ignore the provisions of the Act, and may replace them with a provisional manager of their choice.

Officials may be liable to insured persons and beneficiaries where there is loss caused by breaches of the Act and regulations unless the officials were not at fault, did not take part in the breach and took steps to minimise the loss. A consultative insurance commission is also set up. The Act has provisions relating to the dissolution of enterprises and also deals with the setting up of a motor insurers’ bureau.