From the 2014 July Risk Retention Reporter
Draft Proposal to Expand RRG Coverages Presented in Congress
A proposal to allow risk retention groups to write additional coverages—such as property, auto physical damage and business interruption insurance—was presented to the House Subcommittee on Insurance and Housing on May 20. ...
Top PG Domiciles Cite Ease of Process as Key to Success
Regulators from the two biggest risk purchasing group domiciles in the United States – Delaware and Illinois – attribute their success to creating an inviting and responsive regulatory environment that makes it easy for PGs to register in their state....
RRR Special Feature: An Interview with NAIC CEO Ben Nelson
This month’s special feature is an in-depth interview with Ben Nelson, chief executive officer of the National Association of Insurance Commissioners. The discussion touches on the push to allow RRGs to write property insurance, the impact of the Federal Insurance Office, and the future of insurance regulation in the United States....
IICRRG Founder Jeffrey B. Cohen Arrested; Charged with Fraud
Jeffrey B. Cohen, the founder and former chief executive officer of Indemnity Insurance Corp., Risk Retention Group (IICRRG) was arrested on June 25 on charges related to allegations that he misled regulators about the finances of his company during an ongoing investigation of his Delaware-domiciled RRG....
2013 Brings Changes to Top Captive Managers by Premium
The list of top captive managers by premium experienced a shake-up in 2013, with two captive mangers falling out of the top ten. Taft and Faegre BD—numbers 9 and 10 respectively—were replaced by Chart Services and ALPS....
Other Industry News
Why Improving Access to Health Care Does Not Save Money
One of the oft-repeated arguments in favor of the Affordable Care Act is that it will reduce people’s need for more intensive care by increasing their access to preventive care. For example, people will use the emergency room less often because they will be able to see primary care physicians. Or, they will not develop as many chronic illnesses because they will be properly screened and treated early on. Read more »
Insurers in Dash for Expertise to Master Cyber Risk Insurance
Insurers are eagerly eyeing exponential growth in the tiny cyber coverage market but their lack of experience and skills handling hackers and data breaches may keep their ambitions in check.
Tracy Morgan sues Wal-Mart for negligence in deadly crash
Actor-comedian Tracy Morgan sued Wal-Mart Stores Inc. for negligence over a New Jersey Turnpike accident last month that left him critically injured after a company truck driver went at least 24 hours without sleep. Read more »
Who needs insurance? GM paying victims on its own
General Motors says it will settle claims stemming from its defective ignition switch with its own cash, not through liability insurance. Why would an insured company pay millions of dollars — and maybe more — out of pocket? Read more »
D&O rates for private companies jump as much as 20%
Competition in the excess layers is limiting rate hikes for companies and organizations renewing their directors and officers liability insurance at midyear. Read more »
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RRGs & PGs
Lenders Protection Assurance Co., RRG
National Independent Truckers Ins. Co., RRG
Preferred Contractors Ins. Co. RRG, LLC
Preferred Property Program, Inc.