Welcome to MAISL

Group Self-Insurance:

• This involves a group of similar entities (e.g., businesses in the same industry) pooling their resources to self-insure against certain risks.
• This approach aims to provide a more cost-effective and tailored alternative to traditional insurance.

Key Factors:

• Risk Retention Groups (RRGs):
  • These are a specific type of group self-insurance entity authorized by U.S. federal law.
  • RRGs allow groups with similar liability risks to form their own insurance companies.
  • This framework can contribute to both stability and competitiveness.
• Factors that influence stability:
  • The groups ability to accurately predict and fund future losses.
  • The groups ability to enforce safety standards among its members.
• Factors that influence competitiveness:
  • The ability to lower costs compared to commercial insurance.
  • The ability to provide better more specialized coverage.

Stability and Competitiveness:

• Stability:
  • A stable group self-insurance program relies on:
    • Accurate risk assessment.
    • Adequate funding.
    • Effective risk management practices.
    • Consistent participation from members.
  • Stability ensures that the program can meet its obligations and provide reliable coverage over the long term.
• Competitiveness:
  • Group self-insurance can be competitive by:
    • Reducing overhead costs compared to traditional insurers.
    • Offering coverage that is specifically tailored to the group’s needs.
    • Allowing members to share in any surplus funds.
    • Providing greater control over claims management.