Washington – Legislation allowing risk retention groups (RRGs) and risk purchasing groups to provide property insurance has passed a House subcommittee.

The House Financial Services’ Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises passed H.R. 5792, the Increasing Insurance Coverage Options for Consumers Act of 2008, which would expand the Liability Risk Retention Act. The law currently allows RRGs to cover all types of commercial liability risks except workers’ compensation.

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