Section 27-31A-3 – Risk Retention Groups Chartered in This State.
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.
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. […]
Section 27-31A-5 – Compulsory Associations.
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.
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.
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 […]