58-6A RISK RETENTION GROUPS
RISK RETENTION GROUPS
Definition of terms.
Charter and license of risk retention group--Approval of plan of operation--Notice to
National Association of Insurance Commissioners.
Information submitted to director--Contents.
Financial information submitted to director.
Taxation of premiums--Payment by insurance producers or brokers--Payment by risk
retention group--Report of premiums.
Rate of taxation on premiums--Interest, fines and penalties--Payment.
Compliance with Unfair Trade Practices Act.
Compliance with laws regarding deceptive, false, or fraudulent acts or practices--Injunction.
Examination by director.
Notice contained on policy--Contents.
Prohibited acts by risk retention group.
Insurance company as member or owner.
Compliance with voluntary dissolution or delinquency order by group not chartered if
Financial contribution to or benefit from insurance insolvency guaranty fund prohibited.
Countersignature on policy not required.
Prohibited insurance coverage.
Exemptions for purchasing group and insurer in regard to liability insurance--Subject to
Notice to director--Contents.
Notice to director of changes.
Information required by director--Time for giving notice and information.
Designation of director as agent for purchasing group--Exceptions.
Purchase from risk retention group not chartered or insurer not admitted in state
Notice of unprotected risk when liability insurance obtained from insurer not admitted in
this state or risk retention group.
Purchase of insurance providing for deductible or self-induced retention applicable to
whole group prohibited--Application to individuals allowed--Aggregate limits standards.
Insurance producer or broker license required for purchasing liability insurance from risk
Insurance producer or broker license required to solicit liability insurance for purchasing
group from insurer or risk retention group.
Insurance producer or broker license required to solicit liability insurance for member of
Surplus lines producer or excess line producer license required to solicit liability insurance
from unauthorized insurer for purchasing group.
Director's use of enforcement powers--Injunctive authority.
Penalty for violation.
Broker license--Waiver of residency requirements.
Enforcement of injunction against risk retention group in hazardous financial condition.
Promulgation of rules.