A group of companies or trade associations combining to operate as a limited-purpose insurer as permitted under the Liability Risk Retention Act of 1986. RRGs combine resources as well as pool risk.
a corporation or other limited liability association, functioning as a captive insurance company and organized for the primary purpose of assuming and spreading the liability risk exposure(s) of its group members (member-owners)
a corporation or other limited liability association whose primary activity is to assume and spread the liability exposure of its group members
a liability insurance company, owned and funded by its members, and typically formed when standard commercial insurance is unobtainable
a member-owned business association formed specifically for the purpose of pooling and sharing business risks
a risk bearing entity that must be chartered and licensed as an insurance company in one state
a state-chartered liability insurance company owned by its policyholders that can be formed as a stock or mutual insurance company
An insurance company organized by a group of businesses or institutions in the same line of business to provide liability insurance for the owners or organizers. As permitted by federal legislation passed in 1986, such a group is eligible to provide insurance for its members in any state after being licensed in any one state.
A form of captive insurance specifically designed for those insureds who share the same risks. An example of those forming RRGs would be doctors.
Any corporation or other limited liability association whose activities do not include the provision of insurance other than reinsurance with respect to the similar or related liability exposure of any other risk retention group which is engaged in business or activities.
An alternative form of insurance in which members of a similar profession or business band together to self insure their risks.
An insurance company chartered under the laws of a state or other U.S. jurisdiction, composed of members whose business activities are similar, and controlled by its members.