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Understand how the Federal Liability Risk Retention Act (LRRA) impacts RRGs and RPGs, as well as how NRRA is involved. Learn more.
§ 3902. Risk retention groups § 3903. Purchasing groups § 3904. Securities laws § 3905. Clarification concerning permissible State authority § 3906. Injunctive orders issued by United States district courts
Definitions. (a) As used in this chapter— (1) "insurance" means primary insurance, excess insurance, reinsurance, surplus lines insurance, and any other arrangement for shifting and distributing risk which is determined to be insurance under applicable State or Federal law; (2) "liability"—
The Federal Liability Risk Retention Act (LRRA) was passed in 1986 and signed into law by Ronald Reagan. No federal agency, however, is responsible for oversight or regulation of this law. The primary regulatory authority for a risk retention group is its state of domicile, and the law curtails the regulatory authority of non-domiciliary states.
The federal LRRA, which was enacted by Congress in 1986, amended and expanded the Product Liability Risk Retention Act of 1981. The purpose of the LRRA is to increase the availability of
liability risk retention act of 1986 [As Amended Through P.L. 99–563, Enacted October 27, 1986] øCurrency: This publication is a compilation of the text of Public Law 97-45.
24 Ιουν 2011 · fiduciary duty requirements for risk retention groups under the act. Under existing law, the federal preemptions in the LRRA are enforced through court action. If a risk retention group believes a state is attempting to regulate in a manner counter to the LRRA, it can bring suit in a federal court.
