Liability Risk Retention Act Amendments of 1990

Liability Risk Retention Act Amendments of 1990 - Amends the Liability Risk Retention Act to change the ways in which: (1) States are allowed to regulate risk retention groups; (2) such groups are explicitly exempt from State regulation; and (3) States may control the licensing or qualification of agents or brokers for such groups.

Allows a risk retention group to provide liability insurance to a nonmember in certain circumstances.

Modifies requirements regarding reports by the groups to the States in which they are operating.

Changes the ways in which: (1) purchasing groups are explicitly exempt from State regulation; (2) States may control the licensing or qualification of agents or brokers for such groups; and (3) such groups are required to report to the States in which they operate.

Removes provisions regulating the purchasing, by a purchasing group, of insurance from a risk retention group that is not chartered or admitted in the State in which the purchasing group is located.

Authorizes admitted insurers, approved surplus lines insurers, and other nonadmitted insurers to provide insurance under the Act to purchasing groups, provided certain conditions are met. Requires the provision of insurance by a qualified purchasing group insurer to be regulated in specified ways by the State in which the group has its principal place of business. Requires that a purchasing group insurer furnish specified information to the insurance commissioner of the State in which it has its principal place of business and, in certain circumstances, to the insurance commissioner of each State in which it is doing business. Requires a purchasing group insurer to register with and designate the State insurance commissioner of each State in which it has insured members as its agent for receiving service of legal documents or process.

Requires the ownership interests of members of risk retention groups to be considered exempted securities for the purposes of the Securities Act of 1933 and the Securities Exchange Act of 1934.

Adds references to purchasing group insurers to provisions concerning the permissible State authority with regard to: (1) State motor vehicle no-fault and financial responsibility insurance law; (2) the applicability of the exemptions in the Act to liability insurance, and the provision or purchase of any other line of insurance; and (3) coverage which is prohibited generally by State statute or declared unlawful by the highest court of the State.

Allows a State, subject to certain provisions relating to discrimination, to specify acceptable means of demonstrating financial responsibility as a condition for obtaining a license or permit to undertake specified activities.

Preempts any law, rule, or regulation which would make unlawful the forming or joining of a risk retention group or a purchasing group by a State or any local government or agency or political subdivision thereof in the absence of State legislation expressly prohibiting such forming or joining.

Adds a reference to a purchasing group insurer to provisions empowering district courts to issue certain injunctions.