2006 Louisiana Laws - RS 22:1402 — Purpose of rate regulation

§1402.  Purpose of rate regulation

The purpose of this Part 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 cooperative action among insurers in rate making and in other matters within the scope of this Part.  Nothing in this Part 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 Part shall be liberally interpreted to carry into effect the provisions of this Section.  

Acts 1958, No. 125.  Amended by Acts 1960, No. 296, §1.