What Is The Unfair Trade Practices Act?
The Unfair Trade Practices Act is a model. This model was established by the NAIC and it defines and prohibits unfair methods of competition, or deceptive acts and practices. This model applies to the insurance trade. What Is The NAIC? The NAIC is the National Association of Insurance Commissioners and The Center for Insurance Policy and Research. The mission of the NAIC is to protect public interest and promote competitive markets through regulations and goals. Members of the NAIC are state government officials that are either elected or appointed as officers for their respective state. The NAIC regulates The Unfair Trade Practices Act. Unfair Trade Practices Unfair trade practices have a predictable impact on consumer welfare. Unfair trade practices fall within the realm of The Federal Trade Commission Act of 1914. This act prohibits unfair methods of competition. The purpose of regulating competition is to protect consumers, to prevent high prices and promote innovation. Unfair Meth
