CHAPTER 1.5. Risk Retention [125. - 140.]
Chapter 1.5 added by Stats. 1990, Ch. 1521, Sec. 1.
§§ 125–140 · 14 sections
- § 125 This chapter shall be known and may be cited as the California Risk Retention Act of 1991.
- § 126 The Legislature finds and declares that the provisions of this chapter are for the purpose of providing a means for a bona fide for-profit or nonprofit…
- § 127 Unless the context otherwise requires, the general provisions hereinafter set forth shall govern the application of this chapter and supersede any other…
- § 128 The purposes of this chapter are as follows: (a) To regulate the formation and operation of risk retention groups and purchasing groups in this state formed…
- § 130 The following definitions govern this chapter: (a) “Commissioner” means the Insurance Commissioner of this state or the commissioner, director, or…
- § 131 (a) An entity seeking to be licensed in this state as a risk retention group shall be organized under the laws of this state and licensed as a liability…
- § 132 Risk retention groups chartered, incorporated, or licensed in states other than this state and seeking to do business as a risk retention group in this state…
- § 133 (a) No risk retention group shall be required or permitted to join or contribute financially to any insurance insolvency guaranty fund, or similar mechanism,…
- § 134 (a) A purchasing group that intends to do business in this state shall, prior to doing business, furnish to the commissioner notice, doing all of the…
- § 135 (a) No purchasing group may offer insurance policy coverage prohibited by Section 533.5 or declared invalid by the Supreme Court of California. (b) A…
- § 136 The powers authorized by this chapter shall only be exercised to the extent these powers are not preempted by the Product Liability Risk Retention Act of 1981,…
- § 137 (a) No person, firm, association, or corporation shall act or aid in any manner in soliciting, negotiating, or procuring liability insurance in this state from…
- § 138 There shall be no civil liability on the part of any agent or broker who places liability insurance coverage on behalf of any risk retention group which is…
- § 140 The commissioner may order a purchasing group or risk retention group to cease and desist from the solicitation or sale of insurance by, or the operations of,…