§ 27-29-1. Declaration of purpose. The purpose of this chapter is to regulate trade practices in the business of insurance in accordance with the intent of Congress as expressed in 15 U.S.C. § 1011 et seq., by defining, or providing for the determination of, all trade practices in this state which constitute unfair methods of competition or unfair or deceptive acts or practices, and by prohibiting the trade practices so defined or determined. Nothing in this chapter shall be construed to create or imply a private cause of action for a violation of this chapter.
History of Section. (P.L. 1958, ch. 53, § 1; P.L. 1993, ch. 180, § 24; P.L. 2011, ch. 363, § 4.)
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