Casualty, Liability and Fire and Marine Insurance Rating
§ 27-44-8 Licensing of rating
(a) License required. No rating organization shall provide any service
relating to the rates of any insurance subject to this chapter, and no insurer
shall utilize the services of the organization for these purposes unless the
organization has obtained a license under subsection (c) of this section.
(b) Availability of services. No rating organization
shall refuse to supply any services for which it is licensed in this state to
any insurer authorized to do business in this state and offering to pay the
fair and usual compensation for the services.
(1) Application. A rating organization applying for a
license shall include with its application:
(i) A copy of its constitution, charter, articles of
organization, agreement, association, or incorporation, and a copy of its
bylaws, plan of operation, and any other rules or regulations governing the
conduct of its business;
(ii) A list of its members and subscribers;
(iii) The name and address of one or more residents of this
state upon whom notices, process affecting it, or orders of the director may be
(iv) A statement showing its technical qualifications for
acting in the capacity for which it seeks a license; and
(v) Any other relevant information and documents that the
director may require;
(2) Change of circumstances. Every organization that
has applied for a license shall notify the director of every material change in
the facts or in the documents on which its application was based. Any amendment
to a document filed under this section shall be filed with the director not
less than thirty (30) days after it becomes effective;
(3) Granting of license; fee. If the director finds
that the applicant and the natural persons through whom it acts are competent,
trustworthy, and technically qualified to provide the services proposed, and
that all requirements of the law are met, he or she shall issue a license
specifying the authorized activity of the applicant. The fee for the license
shall be three hundred dollars ($300). The director shall not issue a license
if the proposed activity would tend to create a monopoly or to substantially
lessen the competition in any market;
(4) Duration. Licenses issued pursuant to this section
shall remain in effect for three (3) years unless sooner suspended or revoked.
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. The director may, at any time, after a hearing,
revoke or suspend the license of a rating organization that does not comply
with the requirements and standards of this chapter.
History of Section.
(P.L. 1988, ch. 635, § 1; P.L. 2001, ch. 122, § 13; P.L. 2005, ch.
174, § 6.)