Section 500.2600 - Purpose of chapter; construction.
THE INSURANCE CODE OF 1956 (EXCERPT)
Act 218 of 1956
500.2600 Purpose of chapter; construction.
Sec. 2600.
The purpose of this chapter is to promote the public welfare by regulating insurance rates to the end that they shall not be excessive, inadequate or unfairly discriminatory, and to authorize and regulate cooperative action among insurers in rate making and in other matters within the scope of the insurance code. Nothing in this chapter is intended (1) to prohibit or discourage reasonable competition, or (2) to prohibit, or encourage except to the extent necessary to accomplish the aforementioned purpose, uniformity in insurance rates, rating systems, rating plans or practices. Conformity with this chapter shall not be deemed to be a violation of section 2075 (compacts to restrain competition prohibited). This chapter shall be liberally interpreted to carry into effect the provisions of this section.
History: 1956, Act 218, Eff. Jan. 1, 1957
Popular Name: Act 218
Admin Rule: R 501.251 et seq. of the Michigan Administrative Code.