Section 515F.8 - Licensing advisory organizations1.License required. An advisory organization shall not provide a service relating to the rates of insurance subject to this chapter, and an insurer shall not utilize the services of an advisory organization for such purposes unless the advisory organization has obtained a license under subsection 3.2.Availability of services. An advisory organization shall not refuse to supply any services for which it is licensed in this state to an insurer authorized to do business in this state and offering to pay the fair and usual compensation for the services.3.Licensing.a.Application. An advisory organization applying for a license shall include with its application all of the following: (1) 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.(2) A list of its members and subscribers.(3) The name and address of one or more residents of this state upon whom notices, process affecting it, or orders of the commissioner may be served.(4) A statement showing its technical qualifications for acting in the capacity for which it seeks a license.(5) A biography of the ownership and management of the organization.(6) Any other relevant information and documents that the commissioner may require.(7) A license fee of one hundred dollars.b.Change of circumstances. An advisory 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. An amendment to a document filed under this section shall be filed at least thirty days before it becomes effective.c.Granting of license. 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 any market.d.Duration. A license issued under this section shall remain in effect for three years unless the license is suspended or revoked. The commissioner may, at any time after hearing, revoke or suspend the license of an advisory organization which does not comply with this chapter.90 Acts, ch 1234, §52; 2021 Acts, ch 181, §26, 27
Amended by 2021 Iowa, ch 181, s 27, eff. 7/1/2021.Amended by 2021 Iowa, ch 181, s 26, eff. 7/1/2021.Referred to in §515F.14, 515F.23