§ 27-6-23 - Licensing of rating organizations.
SECTION 27-6-23
§ 27-6-23 Licensing of ratingorganizations. – (a) A corporation, an unincorporated association, a partnership, or anindividual, whether located within or outside this state, may make anapplication to the commissioner for a license as a rating organization forthose kinds of insurance, or a subdivision or a class of risk or a part orcombination of it as are specified in its application and shall file with theapplication:
(1) A copy of its constitution, its articles of agreement orassociation or its certificate of incorporation, and its bylaws, rules, andregulations governing the conduct of its business;
(2) A list of its members and subscribers;
(3) The name and address of a resident of this state uponwhom notices or orders of the commissioner or process affecting the ratingorganization may be served; and
(4) A statement of its qualification as a rating organization.
(b) If the commissioner finds that the applicant iscompetent, trustworthy, and otherwise qualified to act as a rating organizationand that its constitution, its articles of agreement or association orcertificate of incorporation, and its bylaws, rules, and regulations governingthe conduct of its business conform to the requirements of law, thecommissioner shall issue a license specifying the kinds of insurance, or asubdivision or a class or a risk or part or combination of it, for which theapplicant is authorized to act as a rating organization. Every applicationshall be granted or denied in whole or in part by the commissioner within sixty(60) days of the date of its filing with him or her. Licenses issued pursuantto this section shall remain in effect for three (3) years unless suspended orrevoked by the commissioner. The fee for the license shall be three hundreddollars ($300). All in force licenses shall be transitioned into a three (3)year licensing cycle beginning June 1, 2006, to expire every three (3) yearsthereafter. License fees may be prorated for the initial renewal period asdeemed appropriate by the director.
(c) Licenses issued pursuant to this section may be suspendedor revoked by the commissioner, after hearing upon notice, in the event therating organization ceases to meet the requirements of this section. Everyrating organization shall notify the commissioner promptly of every change in:
(1) Its constitution, its articles of agreement orassociation or its certificate of incorporation, and its bylaws, rules, andregulations governing the conduct of its business;
(2) Its list of members and subscribers; and
(3) The name and address of the resident of this statedesignated by it upon whom notices or orders of the commissioner or processaffecting the rating organization may be served.