Risk Retention Amendments of 1986

[AI summary unavailable — showing source text] Risk Retention Amendments of 1986 - Amends the Product Liability Risk Retention Act of 1981 to rename it the Liability Risk Retention Act of 1986. Revises the definition of "liability insurance," currently limited to product liability and completed operations liability, to cover any legal liability of an organization for damages because of injuries to other persons, damage to their property, or other loss or damage arising out of its business, trade, products, services (including professional services), premises or operations, but excluding personal risk insurance, workers' compensation, and employers' liability insurance. Defines as "organizations" eligible to purchase liability insurance any association, business, corporation, professional corporation or partnership, chruch, hospital, school, university or other institution or a State or local government. Excludes from the coverage of this Act product liability risk retention groups formed under the laws of Bermuda or the Cayman Islands before January 1, 1985. (Current law excludes groups formed under the laws of Bermuda or the Cayman Islands on or after January 1, 1985.) Repeals the requirement that a risk retention group be com…