375.1082. Type of insurance allowed--annual statement, form--requirements for charter, contents of application.
Type of insurance allowed--annual statement, form--requirements forcharter, contents of application.
375.1082. 1. A risk retention group shall be chartered andlicensed to write only liability insurance pursuant to sections375.1080 to 375.1105 and, except as provided elsewhere insections 375.1080 to 375.1105, shall comply with all of the laws,rules, regulations and requirements applicable to such insurerschartered and licensed in this state and with section 375.1085 tothe extent such requirements are not a limitation on laws, rules,regulations or requirements of this state. Notwithstanding anyother provision to the contrary, all risk retention groupschartered in this state shall file with the department and theNational Association of Insurance Commissioners an annualstatement in a form prescribed by the National Association ofInsurance Commissioners, and in disketted form if required by thedirector, and completed in accordance with its instructions andthe National Association of Insurance Commissioners AccountingPractices and Procedures Manual.
2. Before it may offer insurance in any state, each riskretention group shall also submit for approval to the director aplan of operation or feasibility study. The risk retention groupshall submit an appropriate revision in the event of anysubsequent material change in any item of the plan of operationor feasibility study, within ten days of any such change. Thegroup shall not offer any additional kinds of liabilityinsurance, in this state or in any other state, until a revisionof such plan or study is approved by the director.
3. At the time of filing its application for charter, therisk retention group shall provide to the director in summaryform the following information: the identity of the initialmembers of the group, the identity of those individuals whoorganized the group or who will provide administrative servicesor otherwise influence or control the activities of the group,the amount and nature of initial capitalization, the coverages tobe afforded, and the states in which the group intends tooperate. Upon receipt of this information, the director shallforward such information to the National Association of InsuranceCommissioners. Providing notification to the NationalAssociation of Insurance Commissioners is in addition to andshall not be sufficient to satisfy the requirements of sections375.1080 to 375.1105.
(L. 1991 H.B. 385, et al. § 26, A.L. 1992 H.B. 1574)