GAO urged to study RRG regulationNews added by ProWEB Media on July 27, 2010
Gary Linnell

ProWEB Media

Joined: December 27, 2005

Several federal legislators are urging the Government Accountability Office (GAO) to study regulation of risk retention groups (RRGs) by states in which the groups operate but are not licensed.

The legislators want the GAO to investigate whether nondomiciliary states are attempting to regulate RRGs directly or indirectly through filing requirements, fees and waiting periods before the groups can operate.

In addition, the GAO was asked to examine whether there are legislative solutions to "underscore the foundation" of the Liability Risk Retention Act.

Those who support such a study include RRG and self-insurance trade associations, which have long argued that states have improperly interfered with RRGs that are licensed outside their borders.
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