58-6A RISK RETENTION GROUPS
RISK RETENTION GROUPS
Definition of terms.
Charter and license of risk retention group--Approval of plan of operation or
feasibility study--Revision of plan or study--Notice to National Association of
Information submitted to director.
Majority of risk retention group directors to be independent--Board determinations
as to material relationship.
Criteria of material relationship.
Material service provider contracts.
Notice to director of intent to enter into service provider contract meeting criteria of
Written policy in plan of operation.
Members of audit committee.
Purpose of audit committee.
Waiver of audit committee requirement.
Code of business conduct and ethics.
Notice to director of noncompliance with standards.
Application of §§ 58-6A-1 to 58-6A-3.11.
Financial information submitted to director.
Taxation of premiums--Payment by insurance producers or brokers--Payment by risk
retention group--Report of premiums.
Rate of taxation on premiums--Interest, fines and penalties--Payment.
Compliance with Unfair Trade Practices Act.
Compliance with laws regarding deceptive, false, or fraudulent acts or practices--Injunction.
Examination by director.
Notice contained on policy--Contents.
Prohibited acts by risk retention group.
Insurance company as member or owner.
Compliance with voluntary dissolution or delinquency order by group not chartered
if financially impaired.
Financial contribution to or benefit from insurance insolvency guaranty fund
Countersignature on policy not required.
Prohibited insurance coverage.
Exemptions for purchasing group and insurer in regard to liability insurance--Subject
to other laws.
Notice to director--Contents.
Notice to director of changes.
Information required by director--Time for giving notice and information.
Designation of director as agent for purchasing group--Exceptions.
Purchase from risk retention group not chartered or insurer not admitted in state
Notice of unprotected risk when liability insurance obtained from insurer not
admitted in this state or risk retention group.
Purchase of insurance providing for deductible or self-induced retention applicable
to whole group prohibited--Application to individuals allowed--Aggregate limits
Insurance producer or broker license required for purchasing liability insurance from
risk retention group.
Insurance producer or broker license required to solicit liability insurance for
purchasing group from insurer or risk retention group.
Insurance producer or broker license required to solicit liability insurance for member
of purchasing group.
Surplus lines producer or excess line producer license required to solicit liability
insurance from unauthorized insurer for purchasing group.
Director's use of enforcement powers--Injunctive authority.
Penalty for violation.
Broker license--Waiver of residency requirements.
Enforcement of injunction against risk retention group in hazardous financial
Promulgation of rules.