Risk Retention Reporter
Breaking Story
Risk Retention Modernization Act Introduced into Congress
New legislation has been introduced into Congress by Rep. Dennis Moore (D-Kansas) and Rep. John Campbell (R-California) that, if enacted, would have a major impact on risk retention groups (RRGs) and Purchasing Groups (PGs). The Risk Retention Modernization Act would allow RRGs and PGs to write commercial property coverage, would improve corporate governance standards for RRGs and provide a better process for dispute resolution among the states on regulatory matters involving risk retention entities. A coalition of industry groups including the National Risk Retention Association, the Risk Insurance Management Society and the Self Insurance Institute of America is working to advance the bill through Congress. The latest developments on this important legislation will appear in the March issue of the Risk Retention Reporter.
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