Fair Insurance Practices Act - Prohibits discrimination on the basis of race, color, religion, sex, or national origin in the consideration of applications for, or the granting of, insurance policies and the terms of such policies. Specifies prohibited acts.

Grants State and local authorities the primary authority to enforce any State or local laws prohibiting such discriminatory action. Allows an aggrieved individual to institute a civil suit in U.S. district court if the State authority fails to take diligent action on a complaint.

Authorizes the U.S. Attorney General to bring a civil action in U.S. district court whenever the Attorney General has reasonable cause to believe that any person is engaged in a pattern or practice of such discrimination.

Authorizes the court to provide judicial relief when a violation has occurred.