§ 515e-3

515E.3 Risk retention groups organized in this state. 1. To be organized as a risk retention group in this state, the group must be organized and licensed as a liability insurance company authorized by the insurance laws of this state.Except as provided elsewhere in this chapter, a risk retention group organized in this statemust comply with all of the laws, rules, and requirements applicable to a liability insurerorganized in this state. Additionally, a risk retention group organized in this state mustcomply with section 515E.4. These requirements do not exempt a risk retention group froma duty imposed by any other law or rule of the state. Before it may offer insurance in anystate, a risk retention group shall also submit for approval to the commissioner of insuranceof this state a plan of operation or a feasibility study, and revisions of the plan or study withinten days of any change. The name under which a risk retention group may be chartered andlicensed shall be a brief description of its membership followed by the phrase 'risk retentiongroup' and, unless its membership consists solely of insurers, shall not include the terms'insurance', 'mutual', 'reciprocal', or any

scription of its membership followed by the phrase 'risk retentiongroup' and, unless its membership consists solely of insurers, shall not include the terms'insurance', 'mutual', 'reciprocal', or any similar term. A risk retention group chartered inthis state shall file with the division and the national association of insurance commissionersan annual statement blank prepared in accordance with instructions prescribed by thecommissioner. All financial information reflected in the annual statement shall be keptand prepared in accordance with accounting practices and procedures prescribed by thecommissioner. The commissioner may adopt by reference the annual statement handbookand the accounting practices and procedures manual of the national association of insurancecommissioners. 2. A risk retention group organized in this state shall file in the office of the commissioner a power of attorney and an agreement in writing that service of process in any action orproceeding against the society may be made on the commissioner and shall be of the samelegal force and validity as if made upon the society, and that the authority shall continue inforce so long as any liability remains

he society may be made on the commissioner and shall be of the samelegal force and validity as if made upon the society, and that the authority shall continue inforce so long as any liability remains outstanding in this state. Copies of the power of attorney,certified by the commissioner, shall be deemed sufficient evidence of the appointment andshall be admitted in evidence with the same force and effect as the original. Service of processmade on the commissioner as the attorney for service of process shall be made as providedin section 505.30. 88 Acts, ch 1111, §4; 92 Acts, ch 1162, §43; 2003 Acts, ch 91, §46; 2018 Acts, ch 1018, §9Referred to in §515E.4 Sat Dec 23 00:48:38 2023 Iowa Code 2024, Section 515E.3 (19, 0)