Filing Requirements for Risk Retention Groups

In accordance with Section 25-103 of Insurance Article of the Annotated Code of Maryland, and Code of Maryland Regulations 31.06.03.03, a Risk Retention Group making their initial filing with the Maryland Insurance Administration is required to file with the Maryland Insurance Administration the following:

  1. Risk Retention Group Application.
  2. Copy of the most recent annual statement that was submitted to the state in which the risk retention group is chartered and licensed.
  3. Audited financial report for the preceding calendar year prepared by an independent certified public accountant.
  4. Statement of opinion on loss and loss adjustment expense reserves made by a member of the American Academy of Actuaries or a qualified loss reserve specialist.

4.   Certificate of Compliance from domiciliary jurisdiction.

  1. Latest Report of Examination made of the applicant by the Insurance Regulatory Agency of the applicant’s state of domicile.
  2. The plan of operation or feasibility study of the Risk Retention Group.
  3. An appointment of the Commissioner as agent for the acceptance of service of process.
  4. Application fee of $75 (non-refundable) made payable to Maryland Insurance Administration.

A Risk Retention Group wishing to renew its eligibility as a qualified Risk Retention Group in Maryland is required to file annually with the Maryland Insurance Administration the following:

  1. Renewal Application.
  2. Annual filing fee of $25 (non-refundable) made payable to Maryland Insurance Administration.

Renewal filings and fees must be received on or before June 20.

If you have any questions, contact Melissa Ham at:
Maryland Insurance Administration
Company Licensing Unit
Phone:  410-468-2110
Fax:  410-468-2112

Documents and fees should be submitted to:
Maryland Insurance Administration
Company Licensing
200 St. Paul Place, Suite 2700
Baltimore, MD  21202