Insurance 101 – Chapter 14 – Volume 40 – The Unfair Trade Practices Act

The Unfair Trade Practices Act

In 1947, the National Association of Insurance Commissioners (NAIC) first proposed a model Unfair Trade Practices Act. The Unfair Trade Practices Act, combined with the Unfair Claims Settlement Practices Act, works to regulate the methods of performing the business of insurance and insurance claims. Since that time, under various revisions, the Unfair Trade Practices Act has been adopted by almost every jurisdiction in the United States. (See Part II Appendix 14D for a list of states that have adopted the Unfair Trade Practices Act.) Starting in 1972, the NAIC proposed a Model Unfair Claims Settlement Practices Act.

The following video was adapted from my book, “Insurance Claims A Comprehensive Guide” Published by the National Underwriter Company and is available at the Zalma Insurance Claims Library

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The author and publisher disclaim any liability, loss, or risk incurred as a consequence, directly or indirectly, of the use and application of any of the contents of this blog. The information provided is not a substitute for the advice of a competent insurance, legal, or other professional. The Information provided at this site should not be relied on as legal advice. Legal advice cannot be given without full consideration of all relevant information relating to an individual situation.

 

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