§ 58-40-1. Purposes.
Article 40.
Regulation of InsuranceRates.
§ 58‑40‑1. Purposes.
The purposes of this Articleare
(1) To promote thepublic welfare by regulating rates to the end that they shall not be excessive,inadequate, or unfairly discriminatory;
(2) To authorize theexistence and operation of qualified statistical organizations and require thatspecified services of the organizations be generally available to all admittedinsurers;
(3) To encourage, as themost effective way to produce rates that conform to the standards of subsection(1) of this section, independent action by and reasonable price competitionamong insurers;
(4) To authorizecooperative action among insurers in the rate‑making process, and toregulate such cooperation in order to prevent practices that tend to bringabout monopoly or to lessen or destroy competition; and
(5) To encourage themost efficient and economic marketing practices. (1977, c. 828, s. 2; 2005‑210,s. 2.)