The Liability Risk Retention Act contains a single-state regulatory framework that enables risk retention groups to become licensed and regulated under the laws of a domiciliary state, preempting most laws and regulations of nondomiciliary states in which they operate.
The National Association of Insurance Commissioners has never much liked the single-state regulatory scheme, which removes nondomiciliary state control–that is, until the threat of federal regulation prompted a 180-degree turn on the part of some regulators.
Indeed, NAIC's proposal for a single-state regulatory scheme for reinsurers and its call for implementation through congressional action is viewed as a "paradigm shift for the NAIC" by Larry Mirel, the former commissioner at the District of Columbia Department of Insurance, Securities and Banking.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
- Educational webcasts, resources from industry leaders, and informative newsletters.
- Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
