What is a risk retention group (RRG)?
An RRG is a group of people who practice in similar or related professions with respect to their liability exposure. Under the Liability Risk Retention Act of 1986, such a group may organize to underwrite liability insurance for members of the group. An RRG must be owned by its members who must also be policyholders. RRG's are chartered or licensed and authorized to do business as an insurance company in one state but may be admitted to do business in other states without incurring the expense and other hurdles of an independent application to each state.
How is the Risk Retention Act relevant to me?
The Risk Retention Act requires the pooling of insureds associated with one line of risk. Thus, your insurance premiums are not contributing to the mitigation of risk in other lines of insurance, as may be the case if you buy liability insurance from multi-line carriers. The Risk Retention Act requires all those within the Group to carry the same type of risk, and in the case of Doctors & Surgeons National RRG, that is medical liability risk. The Risk Retention Act arose out of extreme conditions in which medical liability coverage at a reasonable cost became unavailable. The Act still encourages cost savings and ownership by members of the Group.
How is Doctors & Surgeons National RRG regulated?
Doctors & Surgeons National Risk Retention Group is regulated under the auspices of the Risk Retention Act and state regulation. The company is domiciled in the State of Kentucky and must meet all the requirements of that state for entry and a continuing presence within the state. As with all insurance companies, Doctors & Surgeons National RRG is subject to regular examination through rigorous state audit. Internal audits are also used to assess the company's position. Further regulation occurs internally through the voice of the owners in meetings.
See map of registered states here.
Who owns Doctors & Surgeons National Risk Retention Group?
You do! The Risk Retention Act requires that an RRG be owned by its insureds. See full detail in our disclosures here.
What are the policy limits?
Some states mandate limits; for example in Pennsylvania limits are $500,000/$1,500,000. In general Doctors & Surgeons National RRG offers limits that are relevant to your state's liability environment. Your agent has a list of limits available to you.
