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Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

  Chapter 375back to chapter 375

  375.1082.  Type of insurance allowed — annual statement, form — requirements for charter, contents of application. — 1.  A risk retention group shall be chartered and licensed to write only liability insurance pursuant to sections 375.1080 to 375.1105 and, except as provided elsewhere in sections 375.1080 to 375.1105, shall comply with all of the laws, rules, regulations and requirements applicable to such insurers chartered and licensed in this state and with section 375.1085 to the extent such requirements are not a limitation on laws, rules, regulations or requirements of this state.  Notwithstanding any other provision to the contrary, all risk retention groups chartered in this state shall file with the department and the National Association of Insurance Commissioners an annual statement in a form prescribed by the National Association of Insurance Commissioners, and in disketted form if required by the director, and completed in accordance with its instructions and the National Association of Insurance Commissioners Accounting Practices and Procedures Manual.

  2.  Before it may offer insurance in any state, each risk retention group shall also submit for approval to the director a plan of operation or feasibility study.  The risk retention group shall submit an appropriate revision in the event of any subsequent material change in any item of the plan of operation or feasibility study, within ten days of any such change.  The group shall not offer any additional kinds of liability insurance, in this state or in any other state, until a revision of such plan or study is approved by the director.

  3.  At the time of filing its application for charter, the risk retention group shall provide to the director in summary form the following information:  the identity of the initial members of the group, the identity of those individuals who organized the group or who will provide administrative services or otherwise influence or control the activities of the group, the amount and nature of initial capitalization, the coverages to be afforded, and the states in which the group intends to operate.  Upon receipt of this information, the director shall forward such information to the National Association of Insurance Commissioners.  Providing notification to the National Association of Insurance Commissioners is in addition to and shall not be sufficient to satisfy the requirements of sections 375.1080 to 375.1105.

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(L. 1991 H.B. 385, et al. § 26, A.L. 1992 H.B. 1574)


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