287.967. Advisory organization must obtain license, restrictions — license, application — designation of by director, duration.

422 words·~2 min read·/mo/chapter-287/287-967

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

287.967. Advisory organization must obtain license, restrictions — license, application — designation of by director, duration. — 1. The advisory organization shall not provide any service relating to the rates of any insurance subject to sections 287.930 to 287.975 , and no insurer shall use the services of such organization for such purposes unless the organization has obtained a license under subsection 3 of this section.

2. The advisory organization shall not 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.

3. An organization applying for the license for designation as the advisory organization shall include with its application:

(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 director may be served;

(4)A statement showing its technical qualifications for acting in the capacity for which it seeks a license; and

(5)Any other relevant information and documents that the director may require.

4. Every organization which has applied for the 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 at least thirty days before it becomes effective.

5. The director, upon a finding that an applicant and the individuals through whom it acts are competent, trustworthy and technically qualified to provide the services proposed, and that all requirements of law are met, shall issue one license to designate the advisory organization which specifies the authorized activity of the applicant. The director shall not issue the license if the proposed activity would tend to create a monopoly or to substantially lessen competition in the market.

6. The license issued pursuant to this section shall remain in effect until the licensee withdraws from the state or until the license is suspended or revoked. The director may at any time, after hearing, revoke or suspend the license of the advisory organization if it does not comply with the requirements and standards of sections 287.930 to 287.975 .

--------

(L. 1993 S.B. 251 § 32)

Effective 1-01-94