40-951. Fire and casualty insurance rates; purpose of act.
40-951
40-951. Fire and casualty insurance rates; purpose of act.The purpose of this act is to:
(a) Protect policyholders and the public against the adverse effects ofexcessive, inadequate or unfairly discriminatory rates;
(b) encourage, as the most effective way to produce rates that conform tothe standards of paragraph (a), independent action by and reasonable pricecompetition among insurers;
(c) provide formal regulatory controls for use if independent action andprice competition fail;
(d) authorize cooperative action among insurers in the rate making process,and to regulate such cooperation in order to prevent practices that tend tobring about monopoly or to lessen or destroy competition;
(e) encourage the most efficient and economic marketing practices; and
(f) regulate the business of insurance in a manner that will precludeapplication of federal antitrust laws.
History: L. 1997, ch. 154, § 1; July 1.