{"data":{"id":"us-nc/n.c.-gen.-stat.-58-40-1","jurisdiction":"us-nc","citation":"N.C. Gen. Stat. § 58-40-1","heading":"Purposes.","body":"The purposes of this Article are\n(1)\tTo promote the public welfare by regulating rates to the end that they shall not be excessive, inadequate, or unfairly discriminatory;\n(2)\tTo authorize the existence and operation of qualified statistical organizations and require that specified services of the organizations be generally available to all admitted insurers;\n(3)\tTo encourage, as the most effective way to produce rates that conform to the standards of subsection (1) of this section, independent action by and reasonable price competition among insurers;\n(4)\tTo 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; and\n(5)\tTo encourage the most efficient and economic marketing practices. (1977, c. 828, s. 2; 2005-210, s. 2.)","path":["Chapter 58. Insurance.","Article 40. Regulation of Insurance Rates."],"source_url":"https://www.ncleg.gov/EnactedLegislation/Statutes/HTML/BySection/Chapter_58/GS_58-40-1.html","current_through":"S.L. 2026-30","vintage":"","retrieved_at":"2026-08-27T18:06:53Z","sha256":"f82504345bd8f8e3dd5e19f05e3b0528f33eefacd2d44e1ff7913725c7609c09","source_id":"us-nc","stale":false,"prev":"us-nc/n.c.-gen.-stat.-58-39-165","next":"us-nc/n.c.-gen.-stat.-58-40-5"},"notice":"GroundRules: Original legal text. Not legal advice."}