What is the minimal amount of money needed to start a risk retention group? I’m in NJ
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There is no set legal amount. It depends on what your planning on doing.
At least $500,000+ for starters. You can always get what is called a ‘re-insurance’ policy.
$1. Risk retention groups are NOT regulated by banking or insurance departments.
But you won’t get anyone to join in, with $1. Most of the ones I’ve seen, start out with about $10,000,000.