Qualifications for risk retention group
- • plan of operation
- • application
- • notification to National Association of Insurance Commissioners
(1) A risk retention group seeking to be organized in this state:
(a) Must be organized as a liability insurer in this state and authorized by a subsisting certificate of authority issued by the director to transact liability insurance in this state, as provided in ORS chapter 732; and
(b) Except as otherwise provided in ORS 735.300 (Purpose of ORS 735.300 to 735.365) to 735.365 (Short title), must comply with all laws, rules and other requirements applicable to such insurers authorized to transact insurance in this state and with ORS 735.315 (Foreign risk retention groups) to the extent the requirements under ORS 735.315 (Foreign risk retention groups) are not a limitation on other laws, rules or requirements of this state.
(2) Before a risk retention group may offer insurance in any state, the risk retention group shall submit for approval to the director 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.
(3) Immediately upon receipt of an application for organization, the director shall provide summary information concerning the filing to the National Association of Insurance Commissioners, including the name of the risk retention group, the identity of the initial members of the group, 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, the amount and nature of initial capitalization, the coverages to be afforded and 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 ORS 735.300 (Purpose of ORS 735.300 to 735.365) to 735.365 (Short title). [1987 c.774 §100]
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