§ 27-9-22 - Licensing of rating organization.
SECTION 27-9-22
§ 27-9-22 Licensing of ratingorganization. – (a) A corporation, an unincorporated association, a partnership, or anindividual whether located within or outside this state may make an applicationto the commissioner for a license as a rating organization for those kinds ofinsurance or subdivisions of insurance specified in its application and shallfile with the application:
(1) A copy of its constitution, articles of agreement orassociation, or certificate of incorporation, and 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 qualifications as a ratingorganization.
(b) If the commissioner finds that the applicant iscompetent, trustworthy, and qualified to act as a rating organization and thatits constitution, articles of agreement or association, or certificate ofincorporation, and bylaws, rules, and regulations governing the conduct of itsbusiness conform to the requirements of law, the commissioner shall issue alicense specifying the kinds of insurance or subdivisions of insurance forwhich the applicant is authorized to act as a rating organization. Everyapplication shall be granted or denied in whole or in part by the commissionerwithin sixty (60) days of the date of its filing with him or her. Licensesissued pursuant to this section shall remain in effect for three (3) yearsunless sooner suspended or revoked by the commissioner. The fee for the licenseshall be three hundred dollars ($300). All in force licenses shall betransitioned into a three (3) year licensing cycle beginning June 1, 2006, toexpire every three (3) years thereafter. License fees may be prorated for theinitial renewal period as deemed appropriate by the director.
(c) Licenses issued pursuant to this section may be suspendedor revoked by the commissioner, after a 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, articles of agreement or association orcertificate of incorporation, and bylaws, rules, and regulations governing theconduct of its business;
(2) Its list of members and subscribers; and
(3) The name or 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.