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Texas Annual Agent Report for Risk Retention and Purchasing Groups -...

Texas Annual Agent Report for Risk Retention and Purchasing Groups - Form PG3

Name: Texas Annual Agent Report for Risk Retention and Purchasing Groups - Form PG3
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.65 (297 reviews)

Category:

Texas Workers Compensation - Self Insurance Regulation

State:

Texas

Control #:

TX-FIN415

Format:

Instant download

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Description

Annual Agent Report for Risk Retention and Purchasing Groups - Form PG3 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 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.

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How to fill out Texas Annual Agent Report For Risk Retention And Purchasing Groups - Form PG3?

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FAQ

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.

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.

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.

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.

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.

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.

More info

A separate PG3 Form is required for each agent that represents a risk retention group or purchasing group. Download Annual Agent Report for Risk Retention and Purchasing Groups - Form PG3 (FIN415) – Insurance (Texas) form.Download Fillable Form Fin415 (pg3) In Pdf - The Latest Version Applicable For 2023. 007 must use Form PG3. The risk retention group shall be subject to taxation, and any applicable fines and penalties related thereto, on the same basis as a foreign admitted insurer. 1 THIS SECTION MUST BE COMPLETED BY PROVIDER CalWORKS Stage 1. Authority: PA 214 of 1989, the "Risk Retention Act," requires annual submission of this form. The Comptroller via the. Texas Annual Insurance.

Texas Annual Agent Report for Risk Retention and Purchasing Groups - Form PG3

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