2006 Code of Virginia § 38.2-1900 - Purposes of chapter

38.2-1900. Purposes of chapter.

A. This chapter shall be liberally construed to achieve the purposes statedin subsection B of this section.

B. The purposes of this chapter are to:

1. Protect policyholders and the public against the adverse effects ofexcessive, inadequate or unfairly discriminatory rates;

2. Encourage independent action by insurers and reasonable price competitionamong insurers as the most effective way to produce rates that conform to thestandards of subdivision 1;

3. Provide formal regulatory controls for use if independent action and pricecompetition fail;

4. Authorize cooperative action among insurers in the rate making process,and regulate such cooperation in order to prevent practices that tend tocreate monopoly or to lessen or destroy competition;

5. Provide rates that are responsive to competitive market conditions andimprove the availability of insurance in this Commonwealth; and

6. Regulate the business of insurance in a manner that will precludeapplication of federal antitrust laws.

(1973, c. 504, 38.1-279.29; 1986, c. 562.)