Section 5903. Domestic risk retention groups

(a) A domestic risk retention
  group shall, pursuant to the provisions of this  chapter,  be  chartered
  and  licensed  as  a  domestic  property/casualty  insurer to write only
  liability insurance pursuant to this article  and,  except  as  provided
  elsewhere   in  this  article,  shall  comply  with  all  of  the  laws,
  regulations  and  orders  applicable   to   property/casualty   insurers
  organized and licensed in this state.
    (b)  Before  it  may  offer insurance in any state, each domestic risk
  retention group shall submit to the superintendent for approval  a  plan
  of  operation  or  feasibility  study, and shall also submit a completed
  National Association of Insurance Commissioners  risk  retention  report
  form  to  the  superintendent.  Such  group  shall submit an appropriate
  revision in the event of any subsequent material change in any  item  of
  the  plan  of operation or feasibility study within ten days of any such
  change. Such group shall not offer any  additional  kinds  of  liability
  insurance  in  any  state until a revision of the plan or study has been
  approved by the superintendent.
    (c) The submission of a plan of operation or feasibility  study  shall
  not  be required with respect to any kind or classification of liability
  insurance which was:
    (1) defined in the federal Product Liability  Risk  Retention  Act  of
  1981  (Public Law 97-45) before October twenty-seventh, nineteen hundred
  eighty-six; and
    (2) offered before such date by any risk  retention  group  which  had
  been  chartered  and operating for not less than three years before such
  date.
    (d) Immediately upon receipt of any application  for  licensing  as  a
  domestic  risk retention group, the superintendent shall provide summary
  information  concerning  the  filing  to  the  National  Association  of
  Insurance Commissioners.
    (e)  The  name  under  which  a  domestic  risk retention group may be
  chartered and licensed shall be a brief description  of  its  membership
  followed   by  the  phrase  "Risk  Retention  Group",  and,  unless  its
  membership consists solely of insurers, shall not include the use of the
  terms "insurance", "insurance company", "mutual", "reciprocal",  or  any
  similar terms.