2005 North Carolina Code - General Statutes § 58-40-1. Purposes.

Article 40.

Regulation of Insurance Rates.

§ 58‑40‑1.  Purposes.

The purposes of this Article are

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

(2)       To authorize the existence and operation of qualified statistical organizations and require that specified services of the organizations be generally available to all admitted insurers;

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

(4)       To authorize cooperative action among insurers in the rate‑making process, and to regulate such cooperation in order to prevent practices that tend to bring about monopoly or to lessen or destroy competition; and

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