What does Risk Retention Act of 1986 mean? Read on to discover the definition & meaning of the term Risk Retention Act of 1986 - to help you better understand the language used in insurance policies.
Risk Retention Act of 1986
Federal legislation passed in 1986 that authorized the formation of purchasing groups and group self-insurance programs for certain types of liability exposures. According to the Act, members of risk purchasing groups (RPGs) and risk retention groups (RRGs) must be engaged in similar or related businesses or activities.
We hope the you have a better understanding of the meaning of Risk Retention Act of 1986.