NASW Risk Retention Group, Inc.
NASW Assurance Services, Inc. (ASI) incorporated the NASW Risk Retention Group, Inc. (RRG) on June 15, 2012. The RRG is domiciled in Washington, D.C. where the D.C. Department of Insurance, Securities, and Banking regulates it. Although the policyholders own the RRG, ASI provides program management and manages the service partners who provide accounting and management information, regulatory compliance, financial management and administration.
What is the NASW Risk Retention Group, Inc.
The NASW Risk Retention Group, Inc. (RRG) is a captive insurance company established to provide liability insurance for a specific group of policyholders who share a common interest, such as members of a professional association. The RRG offers a better way to benefit NASW Members.
The RRG exists to serve the policyholders and its specific structure gives ASI significantly more control than it previously had over the professional liability insurance program. It improves ASI’s ability to make policy changes and enhancements to benefit NASW members. Allows ASI to participate in claims decisions and offers the potential for premium credits in future years when the RRG is well established and program experience is good.
The RRG structure is more efficient and allows ASI to be more responsive to NASW members, respond to the marketplace, and stay competitive with other programs. Under the RRG structure, ASI can quickly implement a program enhancement. With professional liability insurance being a top benefit of NASW membership, a more flexible, responsive structure is in the interests of NASW, ASI, and our NASW members.
Rated Excellent in Financial Strength
In 2017, the NASW Risk Retention Group celebrates its 5-year milestone and has been rated among the highest in the nation by A.M. Best Company. An ‘Excellent’ Financial Strength Rating by the A.M. Best Company is extremely important in many ways. It confirms that the NASW Risk Retention Group is a growing, stable and financially solid company which exemplifies our commitment to high quality, customized products. It is the premier insurance company for social workers as the products are uniquely designed specifically for the profession. The NASW Risk Retention Group is not like any other insurance company, no one else offers a suite of products overseen by a Board of Directors which includes social workers.