A Risk Retention Group is NOT an insurance company. Instead, it is a lesser-known and rarely used specific legal entity formed pursuant to federal law. See The Liability Risk Retention Act at 15 U.S.C. ยง 3901 et seq. Unlike insurance companies, which are regulated in each state in accordance with specific state insurance regulations, Risk Retention Groups are regulated only by one domiciliary or chartering state. Additionally, federal law permits Risk Retention Groups to issue specialty private insurance policies in any of the fifty states upon delivering proper notice to the state.