Louisiana officials have informed a risk retention group trade organization that a plan to charge RRGs a $1,000 fee has been dropped.
The National Risk Retention Association said it received notification by letter from the Louisiana Insurance Department informing that risk retention groups will be exempt from paying a financial regulation fee. The State of Louisiana also revised the Annual Premiums Tax Statement Form 1061 to reflect the exemption for RRGs.
NRRA said if the fee had been imposed it would have been a "direct breach of the federal Liability Risk Retention Act, which prevents states from imposing these types of fees."
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