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Risk Retention Groups: Definition

Section 5902(n) of New York Insurance Law defines Risk Retention Group, in relevant parts, as follows:

"Risk retention group" means any corporation or other limited liability association formed pursuant to the federal liability risk retention act of 1986:

  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 under paragraph one of this subsection;

  3. which:

    (A) 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

    (B) before January first, nineteen hundred eighty-five, was chartered or licensed and authorized to engage in the business of insurance under the laws of Bermuda or the Cayman Islands and, before such date, had certified to the insurance commissioner of at least one state that it satisfied the capitalization requirements of such state, except that any such group shall be considered to be a risk retention group only if it has been engaged in business continuously since such date and only for the purpose of continuing to provide insurance to cover product liability or completed operations liability.


Risk Retention Groups Notification & Registration

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