April 14, 2020
For Immediate Release
ADDRESSING THE TSUNAMI OF STATE ORDERS:
NRRA’s GAC COVID-19 TASK FORCE
In late March, NRRA’s Government Affairs Committee (GAC) approved the appointment of a GAC COVID-19 Task Force. Its purpose is to collect, organize, and analyze legislation, bills, executive orders, surveys, or other requests for information in response to COVID-19 that would have a negative regulatory impact upon the business practices of RRGs.
“The work of the Task Force will be to assist NRRA and the GAC in creating useful resource materials, which will be available to NRRA members, to help the members respond to such inquiries or directives quickly and efficiently,” said Jerry Yoshida of Goodsill Anderson Quinn and Stifel, Task Force Chair.
“Recognizing that this will be a work in progress, the information will be updated periodically,” he added.
NRRA is focusing on potential regulatory impact that could result from non-domiciliary states’ orders and requests for compliance regarding certain initiatives — specifically, those that may alter how RRGs operate though their domicile regulators under the RRGs’ current business plans.
These would include reporting requirements beyond the scope of the federal Liability Risk Retention Act (LRRA) — such as financial or operational impact, restricting policy cancellations, modifications to policy provisions, and any other directives that would be superseded by the LRRA.
“NRRA intends to be proactive in its response to the pandemic crisis, which we anticipate will affect most if not all of our members. The Association plans to develop information and educational tools to help members avoid falling victim to state rule-making that is preempted by LRRA,” said NRRA Chair Nancy Gray.
The members of the GAC COVID-19 Task Force are Jerry Yoshida (Goodsill Anderson, HI); Patti Pallito (Aon); Deborah Gambone (Aon); Heather Ross (Risk Services); and Derick White (Strategic Risk Solutions).
The preliminary information is not yet up on the website (www.riskretention.org) but look for it coming shortly. Also, look for a workshop or panel discussion at our upcoming 2020 Annual Conference to demonstrate the tools NRRA is developing to assist our members on these vital issues.
The conference is scheduled for Sept. 29 — Oct. 1 at the Sofitel Chicago Magnificent Mile hotel.
Everyone in our industry is encouraged to support NRRA in this important initiative. Please send all examples of relevant legislation, bills, executive orders, requests for information, and so forth to the NRRA executive office at…