An industry association of risk managers that publishes several periodicals, lobbies, sponsors seminars, and conducts an annual conference.
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Trade association of risk managers and insurance buyers.

The process by which a company decides how its premium rates for life insurance should differ according to the risk characteristics of individuals insured (e.g., age, occupation, sex, state of health) and then applies the resulting rules to individual applications. (See: Underwriting)
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UK: Underwriters combine individual risks into groups or ‘classes. This facilitates the underwriting process and enables individual proposals to be considered in the light of the class to which they belong. Some classes, e.g. total abstainers, mature applicants, may receive preferential treatment while others may belong to an excluded class, e.g. a motor insurer might exclude jockeys or others with a high exposure.

US: A group formed in compliance with the Risk Retention Act of 1986 authorizing a group of insureds engaged in similar businesses or activities to purchase insurance coverage from a commercial insurer. This is in contrast to a risk retention group (RRG), which actually bears the group’s risks rather than obtaining coverage on behalf of group members.
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A group of similarly situated persons or entities that are permitted under federal law to organize across state lines to buy insurance. The carrier that sells insurance to the group must be licensed in at least one state but need not be licensed in every state where a member of the group resides.
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UK Alternative risk transfer term that refers to collective insurance buying.

A method developed by the National Association of Insurance Commissioners (NAIC) to determine the minimum amount of capital required of an insurer to support its operations and write coverage. The insurer’s risk profile (i.e., the amount and classes of business it writes) is used to determine its risk-based capital requirement. Four categories of risk are analyzed in arriving at an insurer’s minimum capital requirement