Product Liability Risk Retention Act of 1981

The Product Liability Risk Retention Act of 1981 is a law that facilitates the ability of product sellers to establish risk retention groups and purchase product liability insurance on a group basis. The act defines key terms such as "product liability," "risk retention group," and "purchasing group." It also provides exemptions from certain state laws for risk retention groups and purchasing groups, including exemptions from state regulations and licensing requirements. The law aims to promote the formation of risk retention groups and purchasing groups to provide a more stable and cost-effective way for product sellers to manage their liability risks.