§ 83-55-16. Payment of annual fee to continue to do business in state; penalties for failure to pay fee; filing of annual reports
Each risk retention group or risk purchasing group which wishes to do or continue to do business in this state shall annually register on or before March 1 of each year. Should a risk retention group or risk purchasing group fail to timely register, the commissioner shall immediately revoke without notice or hearing any registration […]
§ 83-55-17. Purchase of insurance from non-state chartered group or non-state admitted insurer; notice requirements; deductible or self-insured retention not permitted; aggregate limits on purchases
A purchasing group may not purchase insurance from a risk retention group that is not chartered in a state or from an insurer not admitted in the state in which the purchasing group is located, unless the purchase is effected through a licensed agent or broker acting pursuant to the surplus lines laws and regulations […]
§ 83-55-19. Premium taxes
Premium taxes and taxes on premiums paid for coverage of risks resident or located in this state by a purchasing group or any members of the purchasing groups shall be: Imposed at the same rate and subject to the same interest, fines and penalties as that applicable to premium taxes and taxes on premiums paid […]
§ 83-55-21. Powers of commissioner; applicable procedures; injunctive relief
The Commissioner is authorized to make use of any of the powers established under the Insurance Laws of this state to enforce the laws of this state not specifically preempted by the Risk Retention Act of 1986, including the Commissioner’s administrative authority to investigate, issue subpoena, conduct depositions and hearings, issue orders, impose penalties and […]
§ 83-55-23. License required to solicit, negotiate or procure liability insurance; notice to insured
No person, firm, association or corporation shall act or aid in any manner in soliciting, negotiating or procuring liability insurance in this state from a risk retention group unless such person, firm, association or corporation is licensed as an insurance agent or broker in accordance with the laws of this state. No person, firm, association […]
§ 83-55-25. U.S. District Court injunctions enforceable in state courts
An order issued by any District Court of the United States enjoining a risk retention group from soliciting or selling insurance, or operating in any state (or in all states or in any territory or possession of the United States) upon a finding that such a group is in hazardous financial or financially impaired condition […]
§ 83-55-27. Rules and regulations
The Commissioner may establish and from time to time amend such rules and regulations relating to risk retention groups as may be necessary or desirable to carry out the provisions of this chapter.
§ 83-55-29. Saving clause
If any clause, sentence, paragraph, section or part of this chapter or the application thereof to any person or circumstances, shall, for any reason, be adjudged by any court of competent jurisdiction to be invalid, such judgment shall not affect, impair or invalidate the remainder of this chapter, and the application thereof to other persons […]
§ 83-55-7. Out-of-state chartered risk retention groups; requirements for doing business in state
Risk retention groups chartered and licensed in states other than this state and seeking to do business as a risk retention group in this state shall comply with the laws of this state as follows: Notice of operations and designation of Commissioner as agent. Before offering insurance in this state, a risk retention group shall […]
§ 83-55-9. Risk retention groups not to participate in insolvency guaranty funds; no benefits to be received from funds
No risk retention group shall be required or permitted to join or contribute financially to any insurance insolvency guaranty fund or similar mechanism, in this state, nor shall any risk retention group, or its insureds or claimants against its insureds, receive any benefit from any such fund for claims arising under the insurance policies issued […]