What does the term 'insurer' refer to in insurance contexts?

In insurance contexts, the term 'insurer' specifically refers to the company or organization that provides insurance coverage to individuals or businesses. This entity is responsible for assuming the risk and providing compensation for covered losses as outlined in the insurance policy. The insurer collects premiums from policyholders in exchange for this financial protection.

The other options describe different aspects related to insurance but do not define 'insurer.' For instance, the party insured against losses refers to the policyholder, not the insurer. The contract between the parties involved signifies the insurance policy itself, detailing the terms and conditions of coverage, while the regulatory body oversees compliance and governance within the insurance industry, lacking the direct role of providing insurance coverage. Thus, option B accurately captures the role of the insurer in the insurance framework.