1. Sections 375.930 to 375.948 may be cited as the “Unfair Trade Practice Act”.

2. The purpose of sections 375.930 to 375.948 is to regulate trade practices in the business of insurance in accordance with the Act of Congress of March 9, 1945 (Public Law 15, 79th Congress), by defining, or providing for the determination of, all such practices in this state which constitute unfair methods of competition or unfair or deceptive acts or practices and by prohibiting the trade practices so defined or determined. Nothing in sections 375.930 to 375.948 shall be construed to create or imply a private cause of action for a violation of sections 375.930 to 375.948.