§ 38.2-1900 Purposes of chapter
A. This chapter shall be liberally construed to achieve the purposes stated in subsection B of this section.
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.
History
This law was first created in 1973. The record of its establishment is cataloged in chapter 504 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1973 “Acts” aren’t available online. It has been modified 1 time. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. That modification is as follows: in 1986, chapter 562.
1973, c. 504, § 38.1-279.29; 1986, c. 562.