38.2-1914 - Licensing of rate service organizations.
§ 38.2-1914. Licensing of rate service organizations.
A. A rate service organization applying for a license as required by §38.2-1913 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 andany 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 Commonwealth uponwhom notices, process affecting it or orders of the Commission may be served;
4. A statement showing its technical qualifications for acting in thecapacity for which it seeks a license; and
5. Any other relevant information and documents that the Commission mayrequire.
B. Each organization which has applied for a license under subsection A ofthis section shall promptly notify the Commission of every material change inthe facts or in the documents on which its application was based.
C. If the Commission finds that the applicant and the natural persons throughwhom it acts are competent, trustworthy, and technically qualified to providethe services proposed, and that all requirements of law have been met, theCommission shall issue a license specifying the authorized activity of theapplicant.
D. Licenses issued under subsection C of this section shall remain in effectuntil the licensee withdraws from the Commonwealth or until the license issuspended or revoked.
E. Any amendment to a document filed under subdivision 1 of subsection A ofthis section shall be filed promptly after it becomes effective. Failure tocomply with this subsection shall be a ground for revocation of the licensegranted under subsection C of this section.
(1973, c. 504, § 38.1-279.42; 1986, c. 562.)