Ch. 29

LAWS OF MARYLAND

[(2)] (3) Historical and expected loss experience of
the proposed members and national experience of similar
exposures, to the extent this experience is reasonably available;

[(3)] (4) Pro forma financial statements and
projections;

[(4)] (5) Appropriate opinions by a qualified,
independent casualty actuary, including a determination of
minimum premium or participation levels required to commence
operations and to prevent a hazardous financial condition;

[(5)] (6) Identification of management, underwriting
AND CLAIMS procedures, MARKETING METHODS, managerial oversight
methods, [and] investment policies AND REINSURANCE AGREEMENTS;
[and]

(7) IDENTIFICATION OF EACH STATE IN WHICH THE RISK
RETENTION GROUP HAS OBTAINED, OR SOUGHT TO OBTAIN, A CHARTER AND
LICENSE, AND A DESCRIPTION OF ITS STATUS IN EACH STATE
IDENTIFIED; AND

[(6)] (8) Such other matters as may be prescribed by
the Commissioner OF THE STATE IN WHICH THE RISK RETENTION GROUP
IS CHARTERED for liability insurance companies authorized by the
insurance laws of [the] THAT state [in which the risk retention
group is chartered].

(k) "Risk retention group" means any corporation or other
limited liability association formed under the laws of any state,
Bermuda, or the Cayman Islands:

(1)  Whose primary activity consists of assuming and
spreading all, or any portion, of the liability exposure of its
group members;

(2)  Which is organized for the primary purpose of
conducting the activity described in paragraph (l) of this
subsection;

(3)  Which:

(i) Is chartered and licensed as a liability
insurance company, and authorized to engage in the business of
insurance under the laws of any state; or

(ii) 1. Before January 1, 1985, was chartered
or licensed and authorized to engage in the business of insurance
under the laws of Bermuda or the Cayman Islands and before that
date, had certified to the insurance commissioner of at least 1
state that it satisfied the capitalization requirements of such
state;

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