Oklahoma § 36-1140 - Definitions - Licensing - Application - Duration of

§ 36-1140. Definitions - Licensing - Application - Duration of

license.

A. “Advisory organization” means a corporation, an

unincorporated association, a partnership or an individual, whether

located inside or outside of this state, organized and licensed for

the purpose of making rates, loss costs, rating plans, statistical

collection, furnishing statistical data, policy forms and

endorsements or rating systems.

B. The term “advisory organization” shall be synonymous with

the terms “bureau”, “statistical agent” and “rating organization”.

C. No advisory organization shall provide any service relating

to the loss costs, rates, rating plans, manual rules, rating systems

or policy forms of any property and casualty insurance products

subject to the provisions of the Oklahoma Insurance Code and no

insurer shall utilize the services of such organization unless the

organization has obtained a license.

D. No advisory 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 usual compensation

for the services.

E. 1. An advisory organization applying for a license shall

include with its application:

a.

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,

b.

a list of its members and subscribers,

c.

the name and address of one or more residents of this

state upon whom notices, process affecting it, or

orders of the Insurance Commissioner may be served,

d.

a statement showing its technical qualifications for

acting in the capacity for which it seeks a license,

Oklahoma Statutes - Title 36. Insurance

e.

a biography of the ownership and management of the

organization, and

f.

any other relevant information and documents that the

Commissioner may require.

2. Every organization which has applied for a license shall

notify the Commissioner 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 at least thirty

(30) days before it becomes effective.

3. If the Commissioner 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, the Commissioner shall issue a

license specifying the authorized activity of the applicant. The

Commissioner shall not issue a license if the proposed activity

would tend to create a monopoly or to substantially lessen the

competition in the market.

4. Licenses issued pursuant to this section shall remain in

force for one (1) year unless suspended or revoked. The

Commissioner may at any time, after a hearing, revoke or suspend the

license of any advisory organization that does not comply with the

requirements and standards of the applicable provisions of the

Insurance Code.

Added by Laws 2006, c. 264, § 30, eff. July 1, 2006.