Page:United States Statutes at Large Volume 100 Part 4.djvu/245

 PUBLIC LAW 99-563—OCT. 27, 1986

100 STAT. 3173

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(B) by striking all that follows after "documents or process" in subparagraph (D) (as redesignated) and inserting a semicolon; and (2) by adding at the end of such section the following new subsection: "(d) Each risk retention group shall submit— "(1) to the insurance commissioner of the State in which it is chartered— "(A) before it may offer insurance in any State, a plan of operation or a feasibility study which includes the coverages, deductibles, coverage limits, rates, and rating classification systems for each line of insurance the group intends to offer; and "(B) revisions of such plan or study if the group intends to offer any additional lines of liability insurance; "(2) to the insurance commissioner of each State in which it intends to do business, before it may offer insurance in such State— "(A) a copy of such plan or study (which shall include the name of the State in which it is chartered and its principal place of business); and "(B) a copy of any revisions to such plan or study, as provided in paragraph (I)(B) (which shall include any change in the designation of the State in which it is chartered); and "(3) to the insurance commissioner of each State in which it is doing business, a copy of the group's annual financial statement submitted to the State in which the group is chartered as an insurance company, which statement shall be certified by an independent public accountant and contain a statement of opinion on loss and loss adjustment expense reserves made by— "(A) a member of the American Academy of Actuaries, or "(B) a qualified loss reserve specialist.". (c) EXAMINATION OF FINANCIAL CONDITION.—Section 3(a)(l)(E) (as redesignated by subsection (b)) is amended— (1) by striking clause (i); ,^ (2) by redesignating clause (ii) as clause (i); and (3) by adding at the end the following new clause: "(ii) any such examination shall be coordinated to avoid unjustified duplication and unjustified repetition;".

15 USC 3902.

(d) COMPLIANCE WITH DELINQUENCY PROCEEDING ORDERS.—Section

3(a)(l)(F) (as redesignated by subsection (b)) is amended to read as follows: "(F) comply with a lawful order issued— "(i) in a delinquency proceeding commenced by the State insurance commissioner if there has been a finding of financial impairment under subparagraph (E); or "(ii) in a voluntary dissolution proceeding;". (e) ADDITIONAL STATE LAW REQUIREMENTS.—Section 3(a)(l) (15

U.S.C. 3902(a)(l)) is further amended by adding at the end the following new subparagraphs: "(G) comply with any State law regarding deceptive, false, or fraudulent acts or practices, except that if the State seeks an injunction regarding the conduct described in this subparagraph, such injunction must be obtained from a court of competent jurisdiction;

Fraud.

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