§ 10-1-101 — Legislative declaration

The general assembly finds and declares
that the purpose of this title is to promote the public welfare by regulating
insurance to the end that insurance rates shall not be excessive, inadequate, or
unfairly discriminatory, to give consumers thereof the greatest choice of policies at
the most reasonable cost possible, to permit and encourage open competition
between insurers on a sound financial basis, and to avoid regulation of insurance
rates except under circumstances specifically authorized under the provisions of
this title. Such policy requires that all persons having to do with insurance services
to the public be at all times actuated by good faith in everything pertaining thereto,
abstain from deceptive or misleading practices, and keep, observe, and practice the
principles of law and equity in all matters pertaining to such business.

Legislative History

Source: L. 2003: Entire article RC&RE, p. 587, � 1, effective July 1.