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PLAN OF OPERATION OR FEASIBILITY STUDY DEFINITION “Plan of Operation or a Feasibility
Study” means an analysis which presents the expected activities and results
of the Risk Retention Group, including: information sufficient to verify that
its members are engaged in business or activities similar or related with
respect to the liability to which such members are exposes by virtue of any
related, similar or common business, trade, product, services, premises or
operations; for each state in which it intends to operate, the coverage(s)
deductibles, coverage limits, and rating classification systems for each line
of insurance the group intends to offer; historical and expected loss
experience of the proposed members and national experience of similar
exposures to the extent that this experience is reasonably available; pro
forma financial statements and projections; appropriate opinions by a
qualified actuary, including the determination of minimum premium or
participation levels and capitalization required to commence operations and
to prevent a hazardous financial condition, which shall be in the format and
otherwise satisfy all requirements established by the Commissioner for loss
reserve actuarial opinions required to be submitted by licensed property and
casualty insurers in this State; identification of management, underwriting and
claims procedures, marketing methods, managerial oversight methods,
investment policies and reinsurance agreements; identification of each state
in which the risk and license, and a description of its status in each such
state; and such other matters as may be prescribed by the commissioner of the
state in which the Risk Retention Group is chartered for liability insurance
companies authorized by the insurance laws of that state. |
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F.
Darrell Lindsey State
Approved Captive/RRG Manager |
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BACK – USE ARROW TO PRINT USE PRINT PREVIEW |
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