§ 27-6-1 - Purpose.
SECTION 27-6-1
§ 27-6-1 Purpose. – The purpose of this chapter is to promote the public welfare by regulatinginsurance rates to the end that they shall not be excessive, inadequate, orunfairly discriminatory, and to authorize and regulate cooperative action amonginsurers in rate making and in other matters within the scope of this chapter.Nothing in this chapter is intended to prohibit or discourage reasonablecompetition, or to prohibit or encourage, except to the extent necessary toaccomplish the purpose of this section, uniformity in insurance rates, ratingsystems, or rating plans or practices. This chapter shall be liberallyinterpreted to carry into effect the provisions of this section.