Risk Retention Groups
A risk retention group is a carrier of specialized commercial liability lines of business. These insurance companies must register in the state in which it intends to write business and under law is only allowed to write certain types of liability coverages.
The registration of risk retention groups in North Carolina is governed by the Risk Retention Act of 1986 and North Carolina General Statute 58-22. In order to be considered for registration, a risk retention group must submit the following:
At the present time, risk retention groups cannot be domiciled in North Carolina. All parties in North Carolina wishing to establish a risk retention group must first become licensed in another state.
Every registered risk retention group must pay a nonrefundable renewal fee each year in order to retain registration.