Sec. 8. As used in this chapter, "plan of operation or feasibility study" means an analysis that presents the expected activities and results of a risk retention group including, at a minimum, the following:
(1) Information sufficient to verify that the members of the risk retention group are engaged in businesses or activities similar or related with respect to the liability to which those members are exposed by virtue of any related, similar, or common business, trade, product, services, premises, or operations.
(2) For each state in which the risk retention group intends to operate, the coverages, deductibles, coverage limits, rates, and rating classification systems for each line of insurance the group intends to offer.
(3) Historical and expected loss experience of the proposed members of the risk retention group and national experience of similar exposures to the extent that this experience is reasonably available.
(4) Pro forma financial statements and projections.
(5) Appropriate opinions by a qualified, independent casualty actuary, including a determination of minimum premium or participation levels required to commence operations and to prevent a hazardous financial condition.
(6) Identification of management, underwriting, and claims procedures, marketing methods, managerial oversight methods, investment policies, and reinsurance agreements.
(7) Identification of each state in which the risk retention group has obtained, or sought to obtain, a charter and license, and a description of its status in each state.
(8) Such other matters as may be prescribed by the commissioner of the state in which the risk retention group is chartered for liability insurance companies authorized by the insurance laws of that state.
As added by P.L.162-1988, SEC.2.
Structure Indiana Code
Article 7. Special Types of Insurance
Chapter 10. Risk Retention Groups
27-7-10-1. "Commissioner" Defined
27-7-10-2. "Completed Operations Liability" Defined
27-7-10-4. "Hazardous Financial Condition" Defined
27-7-10-5. "Insurance" Defined
27-7-10-6. "Liability" Defined
27-7-10-7. "Personal Risk Liability" Defined
27-7-10-8. "Plan of Operation or Feasibility Study" Defined
27-7-10-9. "Product Liability" Defined
27-7-10-10. "Purchasing Group" Defined
27-7-10-11. "Risk Retention Group" Defined
27-7-10-15. Premium Taxes and Taxes on Premiums; Liability; Report of Premiums; Policy Records
27-7-10-16. Foreign Risk Retention Groups; Compliance With Business Practice Provisions
27-7-10-17. Examination of Foreign Risk Retention Groups
27-7-10-18. Notice; Applications and Policies
27-7-10-20. Insurance Company Membership in Risk Retention Group
27-7-10-21. Prohibited Coverage
27-7-10-23. Insurance Insolvency Guaranty Fund
27-7-10-24. Countersignature on Policies
27-7-10-25. Purchasing Groups and Their Insurers; Application of Indiana Law; Exemptions
27-7-10-28. Premium Taxes; Taxes on Premiums; Calculations
27-7-10-29. Enforcement; Scope of Authority
27-7-10-30. Solicitation, Negotiation, or Procurement of Liability Insurance; License Requirements
27-7-10-32. Insurance Producers for Risk Retention Groups; Residence; Notice