In February Commerce Secretary Robert Mosbacher proposed amendments to the Liability Risk Retention Act of 1986
that address many concerns raised in the Department of Commerce's 1987 Implementation Report and 1989 Operations Report.
United Educators is a risk retention group, a kind of company that was enabled by the 1981 Product Liability Risk Retention Act and the amended version, the Federal Liability Risk Retention Act of 1986
. Today, if insureds want to work with a single insurer for all their business needs, they have to go to a traditional insurance company.
The Liability Risk Retention Act of 1986
(RRA) and the Products Liability Risk Retention Act of 1981 were enacted by Congress to permit groups facing similar liability risks to form their own companies to provide liability insurance.
Introduced: To the House on April 15, 2008, as an amendment to the Liability Risk Retention Act of 1986
Swanco appealed a magistrate's decision and contended that the plain meaning of the term "located" in Section 4(f) of the Liability Risk Retention Act of 1986
as well as the legislative history of the statute make it clear that a purchasing group is located in only one state (i.e., the state in which the group is domiciled).
Risk-retention group--An owner-controlled insurance company authorized by the Federal Liability Risk Retention Act of 1986
. An RRG will allow members who engage in similar or related business or activities to write liability insurance for all or any portion of the exposures of group members, excluding first-party coverages such as property, workers' compensation and personal lines.
When the Liability Risk Retention Act of 1986
(RRA) was passed, Congress contemplated that only the participants in a risk retention group (RRG) would capitalize the insurer.
Risk Retention Group (RRG): Association-sponsored company formed by an affinity group to provide liability insurance to the group's members as provided under the Liability Risk Retention Act of 1986
Allowed under the Federal Liability Risk Retention Act of 1986
, RRGs are owned by their policyholders and authorized to only write liability insurance for their owners/policyholders.