Article 40.

Regulation of InsuranceRates.

§ 58‑40‑1. Purposes.

The purposes of this Articleare

(1) To promote thepublic welfare by regulating rates to the end that they shall not be excessive,inadequate, or unfairly discriminatory;

(2) To authorize theexistence and operation of qualified statistical organizations and require thatspecified services of the organizations be generally available to all admittedinsurers;

(3) To encourage, as themost effective way to produce rates that conform to the standards of subsection(1) of this section, independent action by and reasonable price competitionamong insurers;

(4) To authorizecooperative action among insurers in the rate‑making process, and toregulate such cooperation in order to prevent practices that tend to bringabout monopoly or to lessen or destroy competition; and

(5) To encourage themost efficient and economic marketing practices. (1977, c. 828, s. 2; 2005‑210,s. 2.)