§ 4681 - Purposes - Vermont Statutes

§ 4681. Purposes

The purposes of this chapter are:

(1) to prohibit price fixing agreements and other anticompetitive behavior by or among insurers;

(2) to protect policyholders and the public against the adverse effects of excessive, inadequate or unfairly discriminatory rates;

(3) to promote price competition among insurers so as to provide rates that are responsive to competitive market conditions;

(4) to provide regulatory controls in the absence of competition;

(5) to promote availability, fairness and reliability of insurance;

(6) to authorize cooperative action among insurers in ratemaking and to regulate such activity to prevent practices that tend to substantially lessen competition or create a monopoly; and

(7) to cause the availability of price and other information to enable the public to purchase insurance suitable for their needs and to foster competitive insurance markets. (Added 1983, No. 238 (Adj. Sess.), § 1.)