Tennessee § 56-5-110 - Licensing of rate service organizations — Activities and services.

§ 56-5-110. Licensing of rate service organizations — Activities and services.

License Required. No rate service organization shall provide any service relating to the rates of any insurance subject to this part, and no insurer shall utilize the services of the organization for those purposes unless the organization has obtained a license under subsection (d). Authorized Activities. Any licensed rate service organization may: Collect, compile, and furnish loss or expense statistics; Recommend, make or file rates or supplementary rate information; Advise about rate questions and provide supporting information for rates; Develop, recommend or file policy provisions or forms, coverages, classifications, and statistical plans; Make inspections, surveys and audits; Conduct research and on-the-site inspections in order to prepare classifications of public fire defenses; Provide actuarial, statistical and administrative services to insurers and insurer-supported organizations; Conduct and report on the content of research projects; and Furnish any other services related to those enumerated in this subsection (b). Availability of Services. No rate service 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, nor shall a rate service organization require the purchase of any specific services as a condition to obtaining the services sought; provided, that the furnishing of the requested services does not place an unreasonable burden on the rate service organization. Licensing. Application. A rate service organization applying for a license shall include with its application: A copy of its constitution, articles of association or incorporation, bylaws, and any other rules or regulations governing the conduct of its business; A list of its members and subscribers; A service and acknowledgment of service of process as provided for insurance companies under § 56-2-501; and A statement showing its technical qualifications. Granting of a License. If the commissioner finds that the applicant is qualified, the commissioner shall issue a license specifying the kinds of insurance or subdivisions of kinds of insurance for which the applicant is authorized to act as a rate service organization. Every application shall be granted or denied in whole or in part by the commissioner within sixty (60) days after the date of its filing. Licenses issued pursuant to this section shall remain in effect until suspended or revoked by the commissioner. The fee for the license shall be one hundred dollars ($100). Acts 1983, ch. 66, § 11; T.C.A. § 56-5-310 . Code Commission Notes. This section was renumbered from § 56-5-310 to § 56-5-110 by authority of the Code Commission in 2016.