(A) The purposes of this article are to: (1) promote the public welfare by regulating insurance rates to the end that they may not be excessive, inadequate, or unfairly discriminatory and to authorize and regulate cooperative action among insurers in ratemaking and in other matters within the scope of this chapter; and (2) empower the director or his designee to review and evaluate natural hazard catastrophe models that are used in rate filings. (B) Nothing in this chapter is intended to prohibit or discourage reasonable competition. HISTORY: 2004 Act No. 290, Section 2.A, eff six months after approval by the Governor (approved July 29, 2004).
South Carolina Legal Code