38.2-1900 - Purposes of chapter.
§ 38.2-1900. Purposes of chapter.
A. This chapter shall be liberally construed to achieve the purposes statedin subsection B of this section.
B. The purposes of this chapter are to:
1. Protect policyholders and the public against the adverse effects ofexcessive, inadequate or unfairly discriminatory rates;
2. Encourage independent action by insurers and reasonable price competitionamong insurers as the most effective way to produce rates that conform to thestandards of subdivision 1;
3. Provide formal regulatory controls for use if independent action and pricecompetition fail;
4. Authorize cooperative action among insurers in the rate making process,and regulate such cooperation in order to prevent practices that tend tocreate monopoly or to lessen or destroy competition;
5. Provide rates that are responsive to competitive market conditions andimprove the availability of insurance in this Commonwealth; and
6. Regulate the business of insurance in a manner that will precludeapplication of federal antitrust laws.
(1973, c. 504, § 38.1-279.29; 1986, c. 562.)