§ 5901. Title and purpose. This article may be cited as the “risk retention groups and purchasing groups act.” The purpose of this article is to regulate the formation and/or operation in this state of risk retention groups and purchasing groups formed pursuant to the provisions of the federal Liability Risk Retention Act of 1986 […]
§ 5902. Definitions. The terms used in this article shall have the meanings set forth in this chapter, except to the extent added or modified by the following: (a) “Commissioner” means the commissioner, director or superintendent of financial services in any other state. (b) “Completed operations liability” means liability arising out of the installation, maintenance, […]
§ 5903. Domestic risk retention groups. (a) A domestic risk retention group shall, pursuant to the provisions of this chapter, be chartered and licensed as a domestic property/casualty insurer to write only liability insurance pursuant to this article and, except as provided elsewhere in this article, shall comply with all of the laws, regulations and […]
§ 5904. Risk retention groups not chartered in this state. A risk retention group not chartered and licensed as a property/casualty insurer in this state, seeking to do business or doing business as a risk retention group in this state, shall comply with the laws of this state, as follows: (a) Notice of operations and […]
§ 5905. Risk retention groups; notice, prohibited solicitation, coverage and ownership. (a) Notice to purchasers. (1) Every insurance policy issued by a risk retention group shall contain in ten point type on the front page and on the declaration page, the following notice: NOTICE This policy is issued by your risk retention group. Your risk […]
§ 5906. Security funds and compulsory associations. (a) No risk retention group shall be required or permitted to join or contribute financially to any insurance insolvency security 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 such fund […]
§ 5907. Purchasing groups; exemption from certain laws. A purchasing group and its insurer shall be subject to all applicable laws of this state, except that a purchasing group and its insurer shall be exempt, in regard to liability insurance for the purchasing group and any of its members, from any law that would: (a) […]
§ 5908. Notice and registration requirements of purchasing groups. (a) A purchasing group which intends to do business in this state shall, prior to doing such business, furnish notice of such intention to the superintendent. This notice shall include the following information: (1) the state in which the group is domiciled; (2) the principal place […]
§ 5909. Restrictions on insurance obtained by purchasing groups. (a) A purchasing group located in this state shall not purchase liability insurance from a risk retention group not chartered in a state or from an insurer not authorized in this state, unless the purchase is effected pursuant to section two thousand one hundred eighteen of […]
§ 5910. Administrative and procedural authority regarding risk retention groups and purchasing groups. The superintendent is authorized to make use of any of the powers, established under this chapter to enforce the laws of this state, not specifically preempted by the federal Liability Risk Retention Act of 1986. Such powers include the superintendent’s administrative authority […]
§ 5911. Insurance agents, insurance brokers and excess line brokers. (a) The provisions of article twenty-one of this chapter shall apply to any risk retention group not chartered and licensed in this state as a property/casualty insurer but which is doing business in this state. Any such risk retention group shall for such purposes be […]
§ 5912. Binding effect of orders issued in United States 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 […]
§ 5913. Financial responsibility. Wherever pursuant to the laws of this state or any political subdivision of this state a demonstration of financial responsibility is required as a condition for obtaining a license or permit to undertake specified activities, if any such requirement may not be satisfied by obtaining insurance coverage from an insurer not […]
