38.2-500 - Declaration of purpose. - Virginia Statutes - USA Laws Searching

Statutes > Virginia Statutes > Title 38.2 - INSURANCE. > Chapter 5 - Unfair Trade Practices (38.2-500 thru 38.2-517) > 38.2-500 - Declaration of purpose.

38.2-500 - Declaration of purpose.

§ 38.2-500. Declaration of purpose.

The purpose of this chapter is to regulate trade practices in the business ofinsurance in accordance with the intent of Congress as expressed in theMcCarran-Ferguson Act, 15 U.S.C. §§ 1011 through 1015, by defining andprohibiting all practices in this Commonwealth that constitute unfair methodsof competition or unfair or deceptive acts or practices.

(1952, c. 317, § 38.1-49; 1986, c. 562.)