Insurance

Insurance - All The Information You Need On Insurance

Risk Retention Groups Rrg


Insurance

In response to a hard insurance market in the mid 1908's, Congress passed the Liability Risk Retention Act of 1986. The legislation was intended to simplify the regulatory process for affinity groups such as doctors, real estate developers etc, who wanted to find an alternative to the and unavailability high cost of certain types of insurance coverage. The Act created two new legal statuses: Risk Purchasing Groups and Risk Retention Groups.

Risk Purchasing Groups are simply groups (individuals or companies) that want to join together to buy insurance at group rates. The Act prohibits states from placing certain restriction on these groups.

Risk Retention Groups (RRG) are insurance companies formed by an affinity group that enjoy an important regulatory status. Basically, the Act allows an affinity group to form an insurance company is one state (a sort of "home domicile") and be automatically qualified to do business in the other 49 states.

In theory an RRG only has to file with the states outside its home domicile:

* a plan of operation or a feasibility study which includes the coverage, deductibles, coverage limits, rates, and rating classification systems for each line of insurance the group intends to offer, and;

* a copy of the group's annual audited financial statement submitted to the State in which the group is chartered, and;

* a reserve statement prepared by a qualified actuary.

In practice, state bureaucrats have proven very difficult to subordinate. There have been numerous suits against various states that have thrown up impediments that seem at odds with the Act.

Wayne Walker
Principal, Windward Harbor LLC
Windward Harbor LLC 2004
http://www.windwardharbor.com







Car Insurance Rates   |   Dental Insurance   |   Health Insurance   |   Home Owner Insurance   |   Life Insurance Quote



| 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 |











Types Of Long Term Care Insurance
Regardless of what some people might think, medical insurance will not cover the expenses and services that ...(related: Insurance)


Health Savings Account (hsa): Do I Lose It At The End Of Each Year?
The Health Savings Account (HSA) is an amazing tool to reducehealthcare expenses and insurance costs.  But do you lose it atthe end of each year, like with a Flexible Savings Account (FSA)?Thank goodness, no!  You do not lose your HSA money at the end ofeach year.Health Savings Account were created specifically to be BETTER thantheir predecessors, Flexible Savings Accounts (FSA) and Medical SavingsAccounts (MSA).Your HSA does not have to be used up within the year.  In fact,the money can just build and build each year if you don't need it. Itwill be there for your health crisis if that ever happens.If you never have that health crisis (and I hope that's the case foryou!) then you will have a nice little nest egg built up ofyear-a...(related: Insurance)


Long Term Care And Long Term Care Insurance
A person might need long term care (LTC) if he/she cannot perform activities of daily living such as eating, taking shower or getting dressed by him/herself anymore. Certain disease can also make long term care necessary.Long term care is not the type of care offered by a hospital or a doctor's clinic. Long term care can be re...(related: Insurance)


What Is Car Insurance?
Car Insurance is compulsory in the UK. You are required by law to have a policy to cover your liability to other road users.The Road Traffic Act requires all motorists to be insured against their liability for injuries to others (including passengers) and for damage to other people's property resulting from use of a vehicle on a road or other public place. It is an offence to drive your car or allow others to drive it without insurance.Owning and driving a car means taking on many risks to yourself and others. When a traffic accident happens, damage, injuries, loss or all of these factors may be inflicted upon you and others. Damage and loss of your property may also occur. Fire, theft, vandalism and natural disasters are other possible risks.Car Insurance protects motorists and drivers ag...(related: Insurance)


Term Life Insurance And Permanent Life Insurance
Term insurance and permanent insurance are two basic types of life insurance. Term life insurance is temporary, and it covers only a specific period of time called the relevant term. Permanent life insurance is the type of insurance where the policy is for the life of the insured and the payout is assured at the end of the policy. Term life insurance builds on cash value while permanent life insurance accrues cash value.Now l...(related: Insurance)


A Few Things Everyone Should Know About Disability
Did you know? One year of disability can wipe out 10 year's worth of savings.Other interesting things to know about disability:- 7 out of 10 people between the ages of 35 and 65 become disabled for three months or longer.- The average length of disability lasting longer than 90-days is 36 Months.- Most American families have only enough money in savings to cover two months worth of bills.- In 2000, wage and productivity losses from unintential injuries was $259.8 billion (Statistical Abstract of the US: 2002)- The maximum Social Security disability payment for 30-yr old earning $70,000 per year is just $1600 per month.- To be eligible for Social Security disability, your disability must last at least 12 months.- Social Security Disability will only pay an approved claim after a minimum of 5 m...(related: Insurance)


Types Of Auto Insurance Coverage Explained
A question you might ask yourself is: why must we carry auto insurance? Hopefully one answer you should hear is to protect yourself and your car. For those same reasons the government also requires you to have car insurance.The state of Florida requires you to carry at least the minimum requirements, which is property damage at ten thousand dollars and personal injury protection at ten thousand dollars. Property damage covers another person's vehicle if you are at fault in an accident. Personal injury protection covers 80 percent of medical expenses and 60 percent of loss wages as well as up to a five thousand dollar death benefit for you...(related: Insurance)






Google




Types Of Long Term Care Insurance
Regardless of what some people might think, medical insurance will not cover the expenses and services that ...(related: Insurance)

Life Insurance Information
Life insurance is a personal insurance plan designed to pay out a sum of money on the death of the policyholder. Life Insurance is an insurance that is taken out against a persons life. It will pay out either a lump sum or monthly contributions to the "trustee" or next of kin in the event of the policy holder's death.Life insurance is, as the name implies, an insurance policy taken out on an individual's life. As with any other insurance policy, regular premiums are paid by the policyholder to the insurance company - and should the policyholder die, then the policy will pay...(related: Insurance)

Inexpensive Life Insurance To Protect What You?ve Earned
Adequate life insurance to cover your income producing ability is a product that is really needed today to give peace of mind. Life insurance was originally conceived to protect a man's family when his death left them without income. Over time is has developed into a variety of policy plans. In a "whole life" policy, fixed premiums are paid throughout the insured's lifetime; this accumulated amount, augmented by compound interest, is paid to a beneficiary in a lump sum upon the insured's death; the benefit is paid even if the insured had terminated the policy. Under "universal life," the insured can vary the amount and timing of the premiums; the funds compound to create the death benefit.With "variable life," the fixed premiums are invested in a portfolio (with earning reinvested), and the death bene...(related: Insurance)

site-map - Copyright © 2006 Insurance | All Rights Reserved. | Insurance