[§431K-2]  Risk retention groups charteredin this State.  A risk retention group seeking to be chartered in thisState shall be chartered and licensed as a liability insurance companyauthorized by the insurance laws of this State and, except as providedelsewhere in this chapter, shall comply with all of the laws, rules, andrequirements applicable to these insurers chartered and licensed in this Stateand with section 431K-3 to the extent these requirements are not a limitationon laws, rules, or requirements of this State.  Prior to offering insurance inany state, each risk retention group shall also submit for approval to thecommissioner of this State a plan of operation or a feasibility study andrevisions of such plan or study if the group intends to offer any additionallines of liability insurance.  Immediately upon receipt of an application forcharter, the commissioner shall provide summary information concerning thefiling 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 organizedthe group or who will provide administrative services or otherwise influence orcontrol 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 Associationof Insurance Commissioners is in addition to and shall not be sufficient tosatisfy the requirements of section 431K-3 or any other sections of thischapter. [L 1987, c 180, pt of §1]