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How to become registered as a Foreign Risk Retention Group
The producer (agent/agency) placing business for the foreign risk retention group must be licensed for surplus lines.
- Complete and submit form FIS 0233 Application for Foreign Risk Retention Group Registration.
- Complete and submit form FIS 0234 Consent to Service.
- Submit a $25.00 processing fee with form, FIS 0235 Foreign Risk Retention Group Registration Fee Card.
- Submit form FIS 0361 Affiliate Statement for all officers, directors, members, and stockholders of 10% or more.
- Submit form FIS 0364 Report of Operation.
- Submit copy of Articles of Incorporation.
- Submit copy of license in state of domicile.
- Submit the previous 3 years' Financial Statements or Financial Projections.
- Submit the Report of Operation or feasibility study which includes the coverages, deductibles, coverage limits, rates, and rating classification systems for each line of insurance that the RRG intends to offer.
- Submit financial statement certified by an independent public accountant that contains a statement of opinion of loss and loss adjustment expense reserves made by a member of the American Academy of Actuaries or a qualified loss reserve specialist.
- Submit a copy of the most recent examination and/or audit.
- Submit copy of Reinsurance Agreements.
- Submit historical and/or expected loss experience.
- Any appropriate opinions by a qualified, independent casualty actuary which includes a determination of the minimum premium levels required in order for the RRG to commence operations and prevent hazardous financial conditions.