legislation: 101-s-1936
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| bill_id | congress | bill_type | bill_number | title | policy_area | introduced_date | latest_action_date | latest_action_text | origin_chamber | sponsor_name | sponsor_state | sponsor_party | sponsor_bioguide_id | cosponsor_count | summary_text | update_date | url |
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| 101-s-1936 | 101 | s | 1936 | Liability Risk Retention Amendments of 1989 | Commerce | 1989-11-20 | 1989-11-20 | Read twice and referred to the Committee on Commerce. | Senate | Sen. Kasten, Robert W., Jr. [R-WI] | WI | R | K000019 | 0 | Liability Risk Retention Amendments of 1989 - Amends the Liability Risk Retention Act to change the ways in which: (1) States are allowed to regulate risk retention groups; (2) such groups are explicitly exempt from State regulation; and (3) States may control the licensing of agents or brokers for such groups. Allows a risk retention group to provide liability insurance to a nonmember in certain circumstances. Changes the ways in which: (1) purchasing groups are explicitly exempt from State regulation; and (2) States may control the licensing of agents or brokers for such groups. Requires additional information in the notice to State insurance commissioners of intent by a purchasing group to do business. Allows a purchasing group to purchase insurance only from an insurer meeting certain requirements of this Act. Authorizes admitted insurers, approved surplus lines insurers, and other nonadmitted insurers to provide insurance under the Act to purchasing groups, provided certain conditions are met. Requires the provision of insurance by a qualified purchasing group insurer to be regulated in specified ways by the State in which the group has its principal place of business. Requires that purchasing group insurers furnish specified information to the insurance commissioner of the State in which it has its principal place of business and, in certain circumstances, to the insurance commissioner of each State in which it is doing business. Requires a purchasing group insurer to register with and designate the State insurance commissioner of each State in which it has insured members as its agent for receiving service of legal documents or process. Requires the ownership interests of members of risk retention groups to be considered exempted securities for the purposes of the broker-dealer registration requirements of specified provisions of the Securities Act of 1933. Declares that the exemption provided under specified provisions of this Act includes the promotion, sale, and distribution of ownership interests in a company or association which is being organized solely for the purpose of qualifying as a risk retention group. Adds references to purchasing group insurers to provisions concerning the permissible State authority with regard to: (1) State motor vehicle no-fault and financial responsibility insurance law; (2) the applicability of the exemptions in the Act to liability insurance, and the provision or purchase of any other line of insurance; and (3) coverage which is prohibited generally by State statute or declared unlawful by the highest court of the State. Allows a State, subject to certain provisions relating to discrimination, to specify acceptable means of demonstrating financial responsibility as a condition for obtaining a license or permit to undertake specified activities. Prohibits a State from prohibiting any political subdivision or other public entity from becoming a member of a risk retention group or a purchasing group or from obtaining insurance provided by or for a group of which it is a member. Prohibits a State, except the State in which a risk retention group is chartered or has its principal place of business, from requiring a risk retention group or a purchasing group to pay a registration fee. Provides for injunctions to prevent: (1) application of State laws inconsistent with this Act; or (2) discrimination against a risk retention group or a purchasing group. Prohibits a State or political subdivision from establishing or applying requirements or limitations which are not identical to those in this Act. | 2025-08-26T17:29:18Z |