Management and Regulators Contribute to Spirit Commercial RRG's Mounting Troubles.
From the 2019 February Risk Retention Reporter
Special Report: An Investigation into Problems at Spirit Commercial RRG
This month’s special report is an investigation into problems at Spirit Commercial Auto Risk Retention Group, Inc. (the Company). The report examines developments at the Company in 2018 including an auditor’s letter alleging material misstatements, the restatement of the Company’s 2017 annual statement, and a loss portfolio transfer deal in excess of $100 million. However, problems at the Company date back much further, with the final examination report by the Nevada Division of Insurance of the Company as of December 31, 2013 offering a strong critique of some of the Company’s practices and expressing concerns about the Company’s financial condition...
Dan Towle on the 2019 Conference and what’s next for the Organization
CICA President Dan Towle has had a productive tenure since being appointed as CICA president in April of 2017. The Risk Retention Reporter interviewed Towle to find out how the 2019 conference came together and what’s next for the organization...
NJ Asks PGs to Provide More Information About Insurers
The State of New Jersey Department of Banking and Insurance has been increasing the amount of information it asks of risk purchasing groups that registered in New Jersey in an effort to assist PGs and producers in statutory and regulatory compliance...
RRGs, Captive Managers, and Others in the News
Jeff Kehler will be leaving the South Carolina Department of Insurance (SCDOI) after more 13 years in the captive division. Since Kehler joined the SCDOI in 2005, the captive division has formed more than fifteen new risk retention groups. South Carolina is now the second largest RRG domicile by number of operational RRGs. Kehler will be joining Somers Risk Consulting as director of captive consulting services...
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Preferred Property Program, Inc.