Risk Purchasing Groups can maximize your insurance buying power. Explore all your options to avoid paying too much.  

Risk Purchasing Group Licensing can be difficult to grasp, so please allow us to explain how this valuable entity came to be. 

The Liability Risk Retention Act (LRRA) is a federal law that was passed by Congress in 1986 to help U.S. businesses, professionals, and municipalities obtain liability insurance, which had become either unaffordable or unavailable due to the “liability crisis” in the United States.

In passing the Liability Risk Retention Act, Congress provided insurance buyers with a marketplace solution to the “liability crisis,” enabling them to have greater control of their liability insurance programs. To achieve this goal, congress created two entities – Risk Retention Groups (RRGs) and Risk Purchasing Groups (RPGs).

A Risk Purchasing Group (RPG) consists of insurance buyers who band together, typically on a national basis, to purchase their liability insurance coverage from an insurance company. As the name implies, the RPG serves as an insurance purchasing vehicle allowing its members to obtain more coverage at lower rates.  

ILSA’s Risk Purchasing Group Analysts provide the following services: 

• Complete paperwork in compliance with the Liability Risk Retention Act to register the RPGs with the insurance departments (before the RPG begins offering insurance coverage)
• Fill out entire application and email it to you for signatures
• Submit the bonds and obtain Corporate Qualifications from the Secretary of State
• Provide you with a list of supporting documents required to accompany your application
• Submit all license applications and other required documents to the Insurance Departments
• Follow up on a weekly basis with the Department of  Insurance until the license is issued
• Provide you with 24/7 access to our secure ILSA client gateway to review your status

Questions about Risk Purchasing Group Licensing services?