What does Risk Purchasing Group mean? Read on to discover the definition & meaning of the term Risk Purchasing Group - to help you better understand the language used in insurance policies.
Risk Purchasing Group
A group formed in compliance with the Risk Retention Act of 1986 authorizing a group of insureds engaged in similar businesses or activities to purchase insurance coverage from a commercial insurer. This is in contrast to a risk retention group (RRG), which actually bears the group's risks rather than obtaining coverage on behalf of group members.
We hope the you have a better understanding of the meaning of Risk Purchasing Group.