All insurance and insurance transactions in this territory, or affecting subjects located wholly or in part or to be performed within this territory, and all persons having to do therewith are governed by this title; and where there is a conflict or inconsistency between this title and any other law, this title governs.
The business of insurance is one affected by the public interest, requiring that all persons be actuated by good faith, abstain from deception, and practice honesty and equity in all insurance matters. Upon the insurer, the insured, and their representatives rests the duty of preserving inviolate the integrity of insurance.
“Insurance” is a contract whereby one party undertakes to indemnify another for loss, damage, or liability, or to pay or provide a specified or ascertainable benefit, upon determinable contingencies.
“Insurer”, as used in this title, means a corporation or association which is engaged as principal in the business of making contracts of insurance, but shall not include an insurance broker acting as a broker.
“Insurance transaction” includes any— (1) solicitation; (2) negotiations preliminary to execution; (3) execution of an insurance contract; (4) transaction of matters subsequent to execution of the contract and arising out of it, except the investigation and adjustment of or litigation on any claim in this territory arising out of an insurance contract issued by an […]
“United States” when used in this title to signify place, means the states and territories of the United States, other than this territory where pertinent, and the District of Columbia and the Commonwealth of Puerto Rico.
In addition to any other penalty provided in this title, violation of any provision of this title or of any order, rule, or regulation issued by the Commissioner pursuant to this title is punishable by a fine of not less than $500 nor more than $2,000, or by imprisonment.
Provisions of this title relating to a particular kind of insurance or a particular type of insurer or to a particular matter prevail over provisions relating to insurance in general or insurers in general or to such matter in general.
