N.C. Gen. Stat. » Chapter 58
NC General Statutes

N.C. Gen. Stat. § 58-40-1 (2026)

Purposes

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The purposes of this Article are

(1) To promote the public welfare by regulating rates to the end that they shall not be excessive, inadequate, or unfairly discriminatory;

(2) To authorize the existence and operation of qualified statistical organizations and require that specified services of the organizations be generally available to all admitted insurers;

(3) To 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;

(4) 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; and

(5) To encourage the most efficient and economic marketing practices. (1977, c. 828, s. 2; 2005-210, s. 2.)

 

Notes of Decisions
Cited in 1 case, 1998–1998 · leading case: Wysong & Miles Co. v. Employers of Wausau, 4 F. Supp. 2d 421 (M.D.N.C. 1998).
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Wysong & Miles Co. v. Employers of Wausau, 4 F. Supp. 2d 421 (M.D.N.C. 1998). · cites it 3× “§ 58-40-1(1), might be read to suggest that North Carolina’s filing requirements are designed to protect those who rely on the filed information, a more complete reading of the Article reveals that the specific purpose of requiring filings is to allow the Commissioner to…”
N.C. Gen. Stat. § 58-40-1(1): 1 case
Wysong & Miles Co. v. Employers of Wausau, 4 F. Supp. 2d 421 (M.D.N.C. 1998). “§ 58-40-1(1), might be read to suggest that North Carolina’s filing requirements are designed to protect those who rely on the filed information, a more complete reading of the Article reveals that the specific purpose of requiring filings is to allow the Commissioner to…”
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