Utah Code 31A-19a-302. Licensing of rate service organizations
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(1) A rate service organization applying for a license shall include with its application:
Terms Used In Utah Code 31A-19a-302
- Application: means a document:(10)(a)(10)(a)(i) completed by an applicant to provide information about the risk to be insured; and(10)(a)(ii) that contains information that is used by the insurer to evaluate risk and decide whether to:(10)(a)(ii)(A) insure the risk under:(10)(a)(ii)(A)(I) the coverage as originally offered; or(10)(a)(ii)(A)(II) a modification of the coverage as originally offered; or(10)(a)(ii)(B) decline to insure the risk; or(10)(b) used by the insurer to gather information from the applicant before issuance of an annuity contract. See Utah Code 31A-1-301
- Department: means the Insurance Department. See Utah Code 31A-1-301
- Filed: means that a filing is:
(69)(a)(i) submitted to the department as required by and in accordance with applicable statute, rule, or filing order;(69)(a)(ii) received by the department within the time period provided in applicable statute, rule, or filing order; and(69)(a)(iii) accompanied by the appropriate fee in accordance with:(69)(a)(iii)(A) Section31A-3-103 ; or(69)(a)(iii)(B) rule. See Utah Code 31A-1-301- License: includes a certificate of authority issued to an insurer. See Utah Code 31A-1-301
- Market: means the interaction between buyers and sellers consisting of a:
(8)(a)(i) product component; and(8)(a)(ii) geographic component. See Utah Code 31A-19a-102- Rate: means that cost of insurance per exposure unit either expressed as:
(12)(a)(i) a single number; or(12)(a)(ii) as a pure premium rate, adjusted before any application of individual risk variations, based on loss or expense considerations to account for the treatment of:(12)(a)(ii)(A) expenses;(12)(a)(ii)(B) profit; and(12)(a)(ii)(C) individual insurer variation in loss experience. See Utah Code 31A-19a-102- Rate service organization: means a person who assists an insurer in rate making or filing by:
(164)(a)(i) collecting, compiling, and furnishing loss or expense statistics;(164)(a)(ii) recommending, making, or filing rates or supplementary rate information; or(164)(a)(iii) advising about rate questions, except as an attorney giving legal advice. See Utah Code 31A-1-301(1)(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;(1)(b) a list of its members and subscribers;(1)(c) the name and address of one or more residents of Utah upon whom notices, processes affecting it, or orders of the commissioner may be served;(1)(d) a statement explaining in what capacity it plans to function and showing its technical qualifications for acting in the capacity for which it seeks a license;(1)(e) biographical information, as defined by the department, of the officers and directors of the organization; and(1)(f) any other relevant information and documents that the commissioner requires.(2) A rate service organization that applies for a license under Subsection (1) shall promptly notify the commissioner of every material change in the facts or in the documents on which its application was based.(3)(3)(a) The commissioner shall issue a license specifying the authorized activity of an applicant, if the commissioner finds that:(3)(a)(i) the applicant and the natural persons through whom it acts are competent, trustworthy, and technically qualified to provide the services proposed; and(3)(a)(ii) all the requirements of law are met.(3)(b) The commissioner may not issue a license if the proposed activity would tend to:(3)(b)(i) create a monopoly; or(3)(b)(ii) lessen or substantially lessen the competition in any market.(4)(4)(a) Any license issued under this chapter shall be subject to annual renewal.(4)(b) A fee shall be charged for the initial license and for renewal. The fee shall be set by the Legislature under Section 31A-3-103.(5) Any amendment to a document filed under Subsection (1)(a) shall be filed within at least 30 calendar days after the day the document becomes effective. Failure to comply with this Subsection (5) is a ground for revocation of the license granted under Subsection (3).(6) The license of each rate service organization licensed under formerTitle 31, Chapter 18 , is continued under this chapter.