(a)A purchasing group which intends to do business in this state shall, prior to doing business, furnish notice to the commissioner which shall include all of the following:
(1)Identify the state in which the group is domiciled.
(2)Identify all other states in which the group intends to do business.
(3)Specify the lines and classifications of liability insurance which the purchasing group intends to purchase.
(4)Identify the insurance company or companies from which the group intends to purchase its insurance and the domicile of any company.
(5)Specify the method by which, and the person or persons, if any, through whom insurance will be offered to its members whose risks are resident or located in this state.
(6)Identify the principal place of business of the group.
Free access — add to your briefcase to read the full text and ask questions with AI
(a) A purchasing group which intends to do business in this state shall, prior to doing business, furnish notice to the commissioner which shall include all of the following:
(1) Identify the state in which the group is domiciled.
(2) Identify all other states in which the group intends to do business.
(3) Specify the lines and classifications of liability insurance which the purchasing group intends to purchase.
(4) Identify the insurance company or companies from which the group intends to purchase its insurance and the domicile of any company.
(5) Specify the method by which, and the person or persons, if any, through whom insurance will be offered to its members whose risks are resident or located in this state.
(6) Identify the principal place of business of the group.
(7) Provide other information as may be required by the commissioner to verify that the purchasing group is qualified under subdivision (10) of Section 27-31A-2.
(b) A purchasing group shall, within 10 days, notify the commissioner of any changes in any of the items set forth in subsection (a) of this section.
(c) The purchasing group shall register with and designate the commissioner, or other appropriate authority, as its agent solely for the purpose of receiving service of legal documents or process, for which a filing fee shall be determined by the commissioner, except that the requirements shall not apply in the case of a purchasing group which only purchases insurance that was authorized under the federal Products Liability Risk Retention Act of 1981, and:
(1) Which in any state of the United States:
a. Was domiciled before April 1, 1986, and
b. Is domiciled on and after October 27, 1986;
(2) Which:
a. Before October 27, 1986, purchased insurance from an insurance carrier licensed in any state, and
b. Since October 27, 1986, purchased its insurance from an insurance carrier licensed in any state; and
(3) Which was a purchasing group under the requirements of the Product Liability Risk Retention Act of 1981 before October 27, 1986.
(d) Each purchasing group that is required to give notice pursuant to subsection (a) of this section shall also furnish the information as may be required by the commissioner to do all of the following:
(1) Verify that the entity qualifies as a purchasing group.
(2) Determine where the purchasing group is located.
(3) Determine appropriate tax treatment.
(e) Any purchasing group which was doing business in this state prior to the enactment of this chapter shall, within 30 days after May 17, 1993, furnish notice to the commissioner pursuant to subsection (a) of this section and furnish information, as may be required, pursuant to subsections (b) and (c) of this section.