(a) Nothing in this chapter shall apply to actions or transactions permitted under laws administered by the department of business regulation or other regulatory body or officer acting under statutory authority of this state or the United States. (b) For actions brought by the attorney general, the exemption in subsection (a) applies only if the person claiming the exemption shows that: (1) The person’s business activities are subject to regulation by a state or federal agency; and (2) The activity or conduct is in compliance with orders, including insurance bulletins, or rules of, or a statute administered by, a federal or state government agency.
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