(a) A purchasing group may purchase liability insurance for its members who are residents of this Commonwealth only from:

(b) The terms of any liability insurance policy obtained by a purchasing group shall not provide or be construed to provide insurance coverage prohibited generally by state statute or declared unlawful by the highest court of the state whose law applies to such policy. If the laws of this Commonwealth apply to an insurance policy obtained by a purchasing group, the terms of that policy shall not provide or be construed to provide insurance coverage prohibited generally by state statute or declared unlawful by the highest court of this Commonwealth which has construed such coverage.

(c) A purchasing group which obtains liability insurance from a nonadmitted insurer that is an eligible surplus lines insurer in this Commonwealth or from a risk retention group shall inform each of the members of such purchasing group which has a risk resident or located in this Commonwealth that such risk is not protected by an insurance insolvency guaranty fund in this Commonwealth, and that such risk retention group or such nonadmitted insurer may not be subject to all insurance laws and regulations of this Commonwealth.

(d) No purchasing group may purchase insurance providing for a deductible or self-insured retention applicable to the group as a whole; however, coverage may provide for a deductible or self-insured retention applicable to individual members.

(e) Purchases of insurance by purchasing groups are subject to the same standards regarding aggregate limits which are applicable to all purchases of group insurance.