From the 2019 December Risk Retention Reporter
RRG Task Force Adopts FAQ and Best Practices Documents
The Risk Retention Group (E) Task Force at the NAIC adopted the two documents Best Practices—Risk Retention Group and Risk Retention Groups: Frequently Asked Questions at the NAIC Fall Meeting held in Austin, Texas from December 7 to 10. The Task Force also approved updates to the Risk Retention Group Registration Form, though changes to the form need to be sent to a parent committee for final approval...
As Spirit Enters Liquidation, Audit Report Reveals Troubling Transactions
The formal order placing Nevada-domiciled Spirit Commercial Auto Risk Retention Group, Inc. (Spirit or the Company) into liquidation was filed on November 6, 2019. The liquidation order comes after nearly a year of serious developments at the Company, including an auditor’s letter alleging material misstatements of over $10 million and reports from the Special Deputy Receiver of over $30 million in missing funds owed by Spirit’s program manager CTC Transportation (CTC). The Risk Retention Reporter has reviewed an audit report dated November 5, 2019 that sheds light on CTC operations and how such a large sum of money disappeared from the RRG...
County Hall Losses Spike in Third Quarter of 2019
Losses at North Carolina-domiciled County Hall Insurance Company, Inc., a Risk Retention Group (County Hall) spiked in the third quarter of 2019, with reported losses incurred of $44.8 million through September 30, 2019 up from $9.8 million over the same time period last year...
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