Iowa Code 515F.8 – Licensing advisory organizations
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Iowa Code 515F.8
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
515F.8 Licensing advisory organizations.
1. 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
Referred to in §515F.14, 515F.23
1. 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
Referred to in §515F.14, 515F.23