Legislation that would allow risk retention groups to provide their members with commercial property coverage as well as the current liability coverage needs some tweaking, according to the National Risk Retention Association.
In a letter to one of the bill's sponsors, Rep. Dennis Moore, D-Kan., NRRA expressed gratitude for the introduction of the bill, H.R. 5792, the Increasing Insurance Coverage Options for Consumers Act, but also raised several concerns regarding some of its provisions.
Those included the definition of commercial property insurance, the corporate governance and financial accreditation standards, and authorization of RRGs to participate in state guaranty funds.
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