Is Your RRG Compliant?
The Vermont Department of Financial Regulation released a memo in March of this year to remind Risk Retention Groups (RRGs) of the requirement to be compliant with corporate governance standards by May 7. They must also attest to being compliant by including a list of the board of directors and indicating each director’s status of independence.
What is an independent director? To be considered independent, the director must not have a material relationship with the RRG.
Vermont is being somewhat flexible with these updated requirements by allowing RRGs that are working toward compliance to file for an extension. It is in the best interest of RRGs to become knowledgeable about the standards that Vermont-based RRGs are adopting. For more information about updated governance standards and how they will impact your RRG, contact Primmer today.