A recent regulatory battle between a risk retention group (RRG) and California as well as other state skirmishes has prompted the Self-Insurance Institute of America Inc. to establish a legal defense fund, the SIA announced.
The fund would provide the self-insurance/alternative risk transfer (ART) industry important leverage and resources as it works to counter clashes with states over regulatory actions that infringe on the federal law establishing the business framework for RRGs to operate, SIAA said.
“Unfortunately, there is no U.S. office or agency responsible for enforcing the federal Liability Risk Retention Act (LRRA), so it is up to the industry to protect itself,” SIIA Chairman Nigel Wallbank said in a statement.
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