S.69 - Product Liability Risk Retention Act of 198197th Congress (1981-1982)
|Sponsor:||Sen. Cannon, Howard W. [D-NV] (Introduced 01/06/1981)|
|Committees:||Senate - Commerce, Science, and Transportation|
|Latest Action:||Senate - 01/06/1981 Read second time and referred to Senate Committee on Commerce. (All Actions)|
This bill has the status Introduced
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Summary: S.69 — 97th Congress (1981-1982)All Information (Except Text)
Introduced in Senate (01/06/1981)
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 laws, 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 be considered securities or an investment company for purposes of the Federal securities laws or State blue sky laws.