Page:United States Statutes at Large Volume 95.djvu/978

 95 STAT. 952

State license requirement.

PUBLIC LAW 97-45-SEPT. 25, 1981 (6) require that a certain percentage of a purchasing group must obtain insurance on a group basis; (7) require that any insurance policy issued to a purchasing group or any members of the group be countersigned by an insurance agent or broker residing in that State; or (8) otherwise discriminate against a purchasing group or any of its members. (b) The exemptions specified in subsection (a) apply to— (1) product liability or completed operations liability insurance, and comprehensive general liability insurance which includes either of these coverages, provided to— (A) a purchasing group; or (B) any person who is a member of a purchasing group; and (2) the provision of— (Aj product liability or completed operations insurance, and comprehensive general liability coverage; (B) insurance related services; or (Q management services; to a purchasing group or member of the group. (c) A State may require that a person acting, or offering to act, as an agent or broker for a purchasing group obtain a license from that State, except that a State may not impose any (qualification or requirement which discriminates against a nonresident agent or broker. APPLICABILITY OF SECURITIES LAWS

Ownership interests. 15 USC 3904. 15 USC 77e. 15 USC 78/. 15 USC 77q. 15 USC 78 j,

SEC. 5. (a) The ownership interests of members in a risk retention group shall be— (1) considered to be exempted securities for purposes of section 5 of the Securities Act of 1933 and for purposes of section 12 of the Securities Exchange Act of 1934; and (2) considered to be securities for purposes of the provisions of section 17 of the Securities Act of 1933 and the provisions of section 10 of the Securities Exchange Act of 1934. (b) A risk retention group shall not be considered to be an investment company for purposes of the Investment Company Act of 1940 (15 U.S.C. 80a-l et seq.). (c) The ownership interests of members in a risk retention group shall not be considered securities for purposes of any State blue slqr law. Approved September 25, 1981.

LEGISLATIVE HISTORY—H.R. 2120 (S. 1096): HOUSE REPORT No. 97-190 (Comm. on Energy and eommerce). SENATE REPORT No. 97-172 accompanying S. 1096 (Comm. on Commerce, Science, and Transportation). CONGRESSIONAL RECORD, Vol. 127 (1981): July 28, considered and passed House. Sept. 11, considered and passed Senate in lieu of S. 1096. WEEKLY eOMPILATION OF PRESIDENTIAL DOOUMENTS, Vol. 17, No. 39 (1981): Sept. 25, Presidential statement.

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