TITLE 27

Insurance

CHAPTER 27-6

Fire and Marine Insurance Rating

SECTION 27-6-23



   § 27-6-23  Licensing of rating

organizations. –

(a) A corporation, an unincorporated association, a partnership, or an

individual, whether located within or outside this state, may make an

application to the commissioner for a license as a rating organization for

those kinds of insurance, or a subdivision or a class of risk or a part or

combination of it as are specified in its application and shall file with the

application:



   (1) A copy of its constitution, its articles of agreement or

association or its certificate of incorporation, and its bylaws, rules, and

regulations 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 upon

whom notices or orders of the commissioner or process affecting the rating

organization may be served; and



   (4) A statement of its qualification as a rating organization.



   (b) If the commissioner finds that the applicant is

competent, trustworthy, and otherwise qualified to act as a rating organization

and that its constitution, its articles of agreement or association or

certificate of incorporation, and its bylaws, rules, and regulations governing

the conduct of its business conform to the requirements of law, the

commissioner shall issue a license specifying the kinds of insurance, or a

subdivision or a class or a risk or part or combination of it, for which the

applicant is authorized to act as a rating organization. Every application

shall 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 pursuant

to this section shall remain in effect for three (3) years unless suspended or

revoked by the commissioner. The fee for the license shall be three hundred

dollars ($300). All in force licenses shall be transitioned into a three (3)

year licensing cycle beginning June 1, 2006, to expire every three (3) years

thereafter. License fees may be prorated for the initial renewal period as

deemed appropriate by the director.



   (c) Licenses issued pursuant to this section may be suspended

or revoked by the commissioner, after hearing upon notice, in the event the

rating organization ceases to meet the requirements of this section. Every

rating organization shall notify the commissioner promptly of every change in:



   (1) Its constitution, its articles of agreement or

association or its certificate of incorporation, and its bylaws, rules, and

regulations governing the conduct of its business;



   (2) Its list of members and subscribers; and



   (3) The name and address of the resident of this state

designated by it upon whom notices or orders of the commissioner or process

affecting the rating organization may be served.



History of Section.

(P.L. 1948, ch. 2088, § 6; G.L. 1956, § 27-6-23; P.L. 1960, ch. 71,

art. 1, § 3; P.L. 2005, ch. 174, § 2.)