§ 5903. Domestic risk retention groups.
(a)A domestic risk retention\ngroup shall, pursuant to the provisions of this chapter, be chartered\nand licensed as a domestic property/casualty insurer to write only\nliability insurance pursuant to this article and, except as provided\nelsewhere in this article, shall comply with all of the laws,\nregulations and orders applicable to property/casualty insurers\norganized and licensed in this state.\n (b) Before it may offer insurance in any state, each domestic risk\nretention group shall submit to the superintendent for approval a plan\nof operation or feasibility study, and shall also submit a completed\nNational Association of Insurance Commissioners risk retention report\nform to the superintendent. Such group shall submit an appropriate\n
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§ 5903. Domestic risk retention groups. (a) A domestic risk retention\ngroup shall, pursuant to the provisions of this chapter, be chartered\nand licensed as a domestic property/casualty insurer to write only\nliability insurance pursuant to this article and, except as provided\nelsewhere in this article, shall comply with all of the laws,\nregulations and orders applicable to property/casualty insurers\norganized and licensed in this state.\n (b) Before it may offer insurance in any state, each domestic risk\nretention group shall submit to the superintendent for approval a plan\nof operation or feasibility study, and shall also submit a completed\nNational Association of Insurance Commissioners risk retention report\nform to the superintendent. Such group shall submit an appropriate\nrevision in the event of any subsequent material change in any item of\nthe plan of operation or feasibility study within ten days of any such\nchange. Such group shall not offer any additional kinds of liability\ninsurance in any state until a revision of the plan or study has been\napproved by the superintendent.\n (c) The submission of a plan of operation or feasibility study shall\nnot be required with respect to any kind or classification of liability\ninsurance which was:\n (1) defined in the federal Product Liability Risk Retention Act of\n1981 (Public Law 97-45) before October twenty-seventh, nineteen hundred\neighty-six; and\n (2) offered before such date by any risk retention group which had\nbeen chartered and operating for not less than three years before such\ndate.\n (d) Immediately upon receipt of any application for licensing as a\ndomestic risk retention group, the superintendent shall provide summary\ninformation concerning the filing to the National Association of\nInsurance Commissioners.\n (e) The name under which a domestic risk retention group may be\nchartered and licensed shall be a brief description of its membership\nfollowed by the phrase "Risk Retention Group", and, unless its\nmembership consists solely of insurers, shall not include the use of the\nterms "insurance", "insurance company", "mutual", "reciprocal", or any\nsimilar terms.\n