515E.1 Purpose — federal Act defined. The purpose of this chapter is to regulate the formation and operation in this state of risk retention groups formed pursuant to the Product Liability Risk Retention Act of 1981, 15 U.S.C. §3901 et seq., or the Risk Retention Amendments of 1986, Pub. L. No. 99-563. As used in […]
515E.10 Commissioner’s administrative and procedural authority. 1. The commissioner may make use of any of the powers established under the laws of this state to enforce the laws of this state so long as those powers are not specifically preempted by the federal Act, including but not limited to, the commissioner’s authority to investigate, issue […]
515E.11 Penalties. A risk retention group which violates a provision of this chapter is subject to fines and penalties applicable to licensed insurers generally, including revocation of the group’s license and of the right to do business in this state. 88 Acts, ch 1111, §12
515E.12 License required for agents and brokers. A person acting, or offering to act, as an agent or broker for a risk retention group or purchasing group, which solicits members, sells or procures insurance coverage, purchases coverage for its members located within the state, or otherwise does business in this state shall, before commencing any […]
515E.13 Effect of federal district court orders. An order issued by a 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 such a group is […]
515E.14 Rules. The commissioner may establish and from time to time amend rules relating to risk retention groups as necessary or desirable to carry out the provisions of this chapter. 88 Acts, ch 1111, §15
515E.2 Definitions. As used in this chapter, unless the context otherwise requires: 1. “Commissioner” means the commissioner of insurance or the commissioner, director, superintendent of insurance, or similar public official, in any other state. 2. a. “Completed operations liability” means liability arising out of the installation, maintenance, or repair of any product at a site […]
515E.3 Risk retention groups organized in this state. 1. To be organized as a risk retention group in this state, the group must be organized and licensed as a liability insurance company authorized by the insurance laws of this state. Except as provided elsewhere in this chapter, a risk retention group organized in this state […]
515E.3A Foreign risk retention group may become domestic. 1. A risk retention group that is organized under the laws of any other state for the purpose of writing insurance, as authorized by this chapter, may redomesticate to this state by doing all of the following: a. Complying with section 490.905. b. Complying with all of […]
515E.4 Risk retention groups not organized in this state. Risk retention groups chartered in other states and seeking to do business as a risk retention group in this state must observe and abide by the laws of this state as provided in this section. However, a risk retention group failing to qualify under the definitional […]
515E.5 Compulsory associations. A risk retention group shall not join or contribute financially to an insurance insolvency guaranty fund, or similar mechanism, in this state, nor shall a risk retention group, or its insureds, receive any benefit from an insurance insolvency guaranty fund, or similar mechanism, in this state, for claims arising out of the […]
515E.6 Countersignatures not required. Repealed by 98 Acts, ch 1057, §13.
515E.7 Purchasing groups exemptions. A purchasing group which meets the criteria established under the federal Act is exempt from any law of this state relating to the creation of groups for the purchase of insurance, the prohibition of group purchasing, or any law that would discriminate against a purchasing group or its members. An insurer […]
515E.8 Purchasing groups — requirements. 1. A purchasing group which intends to do business in this state shall, prior to doing business, furnish notice to the commissioner which notice shall include all of the following: a. The state in which the group is domiciled and all states in which the group does or intends to […]
515E.9 Purchasing group restrictions. A purchasing group shall not purchase insurance from an insurer not admitted in this state unless the purchase is effected through a duly licensed insurance producer acting pursuant to chapter 515I. 88 Acts, ch 1111, §10; 90 Acts, ch 1234, §44; 2007 Acts, ch 152, §81; 2012 Acts, ch 1025, §19, […]
