§431K-7 Notice and registration requirements of purchasing groups. (a) A purchasing group that intends to do business in this State shall furnish, on forms prescribed by the National Association of Insurance Commissioners, notice to the commissioner that shall include the following:

(1) Identification of the state in which the group is domiciled;

(2) Specification of the lines and classifications of liability insurance that the purchasing group intends to purchase;

(3) Identification of the insurance company or risk retention group from which the group intends to purchase its insurance and the domicile of the company or risk retention group; and

(4) Identification of the principal place of business of the group.

(b) The commissioner may require a purchasing group to provide the following information:

(1) The method by which, and the person or persons through whom, insurance will be offered to its members whose risks are resident or located in this State;

(2) Identify all other states in which the group intends to do business; and

(3) Provision of other information to verify that the purchasing group qualifies as such under section 431K-1.

(c) The purchasing group shall register with and designate the commissioner or other appropriate authority as its agent solely for the purpose of receiving service of legal documents or process, except that these requirements shall not apply in the case of a purchasing group that:

(1) Was domiciled before April 1, 1986, and is domiciled on and after October 27, 1986, in any state of the United States;

(2) Before October 27, 1986, purchased insurance from an insurance carrier licensed in any state, and since October 27, 1986, purchased its insurance from an insurance carrier licensed in any state;

(3) Was a purchasing group under the requirements of the Product Liability Risk Retention Act of 1981, 15 U.S.C. §3901 et seq., before October 27, 1986; and

(4) Does not purchase insurance that was not authorized for purposes of an exemption under that Act, as in effect before October 27, 1986.

(d) Within ten days a purchasing group shall notify the commissioner of any changes in any of the items set forth in subsections (a) and (b). [L 1987, c 180, pt of §1; am L 1989, c 272, §6; am L 1993, c 321, §17; am L 1997, c 368, §9]