S.1096 - Product Liability Risk Retention Act of 198197th Congress (1981-1982)
|Sponsor:||Sen. Kasten, Robert W., Jr. [R-WI] (Introduced 05/04/1981)|
|Committees:||Senate - Commerce, Science, and Transportation|
|Committee Reports:||S.Rept 97-172|
|Latest Action:||Senate - 09/11/1981 Indefinitely postponed by Senate by Voice Vote. (All Actions)|
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Summary: S.1096 — 97th Congress (1981-1982)All Information (Except Text)
(Reported to Senate from the Committee on Commerce, Science, and Transportation with amendment, S. Rept. 97-172)
Reported to Senate with amendment(s) (07/30/1981)
Product Liability Risk Retention Act of 1981 - Defines "risk retention group" to mean any corporation or insurance company formed under State law which: (1) is organized for the primary purpose of assuming and spreading product liability or completed operations liability risk exposure; (2) is chartered as an insurance company under State law; (3) does not exclude members for competitive advantage; and (4) consists of members whose principal activity is the manufacture, design, distribution, packaging, or sale of a product.
Defines "purchasing group" to mean any group of persons which has as one of its purposes the purchase of product liability or completed operations insurance on a group basis.
Exempts risk retention groups and purchasing groups from State laws which prohibit, regulate, or otherwise discriminate against such groups.
Enumerates requirements which a State may impose on a risk retention group, including compliance with unfair claims settlement practices, payment of taxes, and reporting requirements.
Authorizes a State to license an agent or broker for a purchasing group.
Stipulates that the ownership interests of members in a risk retention group shall not generally be considered securities for the purposes of the Federal securities laws, except with respect to certain antifraud provisions. Exempts such interests from the Investment Company Act of 1940 and State blue sky laws.