83-2-17 - Advisory organizations; registration; unfair practices.
§ 83-2-17. Advisory organizations; registration; unfair practices.
(1) An advisory organization shall not provide any service relating to the rates of any insurer subject to this chapter, and an insurer shall not utilize the services of an advisory organization for such purposes, unless the advisory organization has registered under subsection (3).
(2) A registered advisory organization may perform one or more of the authorized activities enumerated in Section 83-2-15 but such advisory organization shall not make any filings on behalf of insurers.
(3) An advisory organization shall submit at the time of registration:
(a) A copy of its constitution, articles of association or incorporation, bylaws and any other rules or regulations governing the conduct of its business;
(b) A list of its members and subscribers;
(c) A service and acknowledgement of service of process as provided for insurance companies under Section 83-21-39; and
(d) An agreement that the commissioner may examine each advisory organization in accordance with the provisions of Section 83-2-25.
(4) If after a hearing the commissioner finds that any activity or practice of any advisory organization is unfair, unreasonable or otherwise inconsistent with the provisions of this chapter, the commissioner shall specify the finding in an order requiring the discontinuance of such activity or practice.
Sources: Laws, 1987, ch. 422, § 10, eff from and after January 1, 1988.