New York Gov. Kathy Hochul has signed legislation that should make it easier for nonprofit groups to find auto insurance coverage through risk retention groups. Assembly Bill 5718 and its companion Senate bill allows out-of-state risk retention groups, starting in …
Risk retention groups may not be the sexiest of insurance topics, but they have gained new attention this week after the Florida House of Representatives approved a bill that would require strong financial ratings for the groups that operate in …
When is an insurance commissioner not a governmental authority? A federal district judge reminds us that a state insurance commissioner, when acting as receiver of an insolvent insurer, acts in a different capacity to his governmental role. This principle can …
Risk retention groups continue to display strong and stable results, according to a recent analysis of year-end 2012 financial information. Demotech Inc., a financial analysis firm specializing in evaluating the financial stability of regional and specialty insurers, analyzed the reported …
First quarter 2012 reported financial information indicates risk retention groups continue to exhibit financial stability. RRGs reported a $10 million net underwriting loss collectively, however, they also reported $49.8 million net income for first quarter 2012, according to an analysis …
The federal law governing risk retention groups should be clarified to reduce the number of disagreements between RRG managers and state regulators and to clarify the coverage RRGs may offer, a Congressional report advises. The Government Accountability Office said varying …
Catalina Holdings (Bermuda) Ltd announced that following regulatory approval from the Colorado and Hawaii Departments of Insurance, it has completed the acquisition of Residential Loss Control Holdings, LLC (RLCH), which owns two risk retention groups, National Home Insurance Company (NHIC) …
A Tennessee judge has set May 16 as the final date to resolve all outstanding claims against three insolvent risk retention groups that were closed in 2003 after the failure of their Virginia reinsurer, Reciprocal of America. Three Tennessee companies …
