Download or read book Risk Retention Groups written by U.s. Government Accountability Office and published by Createspace Independent Publishing Platform. This book was released on 2017-08-10 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: Congress authorized the creation ofrisk retention groups (RRG)a groupof similar businesses that creates itsown insurance company to insure itsriskto increase the affordability andavailability of commercial liabilityinsurance. Through the Liability RiskRetention Act (LRRA), Congresspartially preempted state insurancelaws to allow RRGs licensed in onestate (the domiciliary state) to operatein all other states (nondomiciliarystates) with minimal additionalregulation. In a 2005 report(GAO-05-536), GAO noted concernswith the adequacy of RRG regulation.This report (1) describes changes inthe financial condition of the RRGindustry from 2004 to 2010;(2) examines the regulatory treatmentof RRGs across domiciliary andnondomiciliary states; and(3) examines changes to federal andstate regulatory practices regardingRRGs since 2004. GAO analyzedRRG financial data, surveyed stateinsurance regulators (96 percentresponse rate), and interviewed RRGindustry representatives.

Download or read book Risk Retention Report to the Congress written by Ben S. Bernanke and published by DIANE Publishing. This book was released on 2011-02 with total page 96 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Risk Retention Amendments of 1986 written by United States. Congress. Senate. Committee on Commerce, Science, and Transportation. Subcommittee for Consumers and published by . This book was released on 1986 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Risk Retention Acts written by and published by . This book was released on 2003 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Risk retention groups and risk purchasing groups are alternative insurance entities authorized by Congress to expand insurance supply through a simplification of insurance regulation. The McCarran-Ferguson Act of 1945 generally leaves the regulation of the business of insurance to the individual states. In 1981 and 1986, however, Congress crafted a narrow exception to the usual state insurance regulations for these groups, largely exempting them from multiple state oversight. Membership in risk retention and purchasing groups is limited to commercial enterprises and governmental bodies, and the risks insured by these groups are limited to liability risks. Over the past two decades, interest -- both in Congress and in the market -- in these groups has varied largely with the vagaries of the regular insurance market. Since 2001, the insurance market has been in one of its periodic "hard" markets and regular insurance has become increasingly expensive and sometimes unavailable. During this time, the numbers of risk retention groups have risen dramatically and calls are being heard to expand the scope of insurance that they are allowed to offer. At the same time, some problems have occurred in individual risk retention groups and cautionary voices are also being heard. The fundamental questions surrounding Risk Retention Act expansion are essentially the same as those addressed by Congress in prior consideration of the issue. Stripping away jargon, this question can be posed as an issue of availability vs. reliability. Those who would support expansion often focus on a failure of the current insurance market, and the current regulatory system, to make a sufficient supply of insurance available so that consumers who need insurance can find it at a reasonable price. The question they pose is essentially: "What happens to a community when a business, a school, or a doctor can not afford or find insurance?" Those who would oppose expansion often focus on the dangers in allowing insurance to be sold that is not subject to same regulatory standards as "normal" insurance. The question this group poses is essentially: "What happens to a community if the insurer from which this business, school, or doctor purchases insurance ends up bankrupt or if the policy does not cover what needs to be covered?" This report outlines the current regulatory structures affecting risk retention and risk purchasing groups as well as the legislative and market history of these groups. It also discusses the current debate regarding possible expansion of these groups into areas beyond commercial liability insurance. This report will be updated as significant legislative events occur.

Download or read book Understanding the Implications and Consequences of the Proposed Rule on Risk Retention written by United States. Congress. House. Committee on Financial Services. Subcommittee on Capital Markets and Government Sponsored Enterprises and published by . This book was released on 2011 with total page 380 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Understanding the Implications and Consequences of the Proposed Rule on Risk Retention written by United States House of Representatives and published by . This book was released on 2019-10-31 with total page 374 pages. Available in PDF, EPUB and Kindle. Book excerpt: Understanding the implications and consequences of the proposed rule on risk retention: hearing before the Subcommittee on Capital Markets and Government Sponsored Enterprises of the Committee on Financial Services, U.S. House of Representatives, One Hundred Twelfth Congress, first session, April 14, 2011.

Download or read book Risk Retention Amendments of 1986 written by United States. Congress. House. Committee on Energy and Commerce and published by . This book was released on 1986 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Risk Retention Groups written by Richard J. Hillman and published by DIANE Publishing. This book was released on 2006-02 with total page 118 pages. Available in PDF, EPUB and Kindle. Book excerpt: Risk retention groups (RRG) increase the avail. & affordability of commercial liab. insur. An RRG is a group of similar bus. that creates its own insur. co. to self-insure its risks. Through the Liab. Risk Retention Act (LRRA), Congress partly preempted state insur. law to create a regulatory framework for RRGs. Recent shortages of affordable liab. insur. have increased RRG formations, but recent failures of RRGs raised questions about the adequacy of RRG reg. This report: examines the effect of RRGs on insur. avail. & affordability; assesses whether LRRA's preemption has resulted in significant regulatory problems; & evaluates the sufficiency of LRRA's ownership, control, & governance prov. in protecting the best interests of the insureds.

Download or read book Understanding the Implications and Consequences of the Proposed Rule on Risk Retention written by United States. Subcommittee on Capital Markets and Government Sponsored Enterprises. Committee on Financial Services. House. Congress and published by . This book was released on 2011 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Macroeconomic Effects of Risk Retention Requirements written by Timothy F. Geithner and published by DIANE Publishing. This book was released on 2011 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Clarification of the Risk Retention Act written by United States. Congress. Senate. Committee on Commerce, Science, and Transportation and published by . This book was released on 1983 with total page 5 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Liability Risk Retention Amendments written by United States. Congress. House. Committee on Energy and Commerce. Subcommittee on Commerce, Consumer Protection, and Competitiveness and published by . This book was released on 1991 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Risk Retention written by United States. Congress. Senate. Committee on Commerce, Science, and Transportation. Subcommittee on the Consumer and published by . This book was released on 1989 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The State of Securitization Markets written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on Securities, Insurance, and Investment and published by . This book was released on 2011 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Risk Retention Amendments of 1986 written by United States. Congress. Senate. Committee on Commerce, Science, and Transportation and published by . This book was released on 1986 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Risk retention groups common regulatory standards and greater member protections are needed report to the Chairman Committee on Financial Services House of Representatives written by and published by DIANE Publishing. This book was released on with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book United States Congressional Serial Set Catalog written by and published by . This book was released on 1988 with total page 834 pages. Available in PDF, EPUB and Kindle. Book excerpt: