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Purchasing Group - Notice and Registration Form

Purchasing Group - Notice and Registration Form 2025

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The document is a registration form for a Purchasing Group under the New York State Department of Financial Services. It requires detailed information about the group's name, organization type, purpose, domicile, insurance needs, and key personnel. The form also includes questions regarding any legal issues faced by individuals associated with the group and emphasizes compliance with state laws regarding liability insurance.

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What is an example of a purchasing group?

Picture a group of healthcare providers or veterinarians joining forces to negotiate better deals on supplies. Thats a purchasing cooperative in action. Members usually pay a fee to join, and in return, they get access to cost savings on industry-specific products.

What is a purchasing group in insurance?

A Purchasing Group can be any group of persons, corporations, or associations with similar liability risks who form an organization for the purpose of purchasing liability insurance on a group basis.

How do risk purchasing groups work?

A Risk Purchasing Group (RPG) is a group of individuals, together for the purpose of purchasing commercial or public entity liability insurance on a group basis from an insurance company.

What is a purchasing group insurance?

A purchasing group is composed of members whose businesses or activities are similar or related with respect to the liability to which members are exposed by virtue of any related, similar, or common business, trade, product, services, premises, or operations.

How do you define a purchasing group?

By definition, a purchasing group is a company responsible for centralising the purchases of its members. It acts as a service provider.

What is an RPG fee?

Risk Purchasing Group (RPG) membership fees are used to pay for expenses related to the management and administration of the RPG, including, but not limited to, RPG state filings and registrations, as well as the creation of risk management and risk avoidance education materials provided to RPG members.

Purchasing Group - Notice and Registration Form 2025

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