The general assembly finds that the acts and practices prohibited in §§ 56-7-1114 – 56-7-1116 are unfair, deceptive, and/or fraudulent. The practices cause the insurer to incur higher costs and to pay a greater amount of claims than would be the case in the absence of the practices, unreasonably interfere with the contract of insurance between the insurer and the insured, and unfairly increase the risk assumed by the insurer.