20-2401. Definitions In this chapter, unless the context otherwise requires: 1. " Completed operations liability" means liability arising out of the installation, maintenance or repair of any product at a site which is not owned or controlled by either: (a) A person who performs that work. (b) A person who hires an independent contractor to […]
20-2402. Risk retention groups chartered and licensed in this state; definitions A. A risk retention group, pursuant to this title, shall be chartered and licensed to write only liability insurance pursuant to this chapter and, except as provided in this chapter, must comply with this title with respect to insurers that are chartered and licensed […]
20-2403. Risk retention groups not chartered and licensed in this state A. Before offering insurance in this state, a risk retention group shall submit to the director all of the following: 1. Evidence that the group meets the criteria of a risk retention group. 2. A statement identifying the state or states in which the […]
20-2404. Compulsory associations A. No risk retention group is required or permitted to join or contribute financially to any insurance insolvency guaranty fund, or similar mechanism, in this state, and no risk retention group, or its insureds or claimants against its insureds, may receive any benefit from any fund for claims arising under the insurance […]
20-2406. Purchasing groups; exemption from certain laws relating to the group purchase of insurance A. A purchasing group which meets the criteria established under the federal liability risk retention act of 1986 is exempt from any law of this state relating to the creation of groups for the purchase of insurance, prohibition of group purchasing […]
20-2407. Notice and registration requirements of purchasing groups A. A purchasing group which intends to do business in this state, before doing business, shall furnish notice to the director which: 1. Identifies the state in which the group is domiciled. 2. Specifies the lines and classifications of liability insurance which the purchasing group intends to […]
20-2408. Restrictions on insurance purchased by purchasing groups A. A purchasing group may not purchase insurance from a risk retention group that is not chartered in a state or from an insurer which is not admitted in the state in which the purchasing group is located, unless the purchase is effected through a licensed insurance […]
20-2409. Administrative and procedural authority regarding risk retention groups and purchasing groups The director may make use of any of the powers established under this title to enforce the laws of this state so long as those powers are not specifically preempted by the product liability risk retention act of 1981, as amended by the […]
20-2410. Penalties A risk retention group which violates any provision of this chapter is subject to civil penalties set forth in section 20-220 and section 20-456 and to revocation or suspension of its license and the right to do business in this state.
20-2411. Duty of insurance producer to obtain license A. No person, firm, association or corporation may act or aid in any manner in soliciting, negotiating or procuring liability insurance in this state from a risk retention group unless the person, firm, association or corporation is licensed as an insurance producer in accordance with this title. […]
20-2412. Binding effect of orders issued in United States district court 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 on a finding that such a group is in a hazardous financial condition is enforceable in the courts […]
20-2413. Rules The director may adopt rules relating to risk retention groups as may be necessary or desirable to carry out the provisions of this chapter.
20-2414. Annual report A. Beginning on or before December 31, 2017, the director shall annually report the following information to the president of the senate and the speaker of the house of representatives: 1. The number of risk retention groups licensed in this state since August 6, 2016. 2. Any regulatory action taken by the […]
