General Laws of Massachusetts - Chapter 175A Regulation of Rates for Certain Casualty Insurance, Including Fidelity, Surety and Guaranty Bonds, and for All Other Forms of Motor Vehicle Insurance, and Regulation of Rating Organizations - Section 2 Purpose

Section 2. 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 co-operative action among insurers in rate making and in other matters within the scope of this chapter. 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. This chapter shall be liberally interpreted to carry into effect the provisions of this section.

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Last modified: September 11, 2015