15 U.S.C. § 3906
Current through P.L. 118-107 (published on www.congress.gov on 11/21/2024)
Any district court of the United States may issue an order enjoining a risk retention group from soliciting or selling insurance, or operating, in any State (or in all States) or in any territory or possession of the United States upon a finding of such court that such group is in hazardous financial condition. Such order shall be binding on such group, its officers, agents, and employees, and on any other person acting in active concert with any such officer, agent, or employee, if such other person has actual notice of such order.
15 U.S.C. § 3906
- State
- "State" means any State of the United States or the District of Columbia; and
- hazardous financial condition
- "hazardous financial condition" means that, based on its present or reasonably anticipated financial condition, a risk retention group is unlikely to be able- (A) to meet obligations to policyholders with respect to known claims and reasonably anticipated claims; or(B) to pay other obligations in the normal course of business.
- insurance
- "insurance" means primary insurance, excess insurance, reinsurance, surplus lines insurance, and any other arrangement for shifting and distributing risk which is determined to be insurance under applicable State or Federal law;