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How to become chartered as a Risk Retention Group
To be chartered in the State of Michigan, a Risk Retention Group must initially obtain a Certificate of Authority and be licensed as a domestic stock or mutual casualty insurer. The amount and nature of the initial capitalization requires a minimum of $7.5 million. A risk retention group chartered in Michigan shall comply with all statutes, rules, regulations, and requirements applicable to domestic stock or mutual casualty insurers.
- Submit a Plan of Operation or Feasibility Study.
- Submit a certified copy of the Articles of Incorporation.
- Submit identity of the initial members of the risk retention group.
- Submit identity of individuals who organized the RRG or who will provide administrative services, influence, or control the activities of the group.
- Submit amount and nature of initial capitalization.
- Submit the coverages to be afforded.
- Submit the states in which the RRG intends to operate.
- Submit the name of the RRG which must include the phrase "Risk Retention Group".
- Submit Financial Statement or financial projections by an independent CPA.
The risk retention group shall submit an appropriate revision if a subsequent material change in an item of the plan of operation or feasibility study occurs, and shall not offer additional kids of liability insurance until the revision of the plan and feasibility study is approved by the commissioner.