(a) This part is known and may be cited as the “Tennessee Unfair Trade Practices and Unfair Claims Settlement Act of 2009.”
(b) The purpose of this part is to regulate trade and claims settlement practices in the business of insurance in accordance with the intent of congress as expressed in the Act of Congress of March 9, 1945, (Pub. L. No. 15, 79th Congress) and the Gramm-Leach-Bliley Act (Pub. L. No. 106-102, 106th Congress), by defining, or providing for the determination of, all such practices in this state that constitute unfair methods of competition or unfair or deceptive acts or practices and by prohibiting the trade practices and claim settlement practices so defined or determined.
(c) Notwithstanding any other state law to the contrary, the commissioner shall have sole enforcement authority for this part, and nothing in this part shall be construed to create or imply a private cause of action for a violation of this part.