30th of July 2010
17/03/2010
The Risk and Insurance Management Society (RIMS) has added its voice to that of the Self-Insurance Institute of America (SIIA) in backing a reintroduced bill proposing extension of the Liability Risk Retention Act (LRRA) to include commercial property insurance.
Bill HR 4802, the ‘Risk Retention Modernization Act of 2010’, was reintroduced on 10 March by Rep. Dennis Moore (Kansas) for its second run at Congress and is co-sponsored by Rep. Tom Campbell (California) and Rep. Suzanne Kosmas (Florida).
The LRRA currently permits risk retention groups (RRGs) to self-insure risk on a group basis and allows for the creation of purchasing groups to allow insurers to market commercial insurance on a group basis.
“The new legislation, if passed, would provide another critical venue for insurance purchasers to secure commercial property insurance,” said Scott Clark, RIMS board member and risk and benefits officer for Miami-Dade County Public Schools.
“Such an option can make insurance more affordable, especially when natural disasters in some US regions have made it more difficult to purchase commercial property insurance.”
“Many liability risks are related to property owned by business entities and non-profit organizations,” continued Clark. “This bill will enable those businesses to obtain coverages that might not otherwise be readily available.”
SIIA has also welcomed the re-introduction of HR 4802, which would also provide a federal dispute resolution process in cases where RRGs believe they are being improperly regulated by non-domiciliary state regulators.
“SIIA has for many years supported both the availability of commercial property coverage to members of risk retention groups and the assurance of a consistent regulatory environment” said Kevin Doherty, chair of SIIA’s committee on alternative risk transfer.
While applauding introduction of the bill, Doherty also credited the National Risk Retention Association and RIMS for their active involvement in the legislative process.
“This effort is a perfect example of how the alternative risk transfer industry can join together to promote good policy that advances competition in the insurance marketplace” said Doherty.
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WELCOME TO THE Captive Review Cell Company Handbook 2009 – the second edition of our global directory of cell company jurisdictions. Since we last published this directory, the general attitude toward cell companies seems to have shifted up a gear. Whereas single-parent companies have long ruled the captive roost, a slight uptick in the formation of pure captives at the beginning of this year can’t hide the fact that growth in this market is still sluggish.
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