§ 5901. Title and purpose. This article may be cited as the "risk retention groups and purchasing groups act." The purpose of this article is to regulate the formation and/or operation in this state of risk retention groups and purchasing groups formed pursuant to the provisions of the federal Liability Risk Retention Act of 1986 (Public Law 99 – 563), to the extent permitted by such law.

Terms Used In N.Y. Insurance Law 5901

  • Liability: means legal liability for damages (including costs of defense, legal costs and fees, and other claims expenses) because of injuries to other persons, damage to their property, or other damage or loss to such other persons resulting from or arising out of:

    (1) (A) any business (whether profit or nonprofit), trade, product, services (including professional services), premises, or operations; or

    (B) any activity of any state or local government, or any agency or political subdivision thereof; and

    (2) does not include personal risk liability and an employer's liability with respect to its employees other than legal liability under the Federal Employers' Liability Act (45 U. See N.Y. Insurance Law 5902
  • State: means any state of the United States or the District of Columbia. See N.Y. Insurance Law 5902
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