Application for license.
(1) Any person, whether domiciled within or outside this state, except as provided in subsection (2) of this section, may make application to the commissioner for a license as a rating organization for such kinds of insurance or subdivisions thereof, if for casualty or surety insurances, or for such subdivision, class of risks or a part or combination thereof, if for other insurances, as are specified in its application, and shall file therewith:
(a) A copy of its constitution, its articles of agreement or association, or its certificate of incorporation, or trust agreement, and of its bylaws, rules and regulations governing the conduct of its business;
(b) A list of its members and a list of its subscribers;
(c) The name and address of a resident of this state upon whom notices or orders of the commissioner or process affecting such rating organization may be served, and
(d) A statement of its qualifications as a rating organization.
(2) Any rating organization proposing to act as such as to insurance under standard form fire policies, shall be licensed only if all the following conditions are complied with:
(a) The applicant and the operators of such rating organization shall be domiciled in and shall actually reside in this state.
(b) The ownership of such rating organization shall be vested in trustees for all its subscribers under such trust agreement as is approved by the commissioner, and the rating organization shall be and shall be conducted as a nonprofit public service institution.
(c) Such rating organization shall not be connected with any insurer or insurers except to the extent that any such insurer may be a subscriber to its services.
[1947 c 79 § .19.17; Rem. Supp. 1947 § 45.19.17.]