Section 27-44-1 - PurposesThe purposes of this chapter are:
(1) To prohibit price fixing agreements and other anticompetitive behavior by insurers;(2) To protect policy holders and the public against the adverse effects of excessive, inadequate, or unfairly discriminatory rates;(3) To promote price competition among insurers to provide rates that are responsive to competitive market conditions;(4) To provide regulatory assurance that price competition exists;(5) To improve availability, fairness and reliability of insurance;(6) To authorize essential cooperative action among insurers in the ratemaking process and to regulate that activity to prevent practices that tend to substantially lessen competition or create a monopoly;(7) To encourage the most efficient and economic marketing practices; and(8) To foster competitive insurance markets.