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 the federal Liability Risk Retention Act of 1986 (“RRA 1986”), to the extent permitted by such law.
A policy of insurance issued to a risk retention group or any member of that group shall not be required to be countersigned.
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: Prohibit the establishment of a purchasing group; Make it unlawful […]
A purchasing group which intends to do business in this state shall, prior to doing business, furnish notice to the Commissioner which shall: Identify the state in which the group is domiciled; Identify all other states in which the group intends to do business; Specify the lines and classifications of liability insurance which the purchasing […]
Each risk retention group or risk purchasing group which wishes to do or continue to do business in this state shall annually register on or before March 1 of each year. Should a risk retention group or risk purchasing group fail to timely register, the commissioner shall immediately revoke without notice or hearing any registration […]
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 broker acting pursuant to the surplus lines laws and regulations […]
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: Imposed at the same rate and subject to the same interest, fines and penalties as that applicable to premium taxes and taxes on premiums paid […]
The Commissioner is authorized to make use of any of the powers established under the Insurance Laws of this state 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 subpoena, conduct depositions and hearings, issue orders, impose penalties and […]
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 such person, firm, association or corporation is licensed as an insurance agent or broker in accordance with the laws of this state. No person, firm, association […]
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 such a group is in hazardous financial or financially impaired condition […]
The Commissioner may establish and from time to time amend such rules and regulations relating to risk retention groups as may be necessary or desirable to carry out the provisions of this chapter.
If any clause, sentence, paragraph, section or part of this chapter or the application thereof to any person or circumstances, shall, for any reason, be adjudged by any court of competent jurisdiction to be invalid, such judgment shall not affect, impair or invalidate the remainder of this chapter, and the application thereof to other persons […]
For the purposes of this chapter, the following words shall have the meanings ascribed herein, unless the context otherwise requires: “Commissioner” means the Commissioner of Insurance of the State of Mississippi. “Completed operations liability” means liability arising out of the installation, maintenance or repair of any product at a site which is not owned or […]
A risk retention group shall, pursuant to the provisions of the laws of this state be chartered and licensed to write only liability insurance pursuant to this chapter and, except as provided elsewhere in this chapter, must comply with all of the laws, rules, regulations and requirements applicable to such insurers chartered and licensed in […]
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: Notice of operations and designation of Commissioner as agent. Before offering insurance in this state, a risk retention group shall […]
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 under the insurance policies issued […]
