N.Y. Insurance Law § 5903: Domestic risk retention groups

§ 5903. Domestic risk retention groups. (a) A domestic risk retention

group shall, pursuant to the provisions of this chapter, be chartered

and licensed as a domestic property/casualty insurer to write only

liability insurance pursuant to this article and, except as provided

elsewhere in this article, shall comply with all of the laws,

regulations and orders applicable to property/casualty insurers

organized and licensed in this state.

(b) Before it may offer insurance in any state, each domestic risk

retention group shall submit to the superintendent for approval a plan

of operation or feasibility study, and shall also submit a completed

National Association of Insurance Commissioners risk retention report

form to the superintendent. Such group shall submit an appropriate

revision in the event of any subsequent material change in any item of

the plan of operation or feasibility study within ten days of any such

change. Such group shall not offer any additional kinds of liability

insurance in any state until a revision of the plan or study has been

approved by the superintendent.

(c) The submission of a plan of operation or feasibility study shall

not be required with respect to any kind or classification of liability

insurance which was:

(1) defined in the federal Product Liability Risk Retention Act of

1981 (Public Law 97-45) before October twenty-seventh, nineteen hundred

eighty-six; and

(2) offered before such date by any risk retention group which had

been chartered and operating for not less than three years before such

date.

(d) Immediately upon receipt of any application for licensing as a

domestic risk retention group, the superintendent shall provide summary

information concerning the filing to the National Association of

Insurance Commissioners.

(e) The name under which a domestic risk retention group may be

chartered and licensed shall be a brief description of its membership

followed by the phrase "Risk Retention Group", and, unless its

membership consists solely of insurers, shall not include the use of the

terms "insurance", "insurance company", "mutual", "reciprocal", or any

similar terms.