§ 27-46-1. Purpose. The purpose of this chapter is to regulate the formation and/or operation of risk retention groups and purchasing groups in this state formed pursuant to the provisions of 15 U.S.C. § 3901 et seq., to the extent permitted by that law. History of Section.P.L. 1991, ch. 348, § 1.
§ 27-46-10. 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: (1) Imposed at the same rate and subject to the same interest, fines, and penalties as that applicable to premium […]
§ 27-46-11. 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 this title and any other pertinent section of law to enforce the laws of this state not specifically preempted by 15 U.S.C. § 3901 et seq., including the […]
§ 27-46-12. Duty of agents or brokers or insurance producers to obtain license. (a) Risk retention groups. No person, firm, association, or corporation shall act or aid in any manner in soliciting, negotiating, or procuring liability insurance in this state from a risk retention group unless that person, firm, association, or corporation is licensed as […]
§ 27-46-13. 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 […]
§ 27-46-14. Rules and regulations. The commissioner may establish and amend any rules and/or regulations relating to risk retention groups as may be necessary or desirable to carry out the provisions of this chapter. History of Section.P.L. 1991, ch. 348, § 1.
§ 27-46-15. Severability. If any clause, sentence, paragraph, section, or part of this chapter or the application of this chapter to any person or circumstances shall, for any reason, be adjudged by any court of competent jurisdiction to be invalid, that judgment shall not affect, impair, or invalidate the remainder of this chapter, and the […]
§ 27-46-2. Definitions. As used in this chapter: (1) “Commissioner” means the director of the department of business regulation or the commissioner, director, or superintendent of insurance in any other state; (2) “Completed operations liability” means liability arising out of the installation, maintenance, or repair of any product at a site which is not owned […]
§ 27-46-3. Risk retention groups chartered in this state. (a) A risk retention group shall be, pursuant to the provisions of this title, chartered and licensed to write only liability insurance pursuant to this chapter and, except as provided in this chapter, must comply with all of the laws, rules, regulations, and requirements applicable to […]
§ 27-46-4. 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.(i) […]
§ 27-46-5. Compulsory associations. (a) No risk retention group shall be required or permitted to join or contribute financially to any insurance insolvency fund, or similar mechanism, in this state, nor shall any risk retention group, or its insured or claimants against its insureds, receive any benefit from any such fund for claims arising under […]
§ 27-46-6. 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 this title. History of Section.P.L. 1991, ch. 348, § 1.
§ 27-46-7. 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 liability insurance for the purchasing group, from any law that would: (1) […]
§ 27-46-8. 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: (1) Identify the state in which the group is domiciled; (2) Identify all other states in which the group intends to do […]
§ 27-46-9. 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 […]
