§ 24-A §2381-A — Purposes

Maine § 24-A §2381-A

• Jurisdiction: Maine
• Title 24-A: MAINE INSURANCE CODE
• Ch. 25: RATES AND RATING ORGANIZATIONS

Text

The purposes of this Act are:
1.
Prohibition of certain behavior.
To prohibit price-fixing agreements and other anticompetitive behavior by insurers;
2.
Protection for policyholders and the public.
To protect policyholders and the public from the adverse effects of excessive, inadequate or unfairly discriminatory rates;
3.
Promotion of price competition.
To promote price competition among insurers so as to provide rates that are responsive to competitive market conditions;
4.
Provision of regulatory procedures.
To provide regulatory procedures for the maintenance of appropriate data reporting systems;
5.
Improvement of insurance.
To improve availability, fairness and reliability of insurance;
6.
Authorization of action.
To authorize essential cooperative action among insurers in the rate-making process and to regulate such activity to prevent practices that tend to substantially lessen competition or create a monopoly; and
7.
Encouragement of practices.
To encourage the most efficient and economical marketing practices.

Legislative History

PL 1991, c. 885, §B12 (NEW). PL 1991, c. 885, §B13 (AFF).