§ 23-61-115. Policyholder’s Bill of Rights

(a) The principles expressed in subsection (b) of this section shall serve as standards to be followed by the Insurance Commissioner in:

1. (1) Exercising the commissioner’s powers and duties;

2. (2) Exercising administrative discretion;

3. (3) Dispensing administrative interpretations of the law; and

4. (4) Adopting rules.

(b) Policyholders have the right to:

1. (1) Competitive pricing practices and marketing methods that enable them to determine the best value among comparable policies;

2. (2) Insurance advertising and other selling approaches that provide accurate and balanced information on the benefits and limitations of a policy;

3. (3) An insurer that is financially stable;

4. (4) Be serviced by a competent, honest insurance producer;

5. (5) A readable policy;

6. (6) An insurer that provides an economic delivery of coverage and that tries to prevent losses;

7. (7) Balanced and positive regulation by the State Insurance Department; and

8. (8) A reasonable expectation that the policyholder’s nonpublic personal information is securely maintained.

(c) This section shall not be construed as creating, extinguishing, repealing, or limiting any civil cause of action.