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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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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
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
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 workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
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