Indiana § 27-7-10-13 - Establishment of risk retention groups; certificate of authority; submission of plan of operation or feasibility study; revision of plan; required information

§ 27-7-10-13. Establishment of risk retention groups; certificate of authority; submission of plan of operation or feasibility study; revision of plan; required information

Sec. 13. (a) This section governs the establishment of a risk retention group in Indiana.

(b) A risk retention group may be organized and may obtain a certificate of authority under IC 27-1-6 to write only liability insurance pursuant to this chapter. Except as otherwise provided in this chapter, a risk retention group established under this section shall comply with:

(1) all laws and rules that apply to insurers that are chartered and licensed in Indiana; and

(2) sections 14 through 22 of this chapter;

to the extent that the requirements referred to in subdivisions (1) and (2) are not a limitation on the laws, rules, or requirements of this state.

(c) Before a risk retention group to be established under this section may offer insurance in any state, the organizers of the risk retention group shall submit for approval to the commissioner of this state a plan of operation or feasibility study. The risk retention group shall submit an appropriate revision in the event of any subsequent material change in an item of the plan of operation or feasibility study, within ten (10) days of the change. A risk retention group established under this section may not offer any additional kinds of liability insurance, in Indiana or any other state, until a revision of the plan of operation or feasibility study is approved by the commissioner.

(d) At the time that an application is submitted for a certificate of authority for a risk retention group, the organizers of the risk retention group shall provide to the commissioner of this state, in summary form, the following information:

(1) The identity of the initial members of the group.

(2) The identity of those individuals who organized the group or who will provide administrative services or otherwise influence or control the activities of the group.

(3) The amount and nature of initial capitalization of the group.

(4) The types of insurance coverage to be afforded by the group.

(5) The states in which the group intends to operate.

(e) Upon receiving the information required by subsection (d), the commissioner of this state shall forward the information to the National Association of Insurance Commissioners. The requirement to provide information to the National Association of Insurance Commissioners under this section is in addition to all other requirements of this chapter, and providing this information does not satisfy the requirements of sections 14 through 22 or any other sections of this chapter.

As added by P.L.162-1988, SEC.2.