California Insurance Code CHAPTER 1.5 - Risk Retention

• Section 125.
  This chapter shall be known and may be cited as the California Risk Retention Act of 1991.(Amended by Stats. 1991, Ch. 1040, Sec. 3.)
• Section 126.
  The Legislature finds and declares that the provisions of this chapter are for the purpose of providing a means for a bona fide for-profit or...
• Section 127.
  Unless the context otherwise requires, the general provisions hereinafter set forth shall govern the application of this chapter and supersede any other provisions of law...
• Section 128.
  The purposes of this chapter are as follows:(a) To regulate the formation and operation of risk retention groups and purchasing groups in this state formed pursuant...
• Section 130.
  The following definitions govern this chapter:(a) “Commissioner” means the Insurance Commissioner of this state or the commissioner, director, or superintendent of insurance of any other state.(b) “Domicile,”...
• Section 131.
  (a) An entity seeking to be licensed in this state as a risk retention group shall be organized under the laws of this state and licensed...
• Section 132.
  Risk retention groups chartered, incorporated, or licensed in states other than this state and seeking to do business as a risk retention group in this...
• Section 133.
  (a) No risk retention group shall be required or permitted to join or contribute financially to any insurance insolvency guaranty fund, or similar mechanism, in this...
• Section 134.
  (a) A purchasing group that intends to do business in this state shall, prior to doing business, furnish to the commissioner notice, doing all of the...
• Section 135.
  (a) No purchasing group may offer insurance policy coverage prohibited by Section 533.5 or declared invalid by the Supreme Court of California. (b) A purchasing group which...
• Section 136.
  The powers authorized by this chapter shall only be exercised to the extent these powers are not preempted by the Product Liability Risk Retention Act...
• Section 137.
  (a) No person, firm, association, or corporation shall act or aid in any manner in soliciting, negotiating, or procuring liability insurance in this state from a...
• Section 138.
  There shall be no civil liability on the part of any agent or broker who places liability insurance coverage on behalf of any risk retention...
• Section 140.
  The commissioner may order a purchasing group or risk retention group to cease and desist from the solicitation or sale of insurance by, or the...

Last modified: October 22, 2018