(1) This chapter shall be known and may be cited as the “Tennessee Creditor-Placed Insurance Act of 1999.”
(2) The purposes of this chapter are to: Promote the public welfare by regulating creditor-placed insurance;
(3) Create a legal framework within which creditor-placed insurance may be written in this state;
(4) Help maintain the separation between creditors and insurers; and
(5) Minimize the possibilities of unfair competitive practices in the sale of creditor-placed insurance.