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Product Liability Risk Retention Act of 1981

Public Law 97-45 · H.R. 2120 · 97th Congress · began in the House

Signed by Ronald Reagan (R) on Sep 25, 1981 · Commerce

Sponsor: Rep. James Florio (D-NJ-1)

Cosponsors (4): Rep. Norman Lent,

Passage votes

  • HouseVoice vote
  • SenateVoice vote
Data notes

The final version of the law, as each chamber passed it. A chamber that passed it by voice vote or unanimous consent has no count. “Method not stated” means the record does not say how the chamber voted. Where the record has a member-by-member vote, the “Who voted for it” section shows who voted yea.

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Summary

The Congressional Research Service’s plain-language summary of what the law does.

Product Liability Risk Retention Act of 1981 - Defines "risk retention group" to mean any corporation or insurance company formed under State law which: (1) is organized for the primary purpose of assuming and spreading product liability or completed operations liability risk exposure; (2) is chartered as an insurance company under State law; (3) does not exclude members for competitive advantage; and (4) consists of members whose principal activity is the manufacture, design, distribution, packaging, or sale of a product.

Defines " purchasing group" to mean any group of persons which has as one of its purposes the purchase of product liability or completed operations insurance on a group basis.

Exempts risk retention groups and purchasing groups from State laws which prohibit, regulate, or otherwise discriminate against such groups.

Enumerates requirements which a State may impose on a risk retention group, including compliance with unfair claims settlement practices, payment of taxes, and reporting requirements.

Authorizes a State to license an agent or broker for a purchasing group.

Stipulates that the ownership interests of members in a risk retention group shall not generally be considered securities for the purposes of the Federal securities laws, except with respect to certain antifraud provisions. Exempts such interests from the Investment Company Act of 1940 and State blue sky laws.

Committees

The committees the bill was sent to, and what each did with it.

  • Energy and Commerce Committee · House · markup by, referred to, reported bySubcommittee: Commerce, Consumer Protection, and Competitiveness Subcommittee
Data notes

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Timeline

From introduction to signing, newest first: the committees, the floor and the president. 15 actions.

  1. Sep 25, 1981Became lawBecame law · Became Public Law No: 97-45.
  2. Became lawBecame law · Signed by President.
  3. Sep 14, 1981PresidentPresident · Presented to President.
  4. Sep 11, 1981FloorFloor · Passed Senate in lieu of S. 1096 without amendment by Voice Vote.
  5. Jul 30, 1981FloorFloor · Received in the Senate held at the desk by unanimous consent.
  6. Jul 28, 1981FloorFloor · Passed House (Amended) by Voice Vote.
  7. FloorFloor · Called up by House by Unanimous Consent.
  8. Jul 21, 1981CommitteeCommittee · Reported by House Energy and Commerce Committee
  9. Jul 15, 1981CommitteeCommittee · Markup by House Energy and Commerce Committee
  10. Jun 24, 1981CommitteeCommittee · Reported by Commerce, Consumer Protection, and Competitiveness Subcommittee of the House Energy and Commerce Committee
  11. CommitteeCommittee · Markup by Commerce, Consumer Protection, and Competitiveness Subcommittee of the House Energy and Commerce Committee
  12. Apr 9, 1981CommitteeCommittee · Hearings by Commerce, Consumer Protection, and Competitiveness Subcommittee of the House Energy and Commerce Committee
  13. Feb 27, 1981CommitteeCommittee · Referred to Commerce, Consumer Protection, and Competitiveness Subcommittee of the House Energy and Commerce Committee
  14. Feb 25, 1981CommitteeCommittee · Referred to House Energy and Commerce Committee
  15. IntroducedIntroduced · Introduced in the House
Data notes

Shows the introduction, each committee and subcommittee step the source dates (referral, hearings, markup, report, discharge), and the floor, conference, presidential and became-law steps. Calendar placements, messages between the chambers, amendments and committee report numbers are not shown for laws before the 108th Congress. Two entries the source lists twice are shown once.

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Official record

The bill’s full text and every action, including introduction and committee steps, are on Congress.gov. Data through Oct 7, 2026.