Risk Retention Groups

Definition

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

DFS maintains a list of Risk Retention Groups registered in New York.

New Registration

Register new RRGs online using the Risk Retention Group Application (RRG App) found on the secure DFS Portal.

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 this state until it has been notified that its registration is complete.

Update a Registration

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

DFS Portal

Create New Account

To access the secure RRG App, you must have a DFS Portal account. To get started, select the DFS Portal button below.

Once your Portal account is created, you will receive an email with a temporary password to log in.

Browsers and Blockers
  • Use a supported browser: The latest version plus one previous of IE, FF, Chrome and Safari, are supported.
  • Disable any “Pop-up Blocker” setting in your browser before using portal applications.
  • Maintenance: This application may be unavailable daily from 7:30am to 7:45am for scheduled maintenance.
  • Applications may not be compatible with cell phones, tablets or other mobile devices
Request Access to the App

Sign in with your Portal User ID/email address and follow the steps below to access the RRG App:

  1. Select “Request Apps”.
  2. Select "Risk Retention Group App".
  3. Enter either Company Name or NAIC number:
    • If the company name and NAIC number appears, select the company, and Submit Request.
    • If the company name or NAIC number entered is not shown, email [email protected] for help.
  4. You will receive a message stating that the request for access has been received and an email notification when the request is approved. If an email is not received within 48 hours, email [email protected] for status.
  5. The Department will send an email requesting an authorization letter from the risk retention group authorizing you to make this filing on its behalf.

  6. After the authorization letter is received and verified, an email notification will be sent to the requester granting access to Risk Retention Group Application.

     

Pursuant to Section 6.2 of the Regulation 195 (11 NYCRR Part 6), risk retention groups are required to make filings electronically.  Effective May 25, 2020, Risk Retention Group Registrations and Updates must be submitted via the DFS Portal.

Pursuant to Section 6.3 of the Regulation 195 (11 NYCRR Part 6) an entity may file for an exemption from electronic filing requirement by submitting a written request to the superintendent for approval at least 30 days before the entity shall submit the particular filing or submission that is the subject of the request.

Questions?

Visit the NAIC website for:

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