§ 5904. Risk retention groups not chartered in this state. A risk\nretention group not chartered and licensed as a property/casualty\ninsurer in this state, seeking to do business or doing business as a\nrisk retention group in this state, shall comply with the laws of this\nstate, as follows:\n (a) Notice of operations and designation of superintendent as agent.\nBefore offering insurance in this state, such risk retention group shall\nsubmit to the superintendent:\n (1) a statement identifying the state or states in which the risk\nretention group is chartered and licensed as an insurance company to\nwrite liability insurance, the dates of chartering and licensing, and\nits principal place of business;\n (2) a copy of its plan of operation or feasibility study and all\nrevisions of such plan or study submitted to its chartering and\nlicensing state; provided, however, that the provision relating to the\nsubmission of a plan of operation or feasibility study shall not apply\nwith respect to any kind or classification of liability insurance which\nwas:\n (A) defined in the federal Product Liability Risk Retention Act of\n1981 before October twenty-seventh, nineteen hundred eighty-six; and\n (B) offered before such date by any risk retention group which had\nbeen chartered and was operating for not less than three years before\nsuch date; and\n (3) a statement of registration, for which a filing fee shall be\nimposed in accordance with a regulation to be promulgated by the\nsuperintendent, which statement of registration shall include a power of\nattorney designating the superintendent as its agent for the purpose of\nreceiving service of process in any proceeding against it on a contract\ndelivered or issued for delivery, or on a cause of action arising, in\nthis state.\n (A) The power of attorney shall be accompanied by written designation\nof the name and address of the officer, agent, or other person to whom\nsuch process shall be forwarded by the superintendent or his deputy on\nbehalf of such risk retention group. In the event such designation is\nchanged, a new certificate of designation shall be filed with the\nsuperintendent within ten days of such change.\n (B) Service of process upon a risk retention group pursuant to this\nparagraph shall be made by serving the superintendent, any deputy\nsuperintendent or any salaried employee of the department whom the\nsuperintendent designates for such purpose with two copies thereof and\nthe payment of a fee of twenty dollars. The superintendent shall forward\na copy of such process by registered or certified mail to the risk\nretention group at the address given in its written certificate of\ndesignation, and shall keep a record of all such process served.\nService of process so made shall be deemed made within the territorial\njurisdiction of any court in this state.\n (b) Financial condition. Any such risk retention group doing business\nin this state, shall submit to the superintendent:\n (1) a copy of the annual financial statement submitted to the state in\nwhich the risk retention group is chartered and licensed, which shall be\ncertified by an independent public accountant and contain a statement of\nopinion on loss and loss adjustment expense reserves made by a member of\nthe American Academy of Actuaries or a qualified loss reserve specialist\n(under criteria established by the National Association of Insurance\nCommissioners):\n (2) a copy of each examination of the risk retention group as\ncertified by the commissioner or public official conducting the\nexamination;\n (3) upon request by the superintendent, a copy of any audit performed\nwith respect to the risk retention group; and\n (4) such information as may be required to verify its continuing\nqualification as a risk retention group.\n (c) Taxation. (1) Any such risk retention group shall be liable for\nthe payment of franchise taxes and taxes on premiums and shall report to\nthe superintendent t
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