A. The purposes of this act are:
1. To promote the public welfare by regulating insurance rates to the end that they shall not be excessive, inadequate or unfairly discriminatory;
2. To improve availability, fairness and reliability of insurance and insurance rates;
3. To authorize essential cooperative action among insurers in the ratemaking process and to regulate such activity to prevent practices that tend to substantially lessen competition or to create a monopoly;
4. To encourage the most efficient and economic marketing practices; and
5. To encourage the providing of price and other information to enable consumers to purchase insurance suitable for their needs and to foster competitive insurance markets.
B. This act shall be liberally construed to effectuate its purposes.
Added by Laws 1987, c. 210, § 13, eff. July 1, 1987.
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