[§431K-2] Risk retention groups chartered in this State. A risk retention group seeking to be chartered in this State shall be chartered and licensed as a liability insurance company authorized by the insurance laws of this State and, except as provided elsewhere in this chapter, shall comply with all of the laws, rules, and requirements applicable to these insurers chartered and licensed in this State and with section 431K-3 to the extent these requirements are not a limitation on laws, rules, or requirements of this State. Prior to offering insurance in any state, each risk retention group shall also submit for approval to the commissioner of this State a plan of operation or a feasibility study and revisions of such plan or study if the group intends to offer any additional lines of liability insurance. Immediately upon receipt of an application for charter, the commissioner shall provide summary information concerning the filing to the National Association of Insurance Commissioners, including:
(1) The name of the risk retention group;
(2) The identity of the initial members of the group;
(3) 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;
(4) The amount and nature of initial capitalization;
(5) The coverages to be afforded; and
(6) The states in which the group intends to operate.
Providing notification to the National Association of Insurance Commissioners is in addition to and shall not be sufficient to satisfy the requirements of section 431K-3 or any other sections of this chapter. [L 1987, c 180, pt of §1]
Section: Previous 431k-1 431k-1.5 431k-2 431k-3 431k-3.5 431k-4 431k-5 431k-6 431k-7 431k-7.1 431k-7.5 431k-8 431k-9 431k-10 431k-11 NextLast modified: October 27, 2016