Common Misconceptions About Risk Purchasing Groups
Law360 (July 10, 2019, 4:55 PM EDT) -- When Congress passed the Federal Liability Risk Retention Act of 1986 in response to skyrocketing insurance premiums being charged for, and the lack of available, commercial liability insurance, a new regime was born. Seemingly, gone were the days of state “fictitious group” insurance laws prohibiting the grouping of individuals or entities for the purposes of buying insurance, replaced by a federal framework intended to provide consistent, economical and affordable coverage to commercial liability insureds across the United States.
The LRRA had come to save the day by allowing for the establishment of risk retention groups (a species of a group captive...
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