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-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-3.1 – Risk Retention Groups to Comply With Governance Standards.
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.
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. […]