A. This chapter shall be liberally construed to achieve the purposes stated in subsection B of this section. B. The purposes of this chapter are to: 1. Protect policyholders and the public against the adverse effects of excessive, inadequate or unfairly discriminatory rates; 2. Encourage independent action by insurers and reasonable price competition among insurers as the most effective way to produce rates that conform to the standards of subdivision 1; 3. Provide formal regulatory controls for use if independent action and price competition fail; 4. Authorize cooperative action among insurers in the rate making process, and regulate such cooperation in order to prevent practices that tend to create monopoly or to lessen or destroy competition; 5. Provide rates that are responsive to competitive market conditions and improve the availability of insurance in this Commonwealth; and 6. Regulate the business of insurance in a manner that will preclude application of federal antitrust laws. 1973, c. 504, § 38.1-279.29; 1986, c. 562.
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