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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