Sec. 423. Unfair methods of competition or unfair and deceptive acts or practices prohibited.
130 words·~1 min read·
/il/chapter-215/act-5/423A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 423. Unfair methods of competition or unfair and deceptive acts or practices prohibited.
(1)No person shall engage in this State in any trade practice which is defined in this Article as, or determined pursuant to this Article to be an unfair method of competition or an unfair or deceptive act or practice in the business of insurance.
(2)No person domiciled in or resident of this State shall engage in any other State, Territory, Province, Possession, Country or District in which he is not licensed or otherwise authorized to transact business in any trade practice which is defined in this Article as, or determined pursuant to this Article to be an unfair method of competition or an unfair or deceptive act or practice in the business of insurance.