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NAIC Looks to Incorporate RRG Governance into State Law

The National Association of Insurance Commissioners (NAIC) is considering revising the NAIC Model Risk Retention Act to mandate that the states of domicile follow the...
November 23, 2010

The National Association of Insurance Commissioners (NAIC) is considering revising the NAIC Model Risk Retention Act to mandate that the states of domicile follow the NAIC's risk retention groups governance model, said a lawyer for a risk retention group association. On Nov. 4, the NAIC Risk Retention Working Group convened to discuss revising the NAIC Model Risk Retention Act and potential amendments to the NAIC Risk and Purchasing Group Handbook, the National Risk Retention Association (NRRA) said. The model risk retention group act amendment would set uniform corporate governance standards on the states of domicile - including where and how frequently the board meetings would be held, for instance -   because the liability risk retention act preempts state law in many cases, NRRA General Counsel Robert H. Myers Jr. stated.

Click here to read NAIC Looks to Build RRG Governance Into State Law (National Underwriter 11/15/10)