Texas Notification to the Commissioner for Registration as a Purchasing Group — Form PG1 is a document used by organizations in the State of Texas to register as a purchasing group. It is required for any organization that wants to enter into a purchasing agreement with another organization in the State of Texas. The form requires the organization to provide information such as the name and address of the purchasing group, a list of members of the purchasing group, the name and address of the person responsible for the purchasing agreement, and the contact information for the purchasing group. The form must be signed and submitted to the Commissioner for Registration as a Purchasing Group in order to be approved. There are three types of Texas Notification to the Commissioner for Registration as a Purchasing Group — Form PG1: Original Registration, Renewal Registration, and Withdrawal Registration.
Texas Notification to the Commissioner for Registration as a Purchasing Group - Form PG1
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How to fill out Texas Notification To The Commissioner For Registration As A Purchasing Group - Form PG1?
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FAQ
Authorized by the Liability Risk Retention Act of 1986, a purchasing group is a group formed to obtain liability coverage for its members, all of which must have similar or related exposures.
A Purchasing Group is a group of organizations that have banded together to scale economies and increase their purchasing power with suppliers. For example, imagine that a procurement team at an eCommerce business has been directed to buy a fleet of delivery vans.
A risk purchasing group is not an insurer at all, but provides the means for a group of businesses to purchase liability insurance through an admitted or nonadmitted insurer on a group basis with minimal oversight by state regulatory authorities.
A risk purchasing group is not an insurer at all, but provides the means for a group of businesses to purchase liability insurance through an admitted or nonadmitted insurer on a group basis with minimal oversight by state regulatory authorities.
The principal difference between the two is that a risk retention group retains risks while a risk-purchasing group does not. RRG members are typically required to capitalize the company whereas RPGs require no capital.
RPGs purchase insurance from an insurer, who serves as the risk bearer. RRGs bear the risk of loss themselves and act as the insurer. Other differences come from the way in which the two entities are regulated, both under the 1986 Federal Liability Risk Retention Act, as well as state laws.
By definition, a purchasing group is a company responsible for centralising the purchases of its members. It acts as a service provider. Its members can be retailers, wholesalers or independent distributors. The aim is for each of them to benefit from the economic strength of the group.