Fraud, Conspiracy Alleged in Spirit Business Court Complaint.
From the 2020 February Risk Retention Reporter
House Hearing Held on LRRA Expansion
A hearing was held at the Subcommittee on Housing, Community Development, and Insurance of the U.S. House Committee on Financial Services on January 29, 2020 on a potential expansion of the Liability Risk Retention Act that would allow a small subset of RRGs serving nonprofits to write property coverage...
RRR Analysis of RRG Insolvency Claims in House Hearing
In her testimony Missouri Department of Commerce and Insurance Director Chlora Lindley-Myers stated that over the past ten years risk retention groups have gone insolvent at twice the rate of traditional carriers. The Risk Retention Reporter has made an analysis of this period but placed it in the context of the 20 year period beginning in 2000 provide a more complete picture of RRG impairment trends compared to the greater insurance market...
Fraud, Conspiracy Alleged in Spirit Business Court Complaint
On February 6, 2010, Nevada Insurance Commissioner Barbara Richardson, in her capacity as the Receiver of the insolvent Spirit Commercial Auto Risk Retention Group (Spirit, or the Company), filed a Business Court Complaint (the Complaint) in the Eighth Judicial Court of Nevada that alleges CTC Transportation (CTC), the former program manager for Spirit, and affiliated companies, engaged in a scheme to defraud tens of millions of dollars from Spirit and its member insureds ...
New Nursing Home RRG Formed in Response to Market Hardening
A new risk retention group serving nursing homes and long-term care facilities—Future Care Risk Retention Group, Inc.—formed in Vermont in response to hardening rates for the long-term care space. Future Care RRG is a sister company to Vermont-domiciled CARE Risk Retention Group, Inc. which has provided medical malpractice to physicians, physician groups, dentists, and ancillary medical providers who are members of CARE Professional Liability Association (CPLA) since 2004...
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Preferred Property Program, Inc.