Page:United States Statutes at Large Volume 62 Part 1.djvu/275

 62 STAT.] 80TH CONG., 2D SESS.-CH. 324- -MAY 20, 1948 245 (d) as a group, association, or other organization for the pur- pose of joint underwriting or joint reinsurance, or of equitable apportionment and proper rating of insurance which may be afforded applicants who are in good faith entitled to but who are unable to procure such insurance through ordinary methods. No company shall be required by this Act to be a member or sub- scriber of any rating organization. SEC. 6. COOPERATIVE AND CONCERTED ACTION REGuATED.- - (a) Every group, association, or other organization of companies authorized to act as such under the terms of this Act, except groups or fleets described in subsection (c) of section 5, shall file with the Superintendent (1) a copy of its constitution, its articles of agreement or association, or its certificate of incorporation, and of its bylaws, rules, and regulations governing the conduct of its business; (2) a list of its members and subscribers, if any; (3) the name and address of a resident of the District upon whom notices or orders of the Superintendent or process affecting it may be served; and shall notify the Superintendent promptly of any change in the foregoing. (b) No group, association, or organization shall engage in any unfair or unreasonable practice in the conduct of its business. (c) No rating organization shall conduct its business with respect License to operate to insurance on risks located within the District without a license from m D C. the Superintendent. To obtain such a license, a rating organization shall, in addition to the matters specified in subsection (a) of this section, supply to the Superintendent a statement relating to its quali- fications as a rating organization and its ability adequately to admin- ister the rates, rules, and regulations which it may make in behalf of its members and subscribers. If the Superintendent finds that the applicant is competent, trust- worthy, and otherwise qualified to act as a rating organization, he shall forthwith issue a license specifying the kinds of insurance and subdivisions thereof for which the applicant is authorized to act as a rating organization, but, if the Superintendent does not so find within thirty days after he has received such application, he shall, at the request of the applicant, give the applicant a full hearing. Licenses issued pursuant to this section shall remain in effect until suspended or revoked by the Superintendent unless voluntarily sur- rendered by the rating organization. The fee for said license shall be Fee- $250 and shall be paid by the applicant through the Superintendent to (ollector of Taxes, District of Columbia. Licenses issued pursuant Amendment of Ii- to this section may, at the request of the rating organization, be cense. amended by the Superintendent so as to include authority with respect to additional kinds of insurance and subdivisions thereof, provided the rating organization satisfies the Superintendent that such amend- ment would not in any way be contrary to or inconsistent with the provisions of this Act: Provided,That an additional fee in the amount Fee. of $50 shall be charged for such amendment. The license of any rating organization may be suspended or revoked seSinS or reo by the Superintendent for failure to comply with this Act or for incom- tio petence or untrustworthiness. The Superintendent shall not revoke or suspend the license of any rating organization until he has given it not less than thirty days' notice of the proposed revocation or suspension and of the grounds alleged therefor and has afforded the rating organi- zation an opportunity to be heard. In lieu of revoking or suspending Penaly. the license of any rating organization after hearing and for the causes named herein, the Superintendent may subject such rating organization to a penalty of not more than $250 when in his judgment he finds that the public interest would be best served by the continued operation of the rating organization. The amount of any such penalty shall be paid by the rating organization through the Superintendent to Col- lector of Taxes, District of Columbia.

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