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.