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Risk Retention Groups

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Risk Retention Groups

A Risk Retention Group is a corporation or other limited liability association formed pursuant to the federal Liability Risk Retention Act whose primary activity consists of assuming and spreading all, or any portion, of the liability exposure of its group members who are engaged in a related, similar, or common business trade, product, services, premises or operations. New York Insurance Law Section 5902(n) sets forth the definition of a Risk Retention Group.

Registered Risk Retention Groups

New Registration

Pursuant to Section 6.2 of the Regulation 195 (11 NYCRR Part 6), risk retention groups are required to make filings. An entity may file for an exemption from the electronic filing requirement by submitting a written request to the Superintendent for approval at least 30 days before the entity submits the particular filing or submission that is the subject of the request.

Required Documentation

The following items are required to register a new RRG:

  1. Registration Form - Part A: Notices and Registration: This form will be generated by the Portal using the answers you provide in the questionnaire. Download and print the completed form, obtain notarized signatures, and upload the signed, completed form into the RRG App.
  2. Registration Form - Part B: Certificate of Appointment of Attorney to Accept Service and Designation: This form will be generated by the Portal using the answers you provide in the questionnaire. Download and print the completed form to obtain notarized signatures, then upload that signed completed form into the RRG App.
  3. A certified copy of the resolution as required in Registration Form-Part B.
  4. The plan of operation and/or any revisions.
  5. Coverages offered in New York: Provide detailed descriptions of all the coverages offered in New York.
  6. Copy of the license/certificate of authority from state/district of domicile.
  7. Feasibility study (if applicable)
  8. Examination Report (if available)
  9. Reinsurance agreement (if applicable)
  10. Other documents (if applicable)

Note: A risk retention group should not conduct or transact business in New York state until it has been notified that its registration is complete.

DFS Portal and DFS ID

Risk Retention Group Registrations and Updates are submitted via the DFS Portal using the Risk Retention Group Application. Those conducting business on behalf of a regulated entity must use DFS ID to access the DFS Portal.

Users must receive an invitation to DFS ID from their Entity Administrator. You will use DFS ID credentials and multi-factor authentication (MFA) to log in, so be sure to have or download an authenticator app (e.g., Google or Microsoft Authenticator) to an available mobile device before getting started.

To get started, use the DFS Portal button below and sign in using your DFS ID credentials:

After logging in, use the RRG application for the company(ies) you will be filing for. You will see the application in the My Apps tab. 

Updating a Registration

To update an existing RRG registration, log in to the DFS Portal, select the RRG Application, select the RRG that requires update(s), describe the update(s) and upload the supporting document(s) as needed.

Questions?

Visit the NAIC website for:

Contact your Entity Administrator with questions regarding access to DFS ID. 

Questions for DFS can be submitted via email to [email protected].