H.R. 2120 · 97th Congress · enacted
Product Liability Risk Retention Act of 1981
Became Public Law No: 97-45.
Latest official action 1981-09-25 · Enacted
The bill, briefly
Product Liability Risk Retention Act of 1981 - Defines "risk retention group" to mean any corporation or insurance company formed under State law which: (1) is organized for the primary purpose of assuming and spreading product liability or completed operations liability risk exposure; (2) is chartered as an insurance company under State law; (3) does not exclude members for competitive advantage; and (4) consists of members whose principal activity is the manufacture, design, distribution, packaging, or sale of a product. Defines " purchasing group" to mean any group of persons which has as one of its purposes the purchase of product liability or completed operations insurance on a group basis. Exempts risk retention groups and purchasing groups from State laws which prohibit, regulate, or otherwise discriminate against such groups. Enumerates requirements which a State may impose on a risk retention group, including compliance with unfair claims settlement practices, payment of taxes, and reporting requirements. Authorizes a State to license an agent or broker for a purchasing group. States that the ownership interests of members in a risk retention group shall not be considered securities or an investment company for purposes of the Federal securities laws or State blue sky laws.
Congressional Research Service · 1981-02-25
Who reported lobbying on this bill?
Amount spent specifically on this bill: not disclosed
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Politicians behind the bill
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4 of 4 source cosponsor records retrieved; only current officials and unwithdrawn sponsorships appear.
PAC donors to the listed sponsors
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What happened after enactment?
Dated agency-reported implementation and uptake measures are shown with their scope. They do not by themselves establish causal success. If no evidence is listed, the outcome is not established.