Business Services Industry
RRG group seeks OK to write property cover; ARRC cites market need.(News)(risk retention groups)
Business Insurance, July, 2006 by GEISEL, JERRY
Byline: JERRY GEISEL WASHINGTON-With insurance rates climbing and coverage availability tightening, a lobbying group is asking federal legislators to allow risk retention groups to fund property risks. The American Risk Retention Coalition, a trade group representing RRGs, is trying to drum up support on Capitol Hill for its proposal to expand the federal law that authorizes RRGs and gives them their special status.
Unlike commercial insurance entities, RRGs can provide coverage to policyholders in any state after meeting the licensing requirements of one state. RRGs, though, can only underwrite commercial casualty risks for their members, a limitation that the American Risk Retention Coalition says legislators should lift. "The problem today is with...
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