Sec. 38a-694. (Formerly Sec. 38-201dd). Legislative finding. Deregulation.
Sec. 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.
(P.A. 82-353, S. 1.)
History: Sec. 38-201dd transferred to Sec. 38a-694 in 1991 (Revisor's note: In 1995 the reference to Sec. "38a-386"
was deleted editorially by the Revisors to reflect the repeal of that section by public act 93-297, S. 28 and in 1999 the
reference to Sec. "37a-676" was changed to "38a-676" to correct a typographical error).