(a) A risk retention group seeking to be chartered in this state shall be chartered and licensed as a liability insurance company authorized by the insurance laws of this state and, except as provided in sections 38a-250 to 38a-266, inclusive, shall comply with all laws, rules, regulations and requirements applicable to such insurers chartered and licensed in this state, and with § 38a-252 to the extent such requirements are not a limitation on laws, rules, regulations or requirements of this state.

Terms Used In Connecticut General Statutes 38a-251

  • Commissioner: means the Insurance Commissioner. See Connecticut General Statutes 38a-1
  • Insurance: means any agreement to pay a sum of money, provide services or any other thing of value on the happening of a particular event or contingency or to provide indemnity for loss in respect to a specified subject by specified perils in return for a consideration. See Connecticut General Statutes 38a-1
  • insurance company: includes any person or combination of persons doing any kind or form of insurance business other than a fraternal benefit society, and shall include a receiver of any insurer when the context reasonably permits. See Connecticut General Statutes 38a-1
  • State: means any state, district, or territory of the United States. See Connecticut General Statutes 38a-1

(b) Before it may offer insurance in any state, each risk retention group seeking to be chartered in this state shall submit for approval to the Insurance Commissioner (1) a plan of operation or a feasibility study, and (2) revisions to such plan or study of any material change in any item of such plan or study. A risk retention group shall not offer any additional lines of liability insurance in this state or any other state or operate under any other material change, including a change in rates, until such plan or study has been revised and the commissioner has approved such revision.

(c) A risk retention group shall provide to the commissioner with its application filing for charter the following information in summary form: (1) The identity of the initial members of the group; (2) the identity of the individuals who organized the group or who will provide administrative services or influence or control coverages to be offered; and (3) the states in which the group intends to operate. The commissioner shall forward such information upon receipt to NAIC.

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