§ 27-7-10-8 — "Plan of operation or feasibility study" defined

Indiana § 27-7-10-8

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 7: SPECIAL TYPES OF INSURANCE
• Ch. 10: Risk Retention Groups

Text

As used in this chapter, "plan of operation or
feasibility study" means an analysis that presents the expected activities
and results of a risk retention group including, at a minimum, the
following:
(1) Information sufficient to verify that the members of the risk
retention group are engaged in businesses or activities similar or
related with respect to the liability to which those members are
exposed by virtue of any related, similar, or common business,
trade, product, services, premises, or operations.
(2) For each state in which the risk retention group intends to
operate, the coverages, deductibles, coverage limits, rates, and
rating classification systems for each line of insurance the group
intends to offer.
(3) Historical and expected loss experience of the proposed
members of the risk retention group and national experience of
similar exposures to the extent that this experience is reasonably
available.
(4) Pro forma financial statements and projections.
(5) Appropriate opinions by a qualified, independent casualty
actuary, including a determination of minimum premium or
participation levels required to commence operations and to
prevent a hazardous financial condition.
(6) Identification of management, underwriting, and claims
procedures, marketing methods, managerial oversight methods,
investment policies, and reinsurance agreements.
(7) Identification of each state in which the risk retention group
has obtained, or sought to obtain, a charter and license, and a
description of its status in each state.
(8) Such other matters as may be prescribed by the commissioner
of the state in which the risk retention group is chartered for
liability insurance companies authorized by the insurance laws of
that state.

Legislative History

As added by P.L.162-1988, SEC.2.