Advisory organization must obtain license, restrictions
An advisory organization is a group that helps set insurance rates. This law says that group must get a license before it can do any work related to workers' compensation insurance rates in Missouri. To get the license, the group has to send in paperwork about how it runs, who its members are, and proof it knows what it is doing. The director in charge will only approve the license if the group and its leaders are trustworthy and qualified, and if approving them would not hurt competition or create a monopoly. Once the license is granted, it stays active until the group leaves the state or the license is taken away.
287.967. must obtain , — license, — designation of by , duration. — 1. The advisory organization shall not provide any relating to the rates of any insurance subject to sections 287.930 to 287.975, and no shall use the services of such organization for such purposes unless the organization has obtained a license under 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 to do business in this state and offering to pay the fair and usual 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; ; , agreement, association or incorporation; and a copy of its , , and any other rules or regulations governing the conduct of its business;
(2) A list of its members and ;
(3) The name and address of one or more residents of this state upon whom notices, affecting it, or orders of the director may be ;
(4) A statement showing its technical qualifications for acting in the capacity for which it seeks a license; and
(5) Any other relevant and documents that the director may require.
4. Every organization which has applied for the license shall notify the director of every 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 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 one license to 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 or to substantially lessen competition in the market.
6. The license issued this section shall remain in effect until the withdraws from the state or until the license is or . The director may at any time, after , or the license of the advisory organization if it does not comply with the requirements and standards of sections 287.930 to 287.975.
Tap any gold-underlined word to see what it means.
Red section numbers link to that law.
Source & history notes
(L. 1993 S.B. 251 § 32) Effective 1-01-94
Legal information, not legal advice. Always confirm with the official source at revisor.mo.gov.