(1) No rate service organization other than the Rating Bureau established pursuant to Section 83-3-5 shall provide any service relating to the rates of any insurance subject to this chapter, and no insurer shall utilize the services of such organization for such purposes unless the organization has obtained a license.

(2) A rate service organization may perform the following services upon request of the Commissioner of Insurance:

(a) Collect, compile and furnish loss or expense statistics;

(b) Recommend rates or supplementary rate information;

(c) Advise about rate questions and provide supporting information for rates;

(d) Make inspections, surveys and audits;

(e) Conduct research and on-site inspections in order to prepare classifications of public fire defenses;

(f) Prepare and file policy forms and endorsements and consult with members, subscribers and others relating to their use;

(g) Provide actuarial, statistical and administrative services to insurers and insurer-supported organizations;

(h) Conduct and report on the content of research projects; and

(i) Furnish any other services related to those enumerated in this subsection.

(3) A rate service organization or an advisory organization shall not refuse to supply any services for which it is licensed in this state to any insurer authorized to do business in this state and offering to pay the fair and usual compensation for the services. A rate service organization shall not require the purchase of any specific services as a condition to obtaining the services sought, provided the furnishing of the requested services does not place an unreasonable burden on the rate service organization.

(4) A rate service organization applying for a license shall include with its application:

(a) A copy of its constitution, articles of association or incorporation, bylaws and any other rules or regulations governing the conduct of its business;

(b) A list of its members and subscribers;

(c) A service and acknowledgement of service of process as provided for insurance companies under Section 83-21-39; and

(d) A statement showing its technical qualifications.

(5) Upon a finding by the commissioner that the applicant is qualified, the commissioner shall issue a license specifying the kinds of insurance or subdivisions thereof for which the applicant is authorized to act as a rate service organization. Each application under this subsection shall be granted or denied in whole or in part by the commissioner within sixty (60) days after the date of its filing. Licenses issued pursuant to this section shall remain in effect until suspended or revoked by the commissioner. The fee for said license shall be Twenty-five Dollars ($25.00).