1. A. This chapter shall be liberally construed to achieve the purposes stated in subsection B of this section.

2. B. The purposes of this chapter are to:

   1. 1. Protect policyholders and the public against the adverse effects of excessive, inadequate or unfairly discriminatory rates;
   2. 2. 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;
   3. 3. Provide formal regulatory controls for use if independent action and price competition fail;
   4. 4. 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;
   5. 5. Provide rates that are responsive to competitive market conditions and improve the availability of insurance in this Commonwealth; and
   6. 6. Regulate the business of insurance in a manner that will preclude application of federal antitrust laws.

1973, c. 504, § 38.1-279.29; 1986, c. 562.