The purpose of this chapter is to:

1. (1) prevent abusive rating practices;
2. (2) require disclosure of rating practices to purchasers;

3. (3) establish rules regarding:

   1. (a) a universal individual and small group application; and
   2. (b) renewability of coverage;
4. (4) improve the overall fairness and efficiency of the individual and small group insurance market;
5. (5) provide increased access for individuals and small employers to health insurance; and
6. (6) provide an employer with the opportunity to establish a defined contribution arrangement for an employee to purchase a health benefit plan through the Internet portal created by Section 63M-1-2504.