§ 6050. Purpose The purpose of this chapter is to regulate the formation and operation of risk retention groups and purchasing groups in this State formed pursuant to the provisions of the federal Liability Risk Retention Act of 1986 (“RRA 1986”), to the extent permitted by such law. (Added 1991, No. 249 (Adj. Sess.), § […]
§ 6051. Definitions As used in this chapter: (1) “Commissioner” means the Commissioner of Financial Regulation of this State, or the commissioner, director, or superintendent of insurance in any other state. (2) “Domicile,” for purposes of determining the state in which a purchasing group is domiciled, means: (A) for a corporation, the state in which […]
§ 6052. Risk retention groups chartered in this State (a) Pursuant to the provisions of chapter 141 of this title, a risk retention group shall be chartered and licensed to write only liability insurance pursuant to this chapter, must comply with all of the laws, rules, regulations, and requirements applicable to such insurers chartered and […]
§ 6053. 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. […]
§ 6054. 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 such fund for claims arising […]
§ 6055. 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 from State laws as provided in 15 U.S.C. § 3903(a)(1) — (a)(8). (Added 1991, No. 249 […]
§ 6056. Notice and registration requirements of purchasing groups (a) A purchasing group intending to do business in this State shall, prior to doing business, furnish notice to the Commissioner that shall: (1) be as provided in 15 U.S.C. § 3903(d); (2) identify all other states in which the group intends to do business; (3) […]
§ 6057. 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 […]
§ 6058. 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 […]
§ 6059. 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 to enforce the laws of this State not specifically preempted by the Risk Retention Act of 1986, including the Commissioner’s administrative authority to investigate, issue subpoenas, […]
§ 6060. Duties of agent or brokers to obtain license (a) Purchasing groups. (1) No person, firm, association, or corporation shall act or aid in any manner in soliciting, negotiating, or procuring liability insurance in this State for a purchasing group from an authorized insurer or a risk retention group chartered in a state unless […]
§ 6061. 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, shall be enforceable […]
