§ 710-12. Rating organizations
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 40 P.S. Insurance
40 P.S. § 710-12
§ 710-12. Rating organizations
The applicant shall file the following with the commissioner:
(b) Review.--If the commissioner determines that the information submitted under subsection (a) is acceptable, the commissioner may issue a license specifying the kinds of insurance or subdivisions for which the applicant is authorized to act as a rating organization. A license may be granted or denied in whole or in part by the commissioner within sixty (60) days of the date of its filing.
(c) Licenses issued under this section shall remain in effect for three (3) years unless sooner suspended or revoked by the commissioner. The department shall charge a fee of five thousand dollars ($5,000) for each license. Licenses may be suspended or revoked by the commissioner following notice and hearing if the rating organization ceases to meet the requirements of subsections (a) and (b).
(e) Each rating organization shall permit any nonmember insurer to be a subscriber to its rating services for any kind of insurance or subdivision for which it is authorized to act as a rating organization. Each rating organization shall furnish its rating services without discrimination to its members and subscribers.
(g)(1) Cooperation in ratemaking among rating organizations, or among rating organizations and insurers and concert of action among insurers under the same general management and control, or in other matters within the scope of this article is authorized, provided the resulting filings are subject to all applicable provisions of this article.
(2) If the commissioner finds that an activity or practice described in paragraph (1) is unfair or unreasonable or otherwise inconsistent with the provisions of this article, the commissioner may after notice and hearing issue a written order discontinuing the activity or practice. The order shall specify the reason for a determination that the activity or practice is unfair or unreasonable or otherwise inconsistent with this article.
Credits
1921, May 17, P.L. 682, No. 284, art. V-A, § 512-A, added 1998, Dec. 21, P.L. 1108, No. 150, § 3, effective in 60 days.
40 P.S. § 710-12, PA ST 40 P.S. § 710-12
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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