OASIS (Otolaryngology/Allergy Specialty Insurance Services) is a reciprocal risk retention group (RRG). Reciprocal RRGs are unincorporated associations of individuals that exchange contracts of insurance through an attorney-in-fact, which acts as an agent or manager. In the case of OASIS, the insurance contracts are ENT and Allergy specific.
Formed in 2009, OASIS provides much needed liability coverage for otolaryngologists and allergists at a time when tort reform is elusive, and it seems as if few affordable options are available. As insurance companies owned by their members, some of the key advantages offered by the RRG relate to the control members obtain over their liability programs. This control can translate into lower rates, broader coverage, effective loss control/risk management programs, participation by members in favorable loss experience, access to reinsurance markets, and stability of coverage.
In addition, the composition of OASIS is homogeneous and organized for the primary purpose of assuming and spreading the liability exposure of its group members. This allows the RRG to serve a particular niche, and give its insured an insight on the particular vocation that they are representing that no one else will have.
In our reciprocal risk retention group, responsibilities and duties are delegated to the Attorney-in-Fact by powers of attorney from the subscribers. Other functions and duties are handled by our Advisory Committee (similar to a Board of Directors), elected and constituted by the subscribers. For more information, please click here.
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