Delaware Risk Retention Group/Risk Purchasing Group Requirements are the rules and regulations that must be followed by organizations that wish to form a Risk Retention Group or Risk Purchasing Group in the state of Delaware. These requirements include, but are not limited to, the following: 1. A Risk Retention Group or Risk Purchasing Group must be incorporated in the state of Delaware, and must include at least three members from Delaware. 2. The Risk Retention Group/Risk Purchasing Group must have a minimum capital/surplus of $300,000, and must demonstrate financial stability. 3. The Risk Retention Group/Risk Purchasing Group must obtain a Certificate of Authority from the Delaware Department of Insurance. 4. The Risk Retention Group/Risk Purchasing Group must follow all applicable state and federal laws. 5. The Risk Retention Group/Risk Purchasing Group must have clearly defined membership criteria. 6. The Risk Retention Group/Risk Purchasing Group must provide its members with evidence of coverage. 7. The Risk Retention Group/Risk Purchasing Group must maintain appropriate reserves. 8. The Risk Retention Group/Risk Purchasing Group must submit an annual statement to the Delaware Department of Insurance. 9. The Risk Retention Group/Risk Purchasing Group must abide by the rules and regulations of the Delaware Department of Insurance.
Delaware Risk Retention Group/Risk Purchasing Group Requirements
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FAQ
Which of the following was designed to regulate the operation of risk retention groups and purchasing groups in California? The Federal Liability Risk Retention Act regulates both the formation and operation of risk retention groups and purchasing groups.
What are the Differences? The key difference between risk retention groups (RRGs) and risk purchasing groups (RPGs) is that RRGs retain risk while RPGs do not. RPGs purchase insurance from an insurer, who serves as the risk bearer. RRGs bear the risk of loss themselves and act as the insurer.
How are risk Retention groups regulated? they are subject to less state regulation then regular insurance groups.
A risk retention group need be licensed and admitted only in its state of domicile, where it is subject to the regulatory requirements and financial status reviews of that state's insurance department.
Members of an RRG must be engaged in similar activities or related with respect to liability exposures by virtue of any related or common business exposure, trade, product, service, or premise. The number of risk retention groups is likely to increase when insurance is either unavailable or unaffordable.
Regulation of RRGs is limited by the LRRA to the state of domicile. That is, the LRRA preempts many of the typical rights and authorities of the non-domiciliary state.
The owners of an RRG can only be persons who comprise its membership and who are insured by the group. A RRG may be owned by an organization if the membership comprises the insured members of the group.
(6) Any risk retention group must submit to an examination by the Commissioner to determine its financial condition if the superintendent or Commissioner of the jurisdiction in which the group is chartered and licensed has not initiated an examination within 60 days after a request by the Commissioner of the District.