Additional Provisions Applicable to Advisory Organizations and Statistical Agents; Joint Underwriting, Joint Reinsurance Pool; Assigned Risk and Residual Market Activities

Section 412:20

    412:20 Licensing Advisory Organizations and Statistical Agents. –
I. No advisory organization or statistical agent shall provide any service relating to statistical collection or the rates of any insurance subject to this chapter, and no insurer shall utilize the services of such organization for such purposes unless the organization has obtained a license under paragraph III.
II. No advisory organization or statistical agent 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.
III. (a) An advisory organization or statistical agent applying for a license 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 regulation 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.
(b) Every organization that 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. Any amendment to a document filed under this section shall be filed at least 30 days before it becomes effective.
(c) If the commissioner finds that the application 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; he or she 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) Licenses issued pursuant to this section shall remain in effect for one year unless the license is suspended or revoked. The commissioner may at any time, after hearing, revoke or suspend the license or issue a written order requiring the discontinuance of an act or practice of an advisory organization or statistical agent that is involved with such act or practice that is unfair or unreasonable or does not otherwise comply with the requirements and standards of this chapter.
(e) Advisory organizations wishing to operate as statistical agents or organizations who hold a current license as a rating organization within this state may be so authorized under their license as an advisory organization. A separate license is not required.
(f) The fee for said application and license shall be as specified in RSA 400-A:29, VI.

Source. 2003, 150:1, eff. Jan. 1, 2004.