North Dakota Code 26.1-25-10.1 – Licensing advisory organizations
1. No advisory organization may provide any service relating to the rates of any insurance subject to this chapter, and no insurer may utilize the services of such organization for such purposes unless the organization has obtained a license under subsection 3.
Terms Used In North Dakota Code 26.1-25-10.1
- 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.
- Organization: includes a foreign or domestic association, business trust, corporation, enterprise, estate, joint venture, limited liability company, limited liability partnership, limited partnership, partnership, trust, or any legal or commercial entity. See North Dakota Code 1-01-49
- Process: means a writ or summons issued in the course of judicial proceedings. See North Dakota Code 1-01-49
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See North Dakota Code 1-01-49
- year: means twelve consecutive months. See North Dakota Code 1-01-33
2. No advisory organization may 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. a. An advisory organization 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 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; and
(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 must be filed at least thirty days before it becomes effective.
c. 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 may 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 are perpetual in duration unless the license is suspended or revoked. The fee for the license is fifty dollars per year. The commissioner may at any time, after hearing, revoke or suspend the license of an advisory organization that does not comply with the requirements and standards of this chapter.