Short Title and Purposes of Act.
A. Sections 981 through 998 of this title and Sections 22, 23 and 24 of this act shall constitute a part of the Oklahoma Insurance Code and shall be known and may be cited as the "Property and Casualty Competitive Loss Cost Rating Act".
B. The purposes of the Property and Casualty Competitive Loss Cost Rating Act are:
1. To promote price competition among insurers so as to provide rates that are responsive to competitive market conditions;
2. To protect policyholders and the public against the adverse effects of excessive, inadequate or unfairly discriminatory rates;
3. To prohibit unlawful price-fixing agreements and other anticompetitive behavior by insurers;
4. To provide regulatory procedures for the maintenance of appropriate data reporting systems;
5. To provide regulatory controls in the absence of a competitive marketplace; and
6. To authorize essential cooperative action among insurers in the ratemaking process and to regulate such activity to prevent practices that substantially lessen competition or create a monopoly.
Added by Laws 1999, c. 83, § 1, eff. Nov. 1, 1999. Amended by Laws 2004, c. 591, § 12, eff. Nov. 1, 2004.