Skip to main content
Find a Lawyer

Tennessee Code Title 56. Insurance § 56-5-110

Current as of January 02, 2024 | Updated by Findlaw Staff

(a) LICENSE REQUIRED. No rate service organization shall provide any service relating to the rates of any insurance subject to this part, and no insurer shall utilize the services of the organization for those purposes unless the organization has obtained a license under subsection (d).

(b) AUTHORIZED ACTIVITIES. Any licensed rate service organization may:

(1) Collect, compile, and furnish loss or expense statistics;

(2) Recommend, make or file rates or supplementary rate information;

(3) Advise about rate questions and provide supporting information for rates;

(4) Develop, recommend or file policy provisions or forms, coverages, classifications, and statistical plans;

(5) Make inspections, surveys and audits;

(6) Conduct research and on-the-site inspections in order to prepare classifications of public fire defenses;

(7) Provide actuarial, statistical and administrative services to insurers and insurer-supported organizations;

(8) Conduct and report on the content of research projects; and

(9) Furnish any other services related to those enumerated in this subsection (b).

(c) AVAILABILITY OF SERVICES. No rate service organization 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, nor shall a rate service organization require the purchase of any specific services as a condition to obtaining the services sought; provided, that the furnishing of the requested services does not place an unreasonable burden on the rate service organization.

(d) LICENSING.

(1) APPLICATION. A rate service organization applying for a license shall include with its application:

(A) A copy of its constitution, articles of association or incorporation, bylaws, and any other rules or regulations governing the conduct of its business;

(B) A list of its members and subscribers;

(C) A service and acknowledgment of service of process as provided for insurance companies under § 56-2-501; and

(D) A statement showing its technical qualifications.

(2) GRANTING OF A LICENSE. If the commissioner finds that the applicant is qualified, the commissioner shall issue a license specifying the kinds of insurance or subdivisions of kinds of insurance for which the applicant is authorized to act as a rate service organization. Every application shall be granted or denied in whole or in part by the commissioner within sixty (60) days after the date of its filing. Licenses issued pursuant to this section shall remain in effect until suspended or revoked by the commissioner. The fee for the license shall be one hundred dollars ($100).

Previous Part of Code Next Part of Code
Back to Chapter List

Cite this article: FindLaw.com - Tennessee Code Title 56. Insurance § 56-5-110 - last updated January 02, 2024 | https://codes.findlaw.com/tn/title-56-insurance/tn-code-sect-56-5-110/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

Was this helpful?

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About The Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to Find an Attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

Copied to clipboard