Braley Calls for Action to Modernize Risk Retention Act

WASHINGTON, DC--(Marketwire - Oct 5, 2011) - Brian Braley, Chairman of the National Risk Retention Association, called on members attending the Association's annual conference to join the campaign to generate support for the Risk Retention Modernization Act (HR 2126) now before the Congress.

HR 2126 would establish a mechanism to resolve disputes with states and relieve the industry of the costly, lengthy process of going to the federal courts to enforce the law. The bill also would authorize Risk Retention Groups (RRGs) to write commercial property insurance, a long sought goal of the Association.

Braley said NRRA has vigorously defended the right of RRGs to operate nationally when licensed in a single state under the Liability Risk Retention Act of 1986. "Just this year, we helped member RRGs resist unlawful assessment of fees and discriminatory registration processes by certain states," he noted, pointing out that the Association successfully defended RRGs in the federal courts, reported years of state regulatory violations to the U.S. Government Accountability Office (GA), and persuaded the Governor of New Jersey to veto insurance legislation adverse to RRGs.

In completing his term as Chairman, Braley expressed appreciation to the Board of Directors, the Government Affairs Committee, and the members for their active participation in advancing the interests of the industry.