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-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-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. (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. 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. 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. 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-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 […]
Section 27-31A-3 Risk retention groups chartered in this state. (a)(1) A risk retention group shall, pursuant to this title, be chartered and licensed to write only liability insurance pursuant to this chapter and, except as provided elsewhere in this chapter, shall comply with all of the laws, rules, regulations, and requirements applicable to the insurers […]
Section 27-31A-3.1 Risk retention groups to comply with governance standards. (a) By January 1, 2016, existing risk retention groups shall be in compliance with the governance standards set forth in this section. New risk retention groups shall be in compliance with these standards at the time of licensure. (b) The board of directors or board, […]
Section 27-31A-4 Risk retention groups not chartered in this 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: (1) NOTICE OF OPERATIONS AND DESIGNATION OF COMMISSIONER AS AGENT. […]
Section 27-31A-5 Compulsory associations. (a) 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 fund for claims arising under […]
Section 27-31A-6 Countersignatures not required. A policy of insurance issued to a risk retention group, or any member of that group, shall not be required to be countersigned as otherwise provided in Section 27-3-28 or 27-7-28. (Acts 1993, No. 93-674, p. 1226, §6.)
Section 27-31A-7 Purchasing groups – Exemption from certain laws. A purchasing group and its insurer or insurers shall be subject to all applicable laws of this state, except that a purchasing group and its insurer or insurers shall be exempt, in regard to casualty insurance for the purchasing group, from any law that would do […]
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. (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 […]
