Untitled section

625.01

 

Construction and purposes.

625.01(1)

(1)

 

Construction.

This chapter shall be liberally construed to achieve the purposes stated in sub. (2) , which shall constitute an aid and guide to interpretation but not an independent source of power.

625.01(2)

(2)

 

Purposes.

The purposes of this chapter are:

625.01(2)(a)

(a)

To protect policyholders and the public against the adverse effects of excessive, inadequate or unfairly discriminatory rates;

625.01(2)(b)

(b)

To encourage, as the most effective way to produce rates that conform to the standards of par. (a) , independent action by and reasonable price competition among insurers;

625.01(2)(c)

(c)

To provide formal regulatory controls for use if independent action and price competition fail;

625.01(2)(d)

(d)

To authorize cooperative action among insurers in the rate-making process, and to regulate such cooperation in order to prevent practices that tend to bring about monopoly or to lessen or destroy competition;

625.01(2)(e)

(e)

To encourage the most efficient and economic marketing practices; and

625.01(2)(f)

(f)

To regulate the business of insurance in a manner that will preclude application of federal antitrust laws.