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