Laws: Cases and Codes : U.S. Code : Title 15 : Section 3902
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U.S. Code as of:
01/19/04
Section 3902 - Notes
SOURCE
(Pub. L. 97-45, Sec. 3, Sept. 25, 1981, 95 Stat. 950; Pub. L.
99-563, Secs. 5, 7, 8(a), 12(c), Oct. 27, 1986, 100 Stat. 3172,
3175, 3178.)
AMENDMENTS
1986 - Subsec. (a)(1)(C). Pub. L. 99-563, Sec. 12(c), struck out
"product liability or completed operations" before "liability
insurance losses".
Subsec. (a)(1)(D). Pub. L. 99-563, Sec. 5(b)(1), redesignated
subpar. (E) as (D), substituted a semicolon for ", and, upon
request, furnish such commissioner a copy of any financial report
submitted by the risk retention group to the commissioners of the
chartering or licensing jurisdiction;", and struck out former
subpar. (D) which read as follows: "submit to the appropriate
authority reports and other information required of licensed
insurers under the laws of a State relating solely to product
liability or completed operations liability insurance losses and
expenses;".
Subsec. (a)(1)(E). Pub. L. 99-563, Sec. 5(b)(1)(A), (c),
redesignated subpar. (F) as (E), further redesignated cl. (ii) as
(i), added cl. (ii), and struck out former cl. (i) which read as
follows: "the commissioner has reason to believe the risk retention
group is in a financially impaired condition; and". Former subpar.
(E) redesignated (D).
Subsec. (a)(1)(F). Pub. L. 99-563, Sec. 5(b)(1)(A), (d),
redesignated subpar. (G) as (F) and amended it generally. Prior to
amendment, subpar. (F) read as follows: "comply with a lawful order
issued in a delinquency proceeding commenced by the State insurance
commissioner if the commissioner of the jurisdiction in which the
group is chartered has failed to initiate such a proceeding after
notice of a finding of financial impairment under subparagraph (F)
of this paragraph;". Former subpar. (F) redesignated (E).
Subsec. (a)(1)(G) to (I). Pub. L. 99-563, Sec. 5(b)(1)(A), (e),
added subpars. (G) to (I). Former subpar. (G) redesignated (F).
Subsec. (b). Pub. L. 99-563, Sec. 5(a), amended subsec. (b)
generally. Prior to amendment, subsec. (b) read as follows: "The
exemptions specified in subsection (a) of this section apply to -
"(1) product liability or completed operations liability
insurance coverage provided by a risk retention group for -
"(A) such group; or
"(B) any person who is a member of such group;
"(2) the sale of product liability or completed operations
liability insurance coverage for a risk retention group; and
"(3) the provision of insurance related services or management
services for a risk retention group or any member of such group."
Subsecs. (d) to (h). Pub. L. 99-563, Secs. 5(b)(2), 7, 8(a),
added subsecs. (d) to (h).
SECTION REFERRED TO IN OTHER SECTIONS
This section is referred to in section 3905 of this title.
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