38.2-2000 - Purposes of chapter. - Virginia Statutes

§ 38.2-2000. Purposes of chapter.

A. The purposes of this chapter are to protect policyholders and the publicagainst the adverse effects of excessive, inadequate, or unfairlydiscriminatory insurance rates, and to authorize and regulate cooperativeaction among insurers in rate making and in other matters within the scope ofthis chapter. Nothing in this chapter is intended to (i) prohibit ordiscourage reasonable competition, or (ii) prohibit or encourage uniformityin insurance rates, rating systems and rating plans or practices, except tothe extent necessary to accomplish the purposes mentioned above.

B. This chapter shall be liberally interpreted to effect the purposes of thischapter.

(1952, c. 317, § 38.1-218; 1986, c. 562.)