From the 2014 August Risk Retention Reporter
Saito Appointed as Hawaii´s Captive Insurance Administrator
Hawaii Insurance Commissioner Gordon Ito has appointed Sanford Saito as the deputy commissioner and captive insurance administrator for the Department of Commerce and Consumer Affairs (DCCA) Insurance Division. Saito previously held the position in an acting capacity. Hawaii is the fifth largest RRG domicile—with $110.9M in RRG premium in 2013—and the fourth largest captive domicile in the country....
RRG Premium Retention Trending Upward, Surpasses 50%
RRG Premium Retention Trending Upward, Surpasses 50% RRG premium retention was 50.8% in 2013—the first time since 1991 that RRGs have retained over half of gross premium. Premium retention is measure of how much premium and risk an RRG takes on, versus how much is ceded to reinsurers. This report on premium retention is an excerpt from a comprehensive Risk Retention Reporter report on reinsurance in the RRG marketplace that is in preparation....
Tenth Circuit Rejects Appeal from CPIG in Oklahoma
The United States Court of Appeals for the Tenth Circuit has rejected an appeal from Creditors’ Insurance Purchasing Group (CIPG) in a suit against the Oklahoma Commissioner of Insurance regarding whether or not its collateral protection insurance (CPI) product is considered liability insurance under the Liability Risk Retention Act....
Evergreen USA Closes Down, Transfers Renewals to Leavitt Rec
Nearly 25 years after its founding, Evergreen USA Risk Retention Group, Inc. announced it had ceased writing new policies and planned to cease renewing existing policies as of July 15. The RRG provided liability insurance to the RV park, campground, and outdoor recreation industries....
Shared Values Motivate Risk Management in Institutional Risk Retention Groups
This month's feature on institutional RRGs is the third and final feature in the Risk Retention Reporter's series on risk management. The article includes commentary and insight on risk management from Michael Bemi President and CEO of The National Catholic Risk Retention Group; Pamela Davis founder, president, and CEO of Alliance of Nonprofits for Insurance Risk Retention Group; and Constance Neary vice president of risk management at United Educators Insurance, A Reciprocal Risk Retention Group....
Other Industry News
California Court Limits Caregiver Suits
The California Supreme Court has ruled that a home health aide may not sue a client with Alzheimer’s disease for an injury incurred on the job. The case is one of the first in the nation to assess legal remedies available to paid caregivers who work with Alzheimer’s patients at home. Read more »
Earthquake Gap: Insurance Sales Falling As Risk Rises
While earthquake risks are rising in the U.S., fewer homeowners nationally say they have earthquake insurance, creating a potentially huge gap in coverage, according to the Insurance Information Institute. Read more »
NAIC demands more transparency
The National Association of Insurance Commissioners (NAIC) has adopted a Corporate Governance Annual Disclosure Model Act and supporting Model Regulation, which provides a means for insurance regulators to receive additional information on the corporate governance practices of US insurers on an annual basis. Read more »
Treat the system, not just the injury
There is good news and bad news for employers of nearly 3.1 million Americans who will be hurt on the job this year: The number of worker injuries has steadily declined over the last few years, but the severity of injuries has increased and medical costs are rising. Read more »
Hack of Community Health Systems Affects 4.5 Million Patients
Community Health Systems, a publicly traded hospital operator based in Franklin, Tenn., said that personal data, including names, Social Security numbers and addresses, for 4.5 million patients had been compromised in a Chinese cyberattack on its systems from April to June. Read more »
Join the RRR discussion group on LinkedInConnect with colleagues and discuss the latest topics.
RRGs & PGs
Lenders Protection Assurance Co., RRG
National Independent Truckers Ins. Co., RRG
Preferred Contractors Ins. Co. RRG, LLC
Preferred Property Program, Inc.