A. This chapter shall be liberally construed to achieve the purposes stated in subsection B of this section.\nB. The purposes of this chapter are to:\n1. Protect policyholders and the public against the adverse effects of excessive, inadequate or unfairly discriminatory rates;\n2. 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;\n3. Provide formal regulatory controls for use if independent action and price competition fail;\n4. 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;\n5. Provide rates that are responsive to competitive market conditions and improve the availability of insurance in this Commonwealth; and\n6. Regulate the business of insurance in a manner that will preclude application of federal antitrust laws.\n1973, c. 504, § 38.1-279.29; 1986, c. 562.
Virginia Legal Code