|Foreign Risk Retention Group |
A Risk Retention Group is a corporation or other limited liability association that is chartered in a state and its owners are the only persons who comprise the membership of the risk retention group and are provided insurance by the group. The Risk Retention Group does not exclude a person from membership solely to provide members of the group with a competitive advantage over that person. Its members are engaged in businesses or activities similar or related with respect to the liability of which the members are exposed by virtue of a related, similar, or common business, trade, product service premises, or operation. The name of the group shall include the phrase, "risk retention group". A Foreign Risk Retention Group must comply with Chapters 18 and 20 of the Michigan Insurance Code.