Texas Annual Agent Report for Risk Retention and Purchasing Groups — Form PG3 is a form that must be completed by agents who represent Risk Retention and Purchasing Groups (RPGs) in the state of Texas. The form must be submitted to the Texas Department of Insurance (TDI) on an annual basis, and is used to provide information on the RPGs that the agent represents. This includes details about the RPG's financials, operations, and services. The form also requires the agent to disclose any changes in the RPG's status, such as a change in ownership or control. There are two types of Texas Annual Agent Report for Risk Retention and Purchasing Groups — Form PG3: the Initial Agent Report and the Renewal Agent Report. The Initial Agent Report must be completed when the agent first begins to represent an RPG in Texas, and the Renewal Agent Report must be completed in subsequent years.
Texas Annual Agent Report for Risk Retention and Purchasing Groups - Form PG3
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FAQ
A risk purchasing group is not an insurer at all, but provides the means for a group of businesses to purchase liability insurance through an admitted or nonadmitted insurer on a group basis with minimal oversight by state regulatory authorities.
Lastly, a key differentiator between the RRG and captive structure is that RRGs may only write liability coverage. The captive can write any coverage including buildings, contents, collision, cargo, warranty, cyber, etc. where the RRG will be limited to liability coverage only.
The principal difference between the two is that a risk retention group retains risks while a risk-purchasing group does not. RRG members are typically required to capitalize the company whereas RPGs require no capital.
Authorized by the Liability Risk Retention Act of 1986, a purchasing group is a group formed to obtain liability coverage for its members, all of which must have similar or related exposures.
An insurance risk class is a group of individuals or companies that have similar characteristics, which are used to determine the risk associated with underwriting a new policy and the premium that should be charged for coverage.
What is a Risk Purchasing Group? A risk purchasing group (otherwise known as, RPG) consists of insurance customers who get together to purchase their liability insurance coverage from an insurance company. As the name suggests, the RPG serves as an insurance purchasing vehicle for its members.
