§ 38.2-1900. Purposes of chapter
A. This chapter shall be liberally construed to achieve the purposes stated in subsection B of this section.
B. The purposes of this chapter are to:
1. Protect policyholders and the public against the adverse effects of excessive, inadequate or unfairly discriminatory rates;
2. Encourage independent action by insurers and reasonable price competition among insurers as the most effective way to produce rates that conform to the standards of subdivision 1;
3. Provide formal regulatory controls for use if independent action and price competition fail;
4. Authorize cooperative action among insurers in the rate making process, and regulate such cooperation in order to prevent practices that tend to create monopoly or to lessen or destroy competition;
5. Provide rates that are responsive to competitive market conditions and improve the availability of insurance in this Commonwealth; and
6. Regulate the business of insurance in a manner that will preclude application of federal antitrust laws.
(1973, c. 504, § 38.1-279.29; 1986, c. 562.)
Sections: 38.2-1900 38.2-1901 38.2-1902 38.2-1903 38.2-1903.1 38.2-1904 38.2-1905 38.2-1905.1 38.2-1906 38.2-1906.1 38.2-1907 38.2-1908 38.2-1909 38.2-1910 38.2-1911 NextLast modified: April 3, 2009