Which law is designed to promote fairness in the trade practices of the insurance industry?

The correct answer is the Fair Trade Practices Law. This law is specifically designed to establish standards and guidelines that promote fairness and ethical conduct in the trade practices of the insurance industry. It aims to prevent unfair methods of competition and deceptive acts in the selling of insurance products, thereby protecting both consumers and reputable insurance providers.

The Fair Trade Practices Law enforces regulations that govern advertising, the solicitation of clients, and the conduct of agents, ensuring that consumers receive honest and transparent information about insurance offerings. By focusing on fairness in trade practices, this law helps to maintain integrity in the insurance market, fostering consumer trust and promoting healthy competition among insurers.

Other options like the Consumer Protection Act and the Unfair Competition Law might touch on related themes of fairness and protection for consumers in broader contexts, but they do not specifically target the nuances of trade practices exclusive to the insurance industry. The Insurance Regulation Act, while critical in establishing the framework within which the industry operates, doesn't specifically focus on fairness in trade practices the way the Fair Trade Practices Law does.