Conn. Gen. Stat. § 38a-694

Current with legislation from the 2024 Regular and Special Sessions.
Section 38a-694 - (Formerly Sec. 38-201dd). Legislative finding. Deregulation

It is found and declared that the purposes of subsection (d) of section 7-479e, section 38a-341, subsection (a) of section 38a-343, sections 38a-358, 38a-387, 38a-663, 38a-665, subsection (b) of section 38a-672, sections 38a-673, 38a-675, 38a-676, 38a-680, 38a-686 to 38a-694, inclusive, and subdivision (9) of section 38a-816, are:

(1) To prohibit noncompetitive behavior by insurers;
(2) to protect policyholders and the public against the adverse effects of excessive, inadequate or unfairly discriminatory rates;
(3) to promote price competition among insurers so as to provide rates which are responsive to competitive market conditions;
(4) to promote sufficient consumer activity in the marketplace in order to generate a regulatory effect on price;
(5) to improve availability, fairness and reliability of insurance;
(6) to authorize essential cooperative action among insurers in the rate- making process and to regulate such activity to prevent practices that tend to substantially reduce competition or create a monopoly;
(7) to encourage the most efficient and economic marketing practices;
(8) to provide price and other information to enable consumers to purchase insurance suitable for their needs and to foster competitive insurance markets; and
(9) to provide the Insurance Commissioner with authority to impose regulatory controls in the event that the other purposes are not accomplished.

Conn. Gen. Stat. § 38a-694

(P.A. 82-353, S. 1.)