PARRIS N. GLENDENING, Governor

Ch. 11

(9) THE NAME OF WHICH INCLUDES THE PHRASE "RISK RETENTION
GROUP".

REVISOR'S NOTE: This subsection is new language derived without substantive
change from former Art. 48A, § 617(k).

In item (4)(ii)2 of this subsection, the former reference to product liability or
completed operations liability "defined in the Product Liability Risk
Retention Act of 1981 prior to the enactment of the Risk Retention
Amendments of 1986" is deleted as unnecessary and redundant since the
terms are defined in this subsection for purposes of this subtitle.

Defined terms: "Completed operations liability" § 25-101
"Insurance" § 25-101
"Liability" § 25-101
"Person" § 1-101
"Product liability" § 25-101
"Reinsurance" § 1-101
"State" § 25-101

(K) STATE.

"STATE" MEANS A STATE OF THE UNITED STATES OR THE DISTRICT OF
COLUMBIA.

REVISOR'S NOTE: This subsection formerly was Art. 48A, § 617(1).

The only changes are in style.

25-102. DOMESTIC RISK RETENTION GROUPS.

(A)     GENERAL REQUIREMENTS.

A RISK RETENTION GROUP THAT SEEKS TO BE CHARTERED IN THE STATE:

(1)      SHALL BE CHARTERED AND LICENSED AS A LIABILITY INSURANCE
COMPANY IN CONFORMANCE WITH ALL INSURANCE LAWS AND REGULATIONS OF
THE STATE; AND

(2)      EXCEPT AS OTHERWISE PROVIDED IN THIS SUBTITLE, SHALL
COMPLY WITH:

(I)      ALL THE LAWS, REGULATIONS, AND REQUIREMENTS
APPLICABLE TO INSURERS CHARTERED AND LICENSED IN THE STATE; AND

(II)    THE REQUIREMENTS OF § 25-103 OF THIS SUBTITLE, TO THE
EXTENT THAT THOSE REQUIREMENTS ARE NOT A LIMITATION ON THE LAWS,
REGULATIONS, OR REQUIREMENTS OF THE STATE.

(B)     PLAN OF OPERATION OR FEASIBILITY STUDY.

(1) BEFORE A RISK RETENTION GROUP MAY OFFER INSURANCE IN A
STATE, THE RISK RETENTION GROUP SHALL SUBMIT A PLAN OF OPERATION OR
FEASIBILITY STUDY TO THE COMMISSIONER FOR APPROVAL.

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