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Risk Retention Groups: Clarifications Could Faciitate Statesäó» Implementation of the Liability Risk Retention Act
Risk Retention Groups: Clarifications Could Faciitate Statesäó» Implementation of the Liability Risk Retention Act
 
Our Price: $25.00
By Alicia Puente Cackley (au)
Year: 2011
Pages: 58
Binding Paperback
ISBN 978-1-4578-2714-3

Product Code: 145782714X

Description
 
Congress authorized the creation of risk retention groups (RRG) -- a group of similar businesses that creates its own insurance company to insure its risk -- to increase the affordability and availability of commercial liability insurance. Through the Liability Risk Retention Act (LRRA), Congress partially preempted state insurance laws to allow RRGs licensed in one state (the domiciliary state) to operate in all other states (nondomiciliary states) with minimal additional regulation. In a 2005 report, GAO noted concerns with the adequacy of RRG regulation. This 2011 report (1) describes changes in the financial condition of the RRG industry from 2004 to 2010; (2) examines the regulatory treatment of RRGs across domiciliary and nondomiciliary states; and (3) examines changes to federal and state regulatory practices regarding RRGs since 2004. Figures. This is a print on demand report.

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