Article 40.
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/nc/chapter-58/40A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Article 40.
Regulation of Insurance Rates.
§ 58-40-1. Purposes.
The purposes of this Article are
(1)To promote the public welfare by regulating rates to the end that they shall not be excessive, inadequate, or unfairly discriminatory;
(2)To authorize the existence and operation of qualified statistical organizations and require that specified services of the organizations be generally available to all admitted insurers;
(3)To encourage, as the most effective way to produce rates that conform to the standards of subsection
(1)of this section, independent action by and reasonable price competition among insurers;
(4)To authorize cooperative action among insurers in the rate-making process, and to regulate such cooperation in order to prevent practices that tend to bring about monopoly or to lessen or destroy competition; and
(5)To encourage the most efficient and economic marketing practices. (1977, c. 828, s. 2; 2005-210, s. 2.)