Small Business Product Liability Risk Retention Act of 1979

[AI summary unavailable — showing source text] Small Business Product Liability Risk Retention Act of 1979 - Amends the Small Business Investment Act of 1958 to direct the Administrator of the Small Business Administration to promulgate standards for the approval of risk retention groups. Defines such groups as entities formed to assume or spread the liability of two or more persons arising from products liability claims or defective construction claims. Enumerates standards which the Administrator may consider in approving any such group including the amount and liquidity of its assets, soundness of its reserves, adequacy of its insurance coverage, and its overall plan of operations. Sets forth factors to be included in a group's application for approval. Authorizes the Administrator to conduct audits of the applicant and to make any approval conditional upon fixed membership in the group, distribution of its assets, or other factors. Requires any refusal of approval to specify the factual conclusions and legal authority upon which it is based. Authorizes the Administrator to require a group to set a maximum amount of risk which it will accept. Requires such a group's participants to obtain insurance for losses in excess of su…