Unfair Trade Practices

If the Commissioner believes that any person has been engaged or is engaging in any UTP, he will issue a statement of the charges and a notice of hearing ____ day(s) after the date of service.

15 days

What is an Unfair Trade Practice?

Any practice that involves unfair competition or deceptive acts.

Which UTP has occurred when a group that avoids a certain company or producer and steers business to another company or producer?

Boycott

Which UTP has occurred when a person is forced to buy insurance through a particular company or producer?

Coercion

Which UTP has occurred when an insurer makes any statement, written or oral, that is false or maliciously critical of the financial condition of an insurance company or an agent representing that company?

Defamation

Which UTP has occurred when an insurer formulates or uses an advertisement or statement that is untrue, deceptive, or misleading regarding any insurance company or persons associated with that company?

False Advertising

Which UTP has occurred when an insurer deliberately makes false financial statements regarding the solvency of an insurer with the intent to deceive others?

False Financial Statements

If a cease and desist order has been placed due to a UTP, anyone who is in violation may be subject to what two things?

Fine of no more than $10,000 and suspension or revocation of the person's license

Which UTP has occurred when words or actions are used to make a consumer buy insurance from a producer or company?

Intimidation

Which UTP has occurred when any written or oral statement, sales presentation, or comparison that is a misrepresentation for the purpose of inducing the lapse, forfeiture, exchange, conversion, policy loan, or surrender of any insurance policy?

Misrepresentation

Which UTP has occurred when any written or oral statement, sales presentation, or comparison that misrepresents the dividends, benefits, advantages, conditions, or terms of any policy?

Misrepresentation

Which UTP has occurred when any written or oral statement, sales presentation, or comparison that uses a name of any insurance policy that misrepresents its true nature?

Misrepresentation

Which UTP has occurred when an insurer offers valuable consideration, other than that which is offered in the contract, as an inducement to purchase a policy?

Rebating

Which UTP includes kickbacks of commission, extraordinary gifts, payment of consulting fees, or offering to pay the insured's premium?

Rebating

Which UTP has occurred when an insurer unfairly discriminates between individuals of the same class and equal life expectancy in the rates, dividends, benefits, or terms of any life or life annuity contract?

Unfair Discrimination

Which UTP has occurred when an insurer unfairly discriminates between neighborhoods within a municipality and of essentially the same hazard?

Unfair Discrimination

Which UTP has occurred when an insurer uses sexual orientation in the underwriting process or in the determination of insurability?

Unfair Discrimination