American Recreation & Entertainment Alliance News & Press Releases
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DENVER--(Press Release)--June 21, 2000-- Today, the American Equestrian Alliance, a national association of horse owners, trainers, stables, farms, ranches and equestrian related businesses, re-domesticated from Arizona to Colorado as a Colorado corporation. Founded in 1989, American Equestrian Alliance was established to promote equestrian activities, support equine legislation, distribute educational literature and operate as an insurance safety group for it's membership. Brent Allen, Executive Director of the association, stated "the AEA board of directors decided to re-incorporate the Association in Colorado because of the states progressive attitude toward equestrian legislation, association risk purchasing groups and land use". Alliance membership has now expanded to include all fifty states and Puerto Rico.
DENVER--(Press Release)--Tuesday July 11, 2000, The American Equestrian Alliance, a national association of horse owners, trainers, stables, farms, ranches and equestrian related businesses registered with the Colorado Division of Insurance as Risk Purchasing Group under Federal Risk Retention Act of 1986. Terri Tamburri, President, stated "this is a major event for the Association. We will now be able to negotiate with national insurers for broader insurance programs and better rates based upon our group buying power and historical profitablility".
Over the past 40 years, with few exceptions, Congress has left regulation of the insurance industry to the states, each of which have their own requirements, including licensing laws, "seasoning" requirements, fictitious group laws, restrictions on the ability of insurers to offer to a group special terms regarding rates and coverage, higher tax rates on foreign (out of state) insurers, and countersignature laws. To help promote the formation and multi-state operation of group liability insurance programs, Congress enacted the Products Liability Risk Retention Act in 1981 and expanded its scope through amendments in 1986. With the advent of the 1986 Risk Retention Act, counter-signature and fictitious group laws which had previously restricted formation of group purchase of liability coverage, were eliminated. Moreover, Congress prohibited discrimination against risk retention and purchasing groups by the states. It was Congressional intent to enable businesses, professionals, nonprofit organizations and governmental agencies to establish self-insurance pools (RRGs) and to purchase liability insurance on a group basis (PGs).
The Act prohibits states from passing laws that would prohibit formation of purchasing groups. Moreover, the Act makes it unlawful for a state to prohibit an insurer from offering to provide the purchasing group or its members advantages, based on their loss and expense experience, not afforded to other persons with respect to rates, policy form, coverage, or other matters. Because purchasing groups are not risk bearers like risk retention groups, regulation of the purchasing group's insurer is of equal importance to the overall operations and regulation of purchasing groups. As a general rule, admitted insurers of purchasing groups have greater regulatory flexibility, particularly on rate and form requirements, while purchasing groups insured by surplus lines carriers are benefited from placements using non-resident surplus lines brokers.
For purchasing groups, major benefits include the ability to negotiate tailor-made coverage at favorable rates with insurers. For insurers, purchasing groups offer the ability to write profitable programs, while also lowering costs and increasing service to insurance buyers. For agents and brokers, purchasing groups offer an ideal way to expand a single-state program into a national program, and also to add value to the group through enhanced loss control and risk management programs.
Colorado
Western Insurance Co selected to insure American Equestrian Alliance special
event program.
PHOENIX, AZ --(Press Release)--Thursday June 1, 2000. The American Equestrian Alliance, a national association of horse owners, trainers, stables, farms, ranches and equestrian related businesses, announced today that the Association special events program would be insured by Colorado Western Insurance Company. Terri Tamburri, President of the Alliance, stated "the special events program is one of our most important membership products. Without it, many of the equestrian events produced by our membership could not take place because of the insurance costs. The insurance program was placed through The Equestrian Insurance Group of Phoenix, Arizona. Barry Spinka, senior underwriter said "we are very pleased with new program placement. The people at Colorado Western have a long history of equine underwriting and understand the special needs of this industry. The policy offers a high liability limit, is comprehensive in scope and very affordable to the event sponsors".
Phoenix, AZ -- (Press Release) - Monday July 31, 2000,
The American Equestrian Alliance, a national association of horse owners, trainers, stables, farms, ranches and equestrian related businesses registered with the California Department of Insurance as Risk Purchasing Group under Federal Risk Retention Act of 1986. Brent Allen, Executive Director said "California is one of the largest equestrian communities in the United States. The member benefits, liability insurance and services of this association will be greatly appreciated by California horse owner's and equestrian businesses. The equestrian liability marketplace is shrinking rapidly and premium affordability has become a major concern in Calironia."
Over the past 40 years, with few exceptions, Congress has left regulation of the insurance industry to the states, each of which have their own requirements, including licensing laws, "seasoning" requirements, fictitious group laws, restrictions on the ability of insurers to offer to a group special terms regarding rates and coverage, higher tax rates on foreign (out of state) insurers, and countersignature laws. To help promote the formation and multi-state operation of group liability insurance programs, Congress enacted the Products Liability Risk Retention Act in 1981 and expanded its scope through amendments in 1986. With the advent of the 1986 Risk Retention Act, counter-signature and fictitious group laws which had previously restricted formation of group purchase of liability coverage, were eliminated. Moreover, Congress prohibited discrimination against risk retention and purchasing groups by the states. It was Congressional intent to enable businesses, professionals, nonprofit organizations and governmental agencies to establish self-insurance pools (RRGs) and to purchase liability insurance on a group basis (PGs).
The Act prohibits states from passing laws that would prohibit formation of purchasing groups. Moreover, the Act makes it unlawful for a state to prohibit an insurer from offering to provide the purchasing group or its members advantages, based on their loss and expense experience, not afforded to other persons with respect to rates, policy form, coverage, or other matters. Because purchasing groups are not risk bearers like risk retention groups, regulation of the purchasing group's insurer is of equal importance to the overall operations and regulation of purchasing groups. As a general rule, admitted insurers of purchasing groups have greater regulatory flexibility, particularly on rate and form requirements, while purchasing groups insured by surplus lines carriers are benefited from placements using non-resident surplus lines brokers.
For purchasing groups, major benefits include the ability to negotiate tailor-made coverage at favorable rates with insurers. For insurers, purchasing groups offer the ability to write profitable programs, while also lowering costs and increasing service to insurance buyers. For agents and brokers, purchasing groups offer an ideal way to expand a single-state program into a national program, and also to add value to the group through enhanced loss control and risk management programs.