Notes on 15 U.S.C. § 3901 : US Code - Notes

Search Notes on 15 U.S.C. § 3901 : US Code - Notes

(Pub. L. 97-45, Sec. 2, Sept. 25, 1981, 95 Stat. 949; Pub. L. 98-
193, Dec. 1, 1983, 97 Stat. 1344; Pub. L. 99-563, Secs. 3, 4,
12(b), Oct. 27, 1986, 100 Stat. 3170, 3171, 3177.)
REFERENCES IN TEXT
The Federal Employers' Liability Act (45 U.S.C. 51 et seq.),
referred to in subsec. (a)(2)(B), is act Apr. 22, 1908, ch. 149, 35
Stat. 65, as amended, which is classified generally to chapter 2
(Sec. 51 et seq.) of Title 45, Railroads. For complete
classification of this Act to the Code, see Short Title note set
out under section 51 of Title 45 and Tables.
CODIFICATION
October 27, 1986, referred to in subsec. (a)(4)(C)(ii), was in
the original "the date of the enactment of the Risk Retention Act
of 1986", which was translated as meaning the date of enactment of
the Risk Retention Amendments of 1986 to reflect the probable
intent of Congress.
AMENDMENTS
1986 - Subsec. (a)(1) to (3). Pub. L. 99-563, Sec. 3(a),
redesignated par. (2) as (1), added pars. (2) and (3), and struck
out former par. (1) defining completed operations liability, and
former par. (3) defining product liability.
Subsec. (a)(4). Pub. L. 99-563, Sec. 4(a)(1), struck out "taxable
as a corporation, or as an insurance company, formed under the laws
of any State, Bermuda, or the Cayman Islands" after "association"
in introductory provisions.
Subsec. (a)(4)(A). Pub. L. 99-563, Sec. 4(a)(2), substituted
"liability exposure" for "product liability or completed operations
liability risk exposure".
Subsec. (a)(4)(C). Pub. L. 99-563, Sec. 4(a)(3), amended subpar.
(C) generally. Prior to amendment, subpar. (C) read as follows:
"which is chartered or licensed as an insurance company and
authorized to engage in the business of insurance under the laws of
any State, or which is so chartered or licensed and authorized
before January 1, 1985, under the laws of Bermuda or the Cayman
Islands, except that any group so chartered or licensed and
authorized under the laws of Bermuda or the Cayman Islands shall be
considered to be a risk retention group only after it has certified
to the insurance commissioner of at least one State that it
satisfies the capitalization requirements of such State;".
Subsec. (a)(4)(E) to (H). Pub. L. 99-563, Sec. 4(a)(4), added
subpars. (E) to (H), and struck out former subpar. (E) which read
as follows: "which is composed of member each of whose principal
activity consists of the manufacture, design, importation,
distribution, packaging, labeling, lease, or sale of a product or
products;".
Subsec. (a)(5). Pub. L. 99-563, Sec. 4(b), amended par. (5)
generally. Prior to amendment, par. (5) read as follows: "
'purchasing group' means any group of persons which has as one of
its purposes the purchase of product liability or completed
operations liability insurance on a group basis;".
Subsec. (a)(7). Pub. L. 99-563, Sec. 3(b), added par. (7).
Subsec. (b). Pub. L. 99-563, Sec. 12(b), substituted "liability,
personal risk liability, and insurance" for "product liability and
product liability insurance".
1983 - Subsec. (b). Pub. L. 98-193 substituted provision that
nothing in this chapter would be construed to affect either the
tort law or the law governing the interpretation of insurance
contracts of any State, and that the definitions of product
liability and product liability insurance under any State law would
not be applied for the purposes of this chapter, including
recognition or qualification of risk retention groups or purchasing
groups for provision that the definition of product liability in
this section would not be construed to affect either the tort law
or the law governing the interpretation of insurance contracts of
any State.
EFFECTIVE DATE OF 1986 AMENDMENT; APPLICABILITY
Section 11(a), (b), and (c)(2) of Pub. L. 99-563 provided that:
"(a) General Rule. - Subject to subsection (b), this Act [see
Short Title of 1986 Amendment note below] shall take effect on the
date of its enactment [Oct. 27, 1986].
"(b) Special Rule Regarding Feasibility Study. - The provisions
of section 3(d) of the Liability Risk Retention Act of 1986 (as
added by section 5(b) of this Act) [15 U.S.C. 3902(d)], relating to
the submission of a feasibility study, shall not apply with respect
to any line or classification of liability insurance which -
"(1) was defined in the Product Liability Risk Retention Act of
1981 [Pub. L. 97-45, which enacted this chapter] before the date
of the enactment of this Act [Oct. 27, 1986]; and
"(2) was offered before such date of enactment by any risk
retention group which has been chartered and operating for not
less than 3 years before such date of enactment.
"(c) Rule Regarding Pollution Liability. -
"(2) Nothing in this Act shall be construed, interpreted or
applied to diminish the obligations of any person to establish or
maintain evidence of financial responsibility or otherwise comply
with any of the requirements of Federal environmental laws,
including but not limited to the Comprehensive Environmental
Response, Compensation and Liability Act of 1980 [42 U.S.C. 9601
et seq.] and the Solid Waste Disposal Act [42 U.S.C. 6901 et
seq.]."
SHORT TITLE OF 1986 AMENDMENT
Section 1 of Pub. L. 99-563 provided that: "This Act [enacting
sections 3905 and 3906 of this title, amending this section,
sections 3902 and 3903 of this title, and sections 9671 to 9675 of
Title 42, The Public Health and Welfare, enacting provisions set
out as notes under this section and section 9671 of Title 42, and
amending provisions set out as a note under this section] may be
cited as the 'Risk Retention Amendments of 1986'."
SHORT TITLE
Section 1 of Pub. L. 97-45, as amended by Pub. L. 99-563, Sec.
12(a), Oct. 27, 1986, 100 Stat. 3177, provided that: "This Act
[enacting this chapter] may be cited as the 'Liability Risk
Retention Act of 1986'."
OVERSIGHT OF IMPLEMENTATION; REPORT TO CONGRESS
Section 10 of Pub. L. 99-563 provided that:
"(a) In General. - (1) Not later than September 1, 1987, and not
later than September 1, 1989, the Secretary of Commerce shall
submit reports to the Congress concerning implementation of this
Act [see Short Title of 1986 Amendment note above].
"(2) Such report shall be based on -
"(A) the Secretary's consultation with State insurance
commissioners, risk retention groups, purchasing groups, and
other interested parties; and
"(B) the Secretary's analysis of other information available to
the Secretary.
"(b) Contents of the Report. - The report shall describe the
Secretary's views concerning -
"(1) the contribution of this Act [see Short Title of 1986
Amendment note above] toward resolution of problems relating to
the unavailability and unaffordability of liability insurance;
"(2) the extent to which the structure of regulation and
preemption established by this Act is satisfactory;
"(3) the extent to which, in the implementation of this Act,
the public is protected from unsound financial practices and
other commercial abuses involving risk retention groups and
purchasing groups;
"(4) the causes of any financial difficulties of risk retention
groups and purchasing groups;
"(5) the extent to which risk retention groups and purchasing
groups have been discriminated against under State laws,
practices, and procedures contrary to the provisions and
underlying policy of this Act and the Product Liability Risk
Retention Act (as amended by this Act) [Pub. L. 97-45, which
enacted this chapter]; and
"(6) such other comments and conclusions as the Secretary deems
relevant to assessment of the implementation of this Act."
(!1) So in original. The period probably should be a semicolon.