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Tennessee Code Title 56. Insurance § 56-5-111

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

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

(b) AUTHORIZED ACTIVITIES. A registered advisory organization may perform any of the authorized activities enumerated in § 56-5-110(b) except no advisory organization may make any filings on behalf of insurers.

(c) AVAILABILITY OF SERVICES. No advisory organization shall refuse to supply any authorized services for which it is registered 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 an advisory 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 advisory organization.

(d) FORM OF REGISTRATION.

(1) REGISTRATION. An advisory organization shall submit, at the time of registration:

(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;

(D) An agreement that the commissioner may examine each advisory organization in accordance with § 56-5-115; and

(E) A fee for registration in the amount of one hundred dollars ($100).

(2) PROHIBITED ACTIVITIES. If after a hearing the commissioner finds that any activity or practice of any advisory organization is unfair, unreasonable or otherwise inconsistent with this part, the commissioner shall specify the finding in an order requiring the discontinuance of the activity or practice.

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Cite this article: FindLaw.com - Tennessee Code Title 56. Insurance § 56-5-111 - last updated January 02, 2024 | https://codes.findlaw.com/tn/title-56-insurance/tn-code-sect-56-5-111/

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