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(1) A rate service organization applying for a license shall include with its application:
(a) a copy of its constitution, charter, articles of organization, agreement, association, or incorporation, and a copy of its bylaws, plan of operation, and any other rules or regulations governing the conduct of its business;
(b) a list of its members and subscribers;
(c) the name and address of one or more residents of Utah upon whom notices, processes affecting it, or orders of the commissioner may be served;
(d) a statement explaining in what capacity it plans to function and showing its technical qualifications for acting in the capacity for which it seeks a license;
(e) biographical information, as defined by the department, of the officers and directors of the organization; and
(f) any other relevant information and documents that the commissioner requires.
(2) A rate service organization that applies for a license under Subsection (1) shall promptly notify the commissioner of every material change in the facts or in the documents on which its application was based.
(3)
(a) The commissioner shall issue a license specifying the authorized activity of an applicant, if the commissioner finds that:
(i) the applicant and the natural persons through whom it acts are competent, trustworthy, and technically qualified to provide the services proposed; and
(ii) all the requirements of law are met.
(b) The commissioner may not issue a license if the proposed activity would tend to:
(i) create a monopoly; or
(ii) lessen or substantially lessen the competition in any market.
(4)
(a) Any license issued under this chapter shall be subject to annual renewal.
(b) A fee shall be charged for the initial license and for renewal. The fee shall be set by the Legislature under Section 31A-3-103.
(5) Any amendment to a document filed under Subsection (1)(a) shall be filed within at least 30 calendar days after the day the document becomes effective. Failure to comply with this Subsection (5) is a ground for revocation of the license granted under Subsection (3).
(6) The license of each rate service organization licensed under former Title 31, Chapter 18, is continued under this chapter.