From the 2016 December Risk Retention Reporter
After Comment Period, New York DFS Eases Cyber Regulations
On December 28, the New York Department of Financial Services (DFS) announced that it had eased some of the cyber regulations in its proposed regulation 23 NYCRR 500 after consideration of comments submitted during the 45-day comment period. In the new draft, the DFS did not take into consideration the National Risk Retention Association’s (NRRA) proposed revision to exclude risk retention groups from the regulation. ...
Med-mal insurer NORCAL to buy PPM RRG
NORCAL Mutual Insurance Company (NORCAL) of San Francisco, California, announced in early December its shareholders have voted to acquire PPM Services, the holding company for Preferred Physicians Medical Risk Retention Group Inc. (PPM), which provides coverage to anesthesia practices, pending regularly approval in Missouri and California. The deal is expected to close in the first quarter of 2017 and terms were not disclosed....
Doctors & Surgeons National RRG Placed in Rehabilitation by Vermont
The Vermont Department of Financial Regulation placed Doctors & Surgeons National Risk Retention Group IC, Inc. into rehabilitation effective October 6. Michael C. Pieciak, Commissioner of the Vermont Department of Financial Regulation, has been appointed Rehabilitator and J. David Leslie, Esq., of Rackemann, Sawyer & Brewster, has been appointed Special Deputy Rehabilitator. ...
After a 2016 Increase in RRGs, a Review of RRG Numbers Since 2000
After a strong fourth quarter, the number of active RRGs at year-end increased to 238, up from 236 at the end of last year. The last time the industry saw an increase in active groups at year-end was 2012, when the number of active groups increased to 261, from 256 at the end of 2011. Growth in the number of active groups is attributable to the strongest formations since 2012, at 15, coupled with stabilization in the number of retirements....
Join the RRR discussion group on LinkedInConnect with colleagues and discuss the latest topics.
RRGs & PGs
Preferred Property Program, Inc.