Section 991.1503 - Risk retention groups chartered in this Commonwealth(a) A domestic risk retention group shall, pursuant to this act and the act of May 17, 1921 (P.L. 789, No. 285), known as "The Insurance Department Act of one thousand nine hundred and twenty-one," be chartered and licensed as a domestic fire or casualty insurance company to write only liability insurance pursuant to this article and, except as provided elsewhere in this article, shall comply with all the laws, rules, regulations and requirements applicable to such insurers chartered and licensed in this Commonwealth and with section 1504 to the extent that such requirements are not a limitation of laws, rules, regulations or requirements of this Commonwealth.(b) Before it may offer insurance in any state, each domestic risk retention group shall also submit for approval to the department a plan of operation or a feasibility study. In the event of any subsequent material change in any item of the plan of operation or feasibility study, the risk retention group shall submit an appropriate revision within ten (10) days of any such change. The group shall not offer any additional kinds of liability insurance in this Commonwealth or in any other state until a revision of such plan or study is approved by the department.(c) The provisions of subsection (b), relating to the submission of a plan of operation or feasibility study, shall not apply with respect to any kind or classification of liability insurance which:(1) was defined in the Product Liability Risk Retention Act of 1981 ( Public Law 97-45, 95 Stat. 949), before October 27, 1986; and(2) was offered before such date by any risk retention group which had been chartered and operating for not less than three (3) years before such date.(d) At the time of filing its application for charter, the risk retention group shall provide to the department in summary form the following information:(1) The identity of the initial members of the group.(2) The identity of those individuals who organized the group or who will provide administrative services or otherwise influence or control the activities of the group.(3) The amount and nature of initial capitalization.(4) The coverages to be afforded.(5) The states in which the group intends to operate.1921, May 17, P.L. 682, No. 284, art. XV, § 1503, added 1992, Dec. 18, P.L. 1519, No. 178, § 19, effective in 120 days.