Product Liability Risk Retention Act of 1981

Summary

Product Liability Risk Retention Act of 1981 - Defines "risk retention group" to mean any corporation or insurance company formed under State law which: (1) is organized for the primary purpose of assuming and spreading product liability or completed operations liability risk exposure; (2) is chartered or licensed as an insurance company under State law; (3) does not exclude members for competitive advantage; and (4) consists of members whose principal activity is the manufacture, design, distribution, packaging or sale of a product. Defines "purchasing group" to mean any group of persons which has as one of its purposes the purchase of product liability or completed operations insurance on a group basis. Exempts risk retention groups and purchasing groups from State laws which prohibit, regulate, or otherwise discriminate against such groups. Enumerates requirements which a State may impose on a risk retention group, including compliance with unfair claims settlement practices laws, payment of taxes, and reporting requirements. Authorizes a State to license an agent or broker for a purchasing group. Stipulates that the ownership interests of members in a risk retention group shall not be considered securities or an investment company for purposes of the Federal securities laws or State blue sky laws.

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Timeline

1. 4 May 1981

   Introduced

   Read second time and referred to Senate Committee on Commerce.

   Source: IntroReferral

2. 4 May 1981

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 29 July 1981

   Reported

   Committee on Commerce. Ordered to be reported with amendments favorably.

   Source: Committee

4. 30 July 1981

   Calendars

   Placed on Senate Legislative Calendar under Regular Orders. Calendar No. 239.

   Source: Calendars

5. 30 July 1981

   Reported

   Committee on Commerce. Reported to Senate by Senator Packwood favorably with amendments. With written report No. 97-172.

   Source: Committee

6. 30 July 1981

   Reported

   Committee on Commerce. Reported to Senate by Senator Packwood favorably with amendments. With written report No. 97-172.

   Source: Committee

7. 11 September 1981

   Passed

   Senate passed companion measure H.R. 2120 in lieu of this measure by Voice Vote.

   Source: Floor

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

2 official files

• Reported to Senate with amendment(s)

  summary · EN · 30 July 1981

  Open at official source

• Introduced in Senate

  summary · EN · 4 May 1981

  Open at official source

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Sponsors

• Sen. Kasten, Robert W., Jr. [R-WI] · R · Sponsor
• Sen. Packwood, Bob [R-OR] · R · Sponsor
• Sen. East, John P. [R-NC] · R · Cosponsor
• Sen. Lugar, Richard G. [R-IN] · R · Cosponsor
• Sen. Cannon, Howard W. [D-NV] · D · Cosponsor
• Sen. Riegle, Donald W., Jr. [D-MI] · D · Cosponsor
• Sen. Pressler, Larry [R-SD] · R · Cosponsor
• Sen. Schmitt, Harrison H. [R-NM] · R · Cosponsor
• Sen. Abdnor, James [R-SD] · R · Cosponsor
• Sen. Heinz, John [R-PA] · R · Cosponsor
• Sen. Percy, Charles H. [R-IL] · R · Cosponsor
• Sen. Leahy, Patrick J. [D-VT] · D · Cosponsor
• Sen. Nunn, Sam [D-GA] · D · Cosponsor
• Sen. Metzenbaum, Howard M. [D-OH] · D · Cosponsor
• Sen. Sasser, Jim [D-TN] · D · Cosponsor
• Sen. Dixon, Alan J. [D-IL] · D · Cosponsor
• Sen. Huddleston, Walter (Dee) [D-KY] · D · Cosponsor
• · sscm00 · Standing

Related records

• related to → Product Liability Risk Retention Act of 1981