§ 27-6.1-1. Purpose.
The purpose of this chapter is to:
(1) Promote the public welfare by regulating lender-placed insurance on real property.
(2) Create a legal framework within which lender-placed insurance on real property may be written in this state.
(3) Help maintain the separation between lenders/servicers and insurers/insurance producers.
(4) Minimize the possibilities of unfair competitive practices in the sale, placement, solicitation, and negotiation of lender-placed insurance.
History of Section.
P.L. 2022, ch. 404, § 7, effective June 30, 2022; P.L. 2022, ch. 405, § 7, effective
June 30, 2022.