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This entry was published on 2014-09-22
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Domestic risk retention groups
Insurance (ISC) CHAPTER 28, ARTICLE 59
§ 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 orders applicable to property/casualty insurers
organized and licensed in this state.

(b) Before it may offer insurance in any state, each domestic risk
retention group shall submit to the superintendent for approval a plan
of operation or feasibility study, and shall also submit a completed
National Association of Insurance Commissioners risk retention report
form to the superintendent. Such group shall submit an appropriate
revision in the event of any subsequent material change in any item of
the plan of operation or feasibility study within ten days of any such
change. Such group shall not offer any additional kinds of liability
insurance in any state until a revision of the plan or study has been
approved by the superintendent.

(c) The submission of a plan of operation or feasibility study shall
not be required with respect to any kind or classification of liability
insurance which was:

(1) defined in the federal Product Liability Risk Retention Act of
1981 (Public Law 97-45) before October twenty-seventh, nineteen hundred
eighty-six; and

(2) offered before such date by any risk retention group which had
been chartered and operating for not less than three years before such

(d) Immediately upon receipt of any application for licensing as a
domestic risk retention group, the superintendent shall provide summary
information concerning the filing to the National Association of
Insurance Commissioners.

(e) The name under which a domestic risk retention group may be
chartered and licensed shall be a brief description of its membership
followed by the phrase "Risk Retention Group", and, unless its
membership consists solely of insurers, shall not include the use of the
terms "insurance", "insurance company", "mutual", "reciprocal", or any
similar terms.