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 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. 6 January 1981

   Introduced

   Read second time and referred to Senate Committee on Commerce.

   Source: IntroReferral

2. 6 January 1981

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

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

Documents

1 official file

• Introduced in Senate

  summary · EN · 6 January 1981

  Open at official source

Sponsors

• Sen. Cannon, Howard W. [D-NV] · D · Sponsor
• Sen. Riegle, Donald W., Jr. [D-MI] · D · Sponsor
• Sen. Stafford, Robert T. [R-VT] · R · Cosponsor
• · sscm00 · Standing

Related records

• related to → Product Liability Risk Retention Act of 1981