This act was intended to set up a Court of Arbitration to deal with insurance disputes but its procedures were found to be cumbersome and it was little used. The next Act was passed in 1746 in response to the many abuses and frauds that are referred to in its preamble, chiefly concerning “wager” or gambling policies which were insurances taken out by parties with no actual interest in the adventure, with obvious attendant moral hazard. Interestingly, the Act also prohibited re-insurance in most cases, a restriction that was not withdrawn until 1864.