1. (1) For purposes of 33-18-221, 33-18-223, and 33-18-224, "market price" means the:

   1. (a) price agreed upon between the insurer and the business; or
   2. (b) prevailing competitive rate that is reasonable and necessary in the local area where the repairs are to be performed.
2. (2) The market price may not be less than cost as provided in 30-14-209.

History: En. Sec. 2, Ch. 554, L. 1993; amd. Sec. 3, Ch. 526, L. 1999; amd. Sec. 3, Ch. 345, L. 2001; amd. Sec. 2, Ch. 192, L. 2009.