NCOIL Backs Wider Risk Retention Act
The Task Force on Terrorism of the National Conference of Insurance Legislators has approved a resolution backing a move in Congress to expand the Liability Risk Retention Act to include all lines of commercial property-casualty insurance, except for workers' compensation.
Robert H. “Skip” Myers, who is spearheading the effort as special counsel for the Minneapolis-based National Risk Retention Association, said the support of the Albany, N.Y.-based NCOIL is important because it shows that “legislators at the state level that are most involved with insurance regulation endorse utilizing risk retention groups for commercial property and other commercial lines, particularly in view of the current hard market.”
The group's biggest hurdle, he said, is the time limit of this session of Congress.
Reproduced from National Underwriter Property & Casualty/Risk & Benefits Management Edition, July 29, 2002. Copyright 2002 by The National Underwriter Company in the serial publication. All rights reserved.Copyright in this article as an independent work may be held by the author.
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