§ 27-44-1 - Purposes.
SECTION 27-44-1
§ 27-44-1 Purposes. – The purposes of this chapter are:
(1) To prohibit price fixing agreements and otheranticompetitive behavior by insurers;
(2) To protect policy holders and the public against theadverse effects of excessive, inadequate, or unfairly discriminatory rates;
(3) To promote price competition among insurers to providerates that are responsive to competitive market conditions;
(4) To provide regulatory assurance that price competitionexists;
(5) To improve availability, fairness and reliability ofinsurance;
(6) To authorize essential cooperative action among insurersin the ratemaking process and to regulate that activity to prevent practicesthat tend to substantially lessen competition or create a monopoly;
(7) To encourage the most efficient and economic marketingpractices; and
(8) To foster competitive insurance markets.