Notes on 15 U.S.C. § 3902 : US Code - Notes

Search Notes on 15 U.S.C. § 3902 : US Code - Notes

(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).
SPECIAL RULE REGARDING FEASIBILITY STUDY
The provisions of subsec. (d) of this section, relating to the
submission of a feasibility study, not applicable with respect to
any line or classification of liability insurance which was defined
in this chapter before Oct. 27, 1986, and was offered before such
date by any risk retention group chartered and operating for not
less than 3 years before such date, see section 11(b) of Pub. L. 99-
563, set out as an Effective Date of 1986 Amendment; Applicability
note under section 3901 of this title.