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  • Risk Retention Registration Packet - Virginia State Corporation ...

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Virginia enacted a risk retention and purchasing group law effective July 1, 1987 (Chapter 51 (Section 38.2-5100 et seq.) of the Code of Virginia). While no application form as such is required, the following items must be furnished by a risk retention group to fulfill Virginia's registration requirements and to allow the group to be considered for recognition as a risk retention group. Please note that this letter pertains to risk retention groups formed outside of Virginia. 1. Copy of the a.

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How to fill out the Risk Retention Registration Packet - Virginia State Corporation online

This guide provides clear, step-by-step instructions on how to fill out the Risk Retention Registration Packet for Virginia's State Corporation Commission online. By following these instructions, users will be able to effectively complete the required documentation for their risk retention groups.

Follow the steps to complete your registration packet effectively.

  1. Begin by locating and pressing the ‘Get Form’ button to access the Risk Retention Registration Packet in a suitable editor.
  2. Carefully review the introductory information in the packet to understand the registration requirements and purpose of the document.
  3. Begin filling out the application by providing a copy of the application submitted to your state of domicile, including any feasibility study or plan of operations.
  4. Include a statement of registration that designates the Clerk of the Commission as the agent for receiving legal documents or processes.
  5. Specify the state where your risk retention group is chartered and licensed as a liability insurance company, and provide a copy of the group’s license.
  6. Attach a certified copy of your group’s financial statement submitted to your state of domicile, along with a statement of opinion on loss and loss adjustment expense reserves.
  7. Provide a certified copy of each examination of the risk retention group as certified by the responsible public official.
  8. Enter the NAIC number assigned to your group in the state of domicile.
  9. Fill in the Employer Identification Number (EIN) for your risk retention group.
  10. Review all entries for accuracy and completeness, then proceed to save your changes, download the document, or print it for submission.

Complete your Risk Retention Registration Packet online today to ensure compliance with Virginia’s regulations.

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Traditional insurance plans are designed to cover as many people as possible. But these plans tend to be generic and their coverage can be limited to only certain types of risk. On the other hand, captive insurance provides increased flexibility and customization.

What is Risk Retention Group (RRG) A risk retention group (RRG) is a state-chartered insurance company that insures commercial businesses and government entities against liability risks. Risk retention groups were created by the federal Liability Risk Retention Act, a federal law created in 1986.

Issue: Risk Retention Groups (RRGs) are liability insurance companies owned by its members. RRGs allow businesses with similar insurance needs to pool their risks and form an insurance company that they operate under state regulated guidelines.

Last Updated 2/7/2023. Issue: Risk Retention Groups (RRGs) are liability insurance companies owned by its members. RRGs allow businesses with similar insurance needs to pool their risks and form an insurance company that they operate under state regulated guidelines.

The mission of the Risk Retention Group (E) Task Force is to stay apprised of other NAIC groups' work on financial solvency regulation and the NAIC Financial Regulation Standards and Accreditation Program.

Risk retention groups (RRGs) are member-owned liability insurance companies, enabling companies to pool their risks together for self-insurance. The idea surfaced decades ago when many businesses faced roadblocks trying to purchase liability insurance.

Traditional captive arrangements generally involve a single parent insuring its risks and those of any of its affiliates. A captive can be structured to cover several types of risks, but an RRG is created around one common risk exposure (or common lines of risk). RRGs are owned by their insureds.

There are numerous types of captive insurance, each with its own attributes. One of the self-insurance formats, called risk retention groups (RRGs), is unique in that it is often – yet not always – a captive.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
Privacy Notice
Legal Hub
Content Takedown Policy
Bug Bounty Program
About Us
Help Portal
Legal Resources
Blog
Affiliates
Contact Us
Delete My Account
Site Map
Industries
Forms in Spanish
Localized Forms
State-specific Forms
Forms Kit
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate WorkFlow
DocHub
Instapage
Social Media
Call us now toll free:
+1 833 426 79 33
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232