(215 ILCS 5/1201) (from Ch. 73, par. 1065.901)
Sec. 1201.
Purpose of Article.
The purpose of this Article is to
promote the public welfare by studying the relationship of insurance
premium and related income as compared to insurance costs and expenses. The
General Assembly finds and declares that stabilizing the cost of insurance
is a vital concern to the people of this State.
It is the legislative intent, pursuant to this declared public concern, to
develop measures which will stabilize prices while continuing to provide
quality insurance products to all sectors of the citizenry. It is the
express intent of this Article to permit and encourage competition between
companies on a sound financial basis to the fullest extent possible and to
establish a mechanism to ensure the provision of adequate insurance at
reasonable rates to the citizens of this State.
The General Assembly finds that while the gathering of insurance
cost data has been attempted on a voluntary basis in the past, the lack
of a uniform system for the collection and analysis of data and the lack
of full participation by insurers has led to inadequate and unusable data.
In order to remedy this problem, the General Assembly find it necessary to
create a mandated uniform system in Illinois for the collection, analysis
and distribution of insurance cost data.
(Source: P.A. 84-1431.)
|