Product Liability Risk Retention Act of 1979

[AI summary unavailable — showing source text] Product Liability Risk Retention Act of 1979 - Title I: Risk Retention Groups - Directs the Secretary of Commerce 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 Secretary 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 Secretary to conduct audits of the applicant. Sets forth limitations on the risk coverage afforded to any one person in the group. Authorizes the Secretary to make approval conditional as necessary. Requires any refusal of approval to specify the factual conclusions and legal authority upon which is is based. Authorizes the Secretary 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 such maximum limitations. Establishes req…