Purpose.

This chapter is to promote competition among insurers for the benefit of the insurance consuming public by permitting insurers subject to the Fire and Marine Rate Act or the Casualty and Surety Rate Act, or both, to effect expeditiously certain decreases in a rate filing currently approved by the Department when, in an insurer’s judgment economic or competitive reasons or conditions warrant such a decrease. A further purpose is to enable an insurer to return to the currently approved rate level without delay or regulatory review when, in its judgment, the conditions or reasons for the decrease no longer pertain.