20-2402. Risk retention groups chartered and
licensed in this state
A. A risk retention group, pursuant to this title, shall be chartered and licensed
to write only liability insurance pursuant to this chapter and, except as provided in
this chapter, must comply with this title with respect to insurers which are chartered
and licensed in this state and with section 20-2403. Before it may offer insurance in
any state, each risk retention group shall also submit for approval to the director a
plan of operation or a feasibility study and revisions of the plan or study if the group
intends to offer any additional lines of liability insurance. The group shall not offer
any additional kinds of liability insurance in this state or in any other state until a
revision of the plan or study is approved by the director.
B. Immediately on receipt of an application for a charter, this state 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.
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