§ 27-44-1 - Purposes. - Rhode Island Statutes

SECTION 27-44-1

   § 27-44-1  Purposes. – The purposes of this chapter are:

   (1) To prohibit price fixing agreements and otheranticompetitive behavior by insurers;

   (2) To protect policy holders and the public against theadverse effects of excessive, inadequate, or unfairly discriminatory rates;

   (3) To promote price competition among insurers to providerates that are responsive to competitive market conditions;

   (4) To provide regulatory assurance that price competitionexists;

   (5) To improve availability, fairness and reliability ofinsurance;

   (6) To authorize essential cooperative action among insurersin the ratemaking process and to regulate that activity to prevent practicesthat tend to substantially lessen competition or create a monopoly;

   (7) To encourage the most efficient and economic marketingpractices; and

   (8) To foster competitive insurance markets.