Risk retention groups

Except as provided in this section, a risk retention group is exempt from any State law, rule, regulation, or order to the extent that such law, rule, regulation, or order would— make unlawful, or regulate, directly or indirectly, the operation of a risk retention group except that the jurisdiction in which it is chartered may regulate the formation and operation of such a group and any State may require such a group to— submit to an examination by the State insurance commissioners in any State in which the group is doing business to determine the group’s financial condition, if— comply with a lawful order issued— “notice The exemptions specified in subsection (a) apply to laws governing the insurance business pertaining to— liability insurance coverage provided by a risk retention group for— the provision of— A State may require that a person acting, or offering to act, as an agent or broker for a risk retention group obtain a license from that State, except that a State may not impose any qualification or requirement which discriminates against a nonresident agent or broker. Each risk retention group shall submit— to the insurance commissioner of the State in which it is chartered— to the insurance commissioner of each State in which it intends to do business, before it may offer insurance in such State— to the insurance commissioner of each State in which it is doing business, a copy of the group’s annual financial statement submitted to the State in which the group is chartered as an insurance company, which statement shall be certified by an independent public accountant and contain a statement of opinion on loss and loss adjustment expense reserves made by— Nothing in this section shall be construed to affect the authority of any Federal or State court to enjoin— Nothing in this chapter shall affect the authority of any State to bring an action in any Federal or State court. Nothing in this chapter shall be construed to affect the authority of any State to regulate or prohibit the ownership interest in a risk retention group by an insurance company in that State, other than in the case of ownership interest in a risk retention group whose members are insurance companies.