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Risk Retention Reporter
Article Excerpts - June 2009
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Arizona Med Mal RRG Comes to "Rescue" of Kentucky RRG
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Faced with loss of reinsurance and the inability to find a cost effective replacement in the traditional market, NetProgen Insurance Co., Inc. A Risk Retention Group…found its "white knight" . . . .For full story, subscribe to the Risk Retention Reporter at www.rrr.com/order
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DC RRG Sues New Jersey Broker Alleging Unfair Competition
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Indemnity Insurance Corporation of DC, Risk Retention Group (IICDC-RRG)…filed a complaint on April 9, 2009 in the U.S. District Court for the District of New Jersey against a New Jersey insurance broker. . . .For full story, subscribe to the Risk Retention Reporter at www.rrr.com/order
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So. Carolina Reg. Makes Captives Subject to NAIC Model Audit Rule
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The South Carolina Legislature recently enacted Regulation 69-70, adopting verbatim the Annual Financial Reporting Model Regulation (Model Audit Rule) developed by the National Association of Insurance Commissioners (NAIC), with the exception. . . .For full story, subscribe to the Risk Retention Reporter at www.rrr.com/order
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Medicare Reporting Requirement Extended Until Sept. 30, 2009
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Risk retention groups that qualify as "Responsible Reporting Entities" (RREs) under Section 111 of the Medicare, Medicaid, and SCHIP Extension Act of 2007 (Section 111) will have an extra three months to come into compliance with the new mandatory Medicare reporting regime. . . .For full story, subscribe to the Risk Retention Reporter at www.rrr.com/order
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One of First RRGs to Form Under LRRA Goes Into Voluntary Run-Off
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American Feed Industry Insurance Co. Risk Retention Group (AFIIC), an Iowa-domiciled RRG formed less than a year after passage of the 1986 Liability Risk Retention Act (LRRA)…voted to discontinue writing or renewing insurance policies. . . .For full story, subscribe to the Risk Retention Reporter at www.rrr.com/order
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Maine Hopes to Compete With Vermont by Amending Captive Law
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A bill to amend Maine's captive insurance law -- "An Act to Create Economic Development in the State by Modernizing the State's Captive Insurance Laws (LD 1436)…has been enacted into law and awaits signature by the governor. . . .For full story, subscribe to the Risk Retention Reporter at www.rrr.com/order
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Vermont Legislation Reduces Tax for RRGs Licensed in 2009 & 2010
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The Vermont Legislature passed amendments to the state's captive law (SB 42) on May 5, 2009 providing risk retention groups and captives licensed this year and next year with tax breaks. . . .For full story, subscribe to the Risk Retention Reporter at www.rrr.com/order
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Best's Assigns B+ Rating to NV-Domiciled Home Warranty RRG
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Golden Insurance Co., A Risk Retention Group, the first RRG to form under Nevada's captive law, which provides liability coverage for structural warranties issued by new homebuilders, has been assigned a "B+" . . . .For full story, subscribe to the Risk Retention Reporter at www.rrr.com/order
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New PG Offers D&O/E&O for Private Equity/Venture Capital Funds
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A new Delaware-domiciled purchasing group -- Equity Partners Risk PG, LLC -- will provide errors and omissions and directors and officers liability insurance coverages for principals of private equity funds, venture capital funds, and hedge funds. . . .For full story, subscribe to the Risk Retention Reporter at www.rrr.com/order
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Ins & Outs of Reciprocal RRGs' Tax & Accounting Issues in FORUM
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In this month's FORUM, Kevin Moriarty, an attorney with the Burlington, Vermont-based law firm of Downs Rachlin Martin PLLC explores key tax and accounting issues relating to reciprocal risk retention groups. . . .For full story, subscribe to the Risk Retention Reporter at www.rrr.com/order
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Risk Retention Roundup
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This month two new risk retention groups were added to RRR listings and no RRGs were deleted bringing the total number of RRGs to 255. Seven new purchasing groups were added to RRR listings and no PGs were deleted, bringing the total number of PGs to 792. . . .For full story, subscribe to the Risk Retention Reporter at www.rrr.com/order
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RRG CEO of the Month: W. Hamilton Smythe III, Paratransit RRG
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In this month's RRG CEO of the Month, W. Hamilton Smythe III, president & CEO of Paratransit Insurance Co., A Mutual Risk Retention Group, a Tennessee-domiciled RRG that provides liability coverages to taxi cab and related transportation companies. . . .For full story, subscribe to the Risk Retention Reporter at www.rrr.com/order
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