With efforts underway to tighten state oversight, risk retentiongroups, captive domiciles and their associations are fighting tomake sure they have enough seats at the table to make their viewsheard as regulators meet to determine their fate.
Fueling the move to bolster RRG standards was the release of aGovernment Accountability Office report last month (see sidebar).In addition, review committees have been formed by the NationalAssociation of Insurance Commissioners to address concerns aboutRRG solvency.
So far only one captive domicile (Vermont) has a voting presenceon two committees formed by the NAIC–the Risk Retention Task Force,or (E) Committee, chaired by Betty Patterson, senior associate withthe Texas insurance department; and the Risk Retention WorkingGroup, or (C) Committee, chaired by Tim Wagner, director of theNebraska insurance department, which is under the (E) Committee.Both Texas and Nebraska have had a problem with an RRGinsolvency.
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