Ch. 396

LAWS OF MARYLAND

RISK RETENTION GROUPS CHARTERED IN A STATE OTHER THAN THIS
STATE, AND SEEKING TO DO BUSINESS AS A RISK RETENTION GROUP IN
THIS STATE, SHALL OBSERVE AND ABIDE BY THE LAWS OF THIS STATE AS
FOLLOWS:

(A) BEFORE OFFERING INSURANCE IN THIS STATE, AND IN ORDER
TO CONTINUE TO OFFER INSURANCE IN THIS STATE, A RISK RETENTION
GROUP SHALL SUBMIT TO THE COMMISSIONER:

(1) A STATEMENT IDENTIFYING:

(I)  THE STATE OR STATES IN WHICH THE RISK
RETENTION GROUP IS CHARTERED AND LICENSED AS A LIABILITY
INSURANCE COMPANY;

(II)  THE DATE OF CHARTERING AND LICENSING;

(III)   ITS PRINCIPAL PLACE OF BUSINESS; AND

(IV)  ANY OTHER INFORMATION, INCLUDING
INFORMATION ON ITS MEMBERSHIP, AS THE COMMISSIONER MAY REQUIRE TO
VERIFY THAT THE RISK RETENTION GROUP IS QUALIFIED UNDER SECTION §
617(K) OF THIS SUBTITLE;

(2)  (I) A COPY OF ITS PLAN OF OPERATION OR
FEASIBILITY STUDY AND REVISIONS OF SUCH PLAN OR STUDY SUBMITTED
TO ITS STATE OF DOMICILE;

(II) THE PROVISION OF PARAGRAPH (2) (I) OF THIS
SUBSECTION DOES NOT APPLY TO ANY LINE OR CLASSIFICATION OF
LIABILITY INSURANCE WHICH:

1.  WAS DEFINED IN THE PRODUCT LIABILITY
RISK RETENTION ACT OF 1981 PRIOR TO OCTOBER 27, 1986; AND

2.  WAS OFFERED BEFORE OCTOBER 27, 1986 BY
ANY RISK RETENTION GROUP WHICH HAD BEEN CHARTERED AND OPERATING
FOR NOT LESS THAN 3, YEARS PRIOR TO THAT DATE;

(3)  A STATEMENT OF REGISTRATION DESIGNATING THE
COMMISSIONER AS ITS AGENT FOR THE PURPOSE OF RECEIVING SERVICE OF

LEGAL DOCUMENTS OR PROCESS;

(4)  A COPY OF THE GROUP'S FINANCIAL STATEMENT
SUBMITTED TO ITS STATE OF DOMICILE, WHICH SHALL BE CERTIFIED, BY
AN INDEPENDENT PUBLIC ACCOUNTANT AND CONTAIN A STATEMENT OF
OPINION ON LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES MADE BY A
MEMBER OF THE AMERICAN ACADEMY OF ACTUARIES OR A QUALIFIED LOSS
RESERVE SPECIALIST, UNDER CRITERIA ESTABLISHED BY THE NATIONAL
ASSOCIATION OF INSURANCE COMMISSIONERS;

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