WASHINGTON, DC--(Marketwired - Sep 10, 2013) - Leaders in the risk retention sector of the insurance industry will focus on future growth prospects at the National Risk Retention Association (NRRA) conference October 1-3 in Washington, DC.
The 257 risk retention groups in business today collectively generate more than $2.5 billion premium. RRGs were authorized under the Liability Risk Retention Act of 1986 to write liability insurance in all 50 states when licensed in a single state.
"We expect the number of RRGs will increase gradually over the next few years as the demand for liability insurance grows with the improving economy," said Joe Deems, NRRA Executive Director. NRRA has been a vigorous defender of RRGs' authority to operate with only limited regulation by states other than the state in which they are licensed. The conference will provide a platform for dialogue between RRGs and regulators on a host of topics that affect growth prospects for the industry.
Representative Edward Royce, a vocal critic of the National Association of Insurance Commissioners, will be a major speaker at the Conference. The California Republican is a senior member of the House of Representatives Financial Services Committee and chairman of the House Foreign Relations Committee. In a letter to the President of the National Association of Insurance Commissioners last year, Rep. Royce took issue with the NAIC's questionable dual role as a standard-setting body for state insurance regulators and its admitted inconsistent status as a private association of insurance commissioners.
The conference also will feature sessions on what RRGs must do to prepare for implementation of the Affordable Care Act in 2014 and how to deal with the growing threat of cyber attacks. "The impact of the Affordable Care Act on the liability insurance market is a significant concern for our industry because more than half the RRGs in business today are in healthcare; and cyber security has become a problem for companies large and small," said Rod Nofziger, NRRA conference chairman.
Many additional subjects critical to RRG growth are on the program including contractual liability/stop loss; how to address rising premiums for Directors & Officers and Errors & Omissions insurance; legislative developments; reinsurance planning; and Medicare/Medicaid RAC audits, among others.
The conference will be held at the Ritz Carlton Pentagon City. Attendees can register online at the NRRA website: www.riskretention.org.