Section 27-31A-11 – Administrative and Procedural Authority Regarding Risk Retention Groups and Purchasing Groups.
Section 27-31A-11 Administrative and procedural authority regarding risk retention groups and purchasing groups. The commissioner is authorized to make use of any of the powers established under the Insurance Code 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 […]
Section 27-31A-12 – Duty of Producers to Obtain License.
Section 27-31A-12 Duty of producers to obtain license. (a) Risk retention groups. Persons representing or aiding a risk retention group in the solicitation or negotiation of liability insurance in this state and the risk retention group with respect thereto shall be subject to Chapters 7 and 8A of this title. (b) Purchasing groups. (1) No […]
Section 27-31A-13 – Binding Effect of Orders Issued in u.s. District Court.
Section 27-31A-13 Binding effect of orders issued in U.S. 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, or in all states, or in any territory or possession of the United States, upon a finding that […]
Section 27-31A-14 – County Self-Insurance Funds.
Section 27-31A-14 County self-insurance funds. This chapter shall not apply to any liability self-insurance fund established by counties pursuant to Title 11, Chapter 30. (Acts 1993, No. 93-674, p. 1226, §14.)
Section 27-31A-15 – Rules and Regulations.
Section 27-31A-15 Rules and regulations. The commissioner may promulgate and enforce, and from time to time amend, the rules and regulations relating to risk retention groups as may be necessary to carry out this chapter. (Acts 1993, No. 93-674, p. 1226, §15.)
Section 27-31A-8 – Notice and Registration Requirements of Purchasing Groups.
Section 27-31A-8 Notice and registration requirements of purchasing groups. (a) A purchasing group which intends to do business in this state shall, prior to doing business, furnish notice to the commissioner which shall include all of the following: (1) Identify the state in which the group is domiciled. (2) Identify all other states in which […]
Section 27-31A-9 – Restrictions on Insurance Purchased by Purchasing Groups.
Section 27-31A-9 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 not admitted in the state in which the purchasing group is located, unless the purchase is effected through a licensed agent or […]
Section 27-31A-10 – Purchasing Group Taxation.
Section 27-31A-10 Purchasing group taxation. 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 both: (1) Imposed at the same rate and subject to the same interest, fines, and penalties as that applicable to […]
Section 27-31A-1 – Short Title and Purpose.
Section 27-31A-1 Short title and purpose. The purpose of this chapter is to regulate the formation and the operation of risk retention groups and purchasing groups in this state formed pursuant to the federal Liability Risk Retention Act of 1986, to the extent permitted by federal law. This chapter shall be known and may be […]
Section 27-31A-2 – Definitions.
Section 27-31A-2 Definitions. As used in this chapter, the following terms shall have the following meanings, respectively, unless the context clearly indicates otherwise: (1) COMMISSIONER. The Insurance Commissioner of this state or the commissioner, director, or superintendent of insurance in any other state. (2) COMPLETED OPERATIONS LIABILITY. Liability arising out of the installation, maintenance, or […]