reglab/housing_qa huggingface dataset:
Ohio Rev Code § 3905.95 (2021)
2021 Ohio Revised Code|Title 39 | Insurance|Chapter 3905 | Insurance Producers Licensing Act|Section 3905.95 | Rules.

Effective: October 9, 2001|Latest Legislation:  House Bill 730 - 123rd General Assembly|The superintendent of insurance shall adopt, in accordance with Chapter 119. of the Revised Code, any rules necessary to implement sections 3905.83 to 3905.95 of the Revised Code.
Ohio Rev Code § 3905.99 (2021)
2021 Ohio Revised Code|Title 39 | Insurance|Chapter 3905 | Insurance Producers Licensing Act|Section 3905.99 | Penalty.

Effective: September 1, 2002|Latest Legislation:  Senate Bill 129 - 124th General Assembly|(A) Whoever violates section 3905.182 of the Revised Code shall be fined not less than twenty-five nor more than five hundred dollars or imprisoned not more than six months, or both.(B) Whoever violates section 3905.31 or 3905.33 of the Revised Code shall be fined not less than twenty-five nor more than five hundred dollars or imprisoned not more than one year, or both.(C) Whoever violates section 3905.37 or 3905.43 of the Revised Code shall be fined not less than one hundred nor more than five hundred dollars.(D) Whoever violates section 3905.02, division (F) of section 3905.92, or division (A) of section 3905.931 of the Revised Code is guilty of a misdemeanor of the first degree.(E) Whoever violates section 3905.84 of the Revised Code is guilty of a misdemeanor of the first degree on a first or second offense and of a felony of the third degree on each subsequent offense.
Ohio Rev Code § 3906.02 (2021)
2021 Ohio Revised Code|Title 39 | Insurance|Chapter 3906 | Alternate Investment Law|Section 3906.02 | Applicability.

Effective: September 4, 2014|Latest Legislation:  Senate Bill 140 - 130th General Assembly|(A) This chapter, and any rules adopted under it, apply to entities organized under Chapters 1731., 1751., 3907., 3919., 3921., 3925., 3931., 3939., 3941., and 3953. of the Revised Code. (B) An insurer may apply to the superintendent for permission to make investments under this chapter, in lieu of making investments under any other section of the Revised Code.(C) In determining whether to permit an entity to invest pursuant to this chapter, the superintendent shall consider all of the following:(1) The character, reputation, and financial standing of the officers of the entity;(2) The character, reputation, and financial condition of the entity;(3) The adequacy of the expertise, experience, character, and reputation of the person or persons who will manage the investments on behalf of the entity;(4) The quality of the enterprise risk management program implemented by the entity to identify, assess, monitor, manage, and report on its key investment and related risks;(5) Any other factor the superintendent considers relevant.(D) Separate accounts established in accordance with section 3907.15 of the Revised Code shall continue to be governed by that section.
Ohio Rev Code § 3906.04 (2021)
2021 Ohio Revised Code|Title 39 | Insurance|Chapter 3906 | Alternate Investment Law|Section 3906.04 | Rights of Insurer.

Effective: September 4, 2014|Latest Legislation:  Senate Bill 140 - 130th General Assembly|(A) Subject to this chapter, an insurer making investments under this chapter may loan or invest its funds, and may buy, sell, hold title to, possess, occupy, pledge, convey, manage, protect, insure, and deal with its investments, property, and other assets to the same extent as any other person or corporation under the laws of this state and of the United States. (B) With respect to all of the insurer's investments, the board of directors of an insurer making investments under this chapter shall exercise the judgment and care, under the circumstances then prevailing, that persons of reasonable prudence, discretion, and intelligence would exercise in the management of a like enterprise, not in regard to speculating but in regard to the permanent disposition of their funds, considering the probable income as well as the probable safety of their capital. Investments shall be of sufficient value, liquidity, and diversity to assure the insurer's ability to meet its outstanding obligations based on reasonable assumptions as to new business production for current lines of business. As part of its exercise of judgment and care, the board of directors shall take into account the prudence evaluation criteria of division (C) of section 3906.05 of the Revised Code. The exercise of judgment and care by the board of directors under this section shall also be governed by sections 1701.59 and 1702.30 of the Revised Code, as applicable.(C) An insurer making investments under this chapter shall establish and implement internal controls and procedures to assure compliance with investment policies and procedures to assure that all of the following are met:(1) The insurer's investment staff and any consultants used are reputable and capable.(2) A periodic evaluation and monitoring process occurs for assessing the effectiveness of investment policy and strategies.(3) Management's performance is assessed in meeting the stated objectives within the investment policy through periodic presentations to the board of directors.(4) Appropriate analyses are undertaken on the degree to which asset cash flows are adequate to meet liability cash flows under different economic environments. These analyses shall be conducted at least annually and make specific reference to the economic conditions considered.
Ohio Rev Code § 3906.05 (2021)
2021 Ohio Revised Code|Title 39 | Insurance|Chapter 3906 | Alternate Investment Law|Section 3906.05 | Consideration of Relevant Factors.

Effective: September 4, 2014|Latest Legislation:  Senate Bill 140 - 130th General Assembly|(A) An insurer making investments under this chapter shall consider the factors listed in division (C) of this section along with its business in determining whether an investment portfolio or investment policy is prudent. (B) The superintendent shall consider the factors listed in division (C) of this section prior to making a determination that an insurer's investment portfolio or investment policy is not prudent.(C) Insurers and the superintendent shall consider the following factors according to divisions (A) and (B) of this section:(1) General economic conditions;(2) The possible effect of inflation or deflation;(3) The expected tax consequences of investment decisions or strategies;(4) The fairness and reasonableness of the terms of an investment considering its probable risk and reward characteristics and relationship to the investment portfolio as a whole;(5) The extent of the diversification of the insurer's investments among all of the following:(a) Individual investments;(b) Classes of investments;(c) Industry concentrations;(d) Dates of maturity;(e) Geographic areas.(6) The quality and liquidity of investments in affiliates;(7) The investment exposure to all of the following risks, quantified in a manner consistent with the insurer's acceptable risk level as described in the insurer's written investment policy, required under division (H) of section 3906.06 of the Revised Code:(a) Liquidity;(b) Credit and default;(c) Systemic or market;(d) Interest rate;(e) Call, prepayment, and extension;(f) Currency;(g) Foreign sovereign.(8) The amount of the insurer's assets, capital and surplus, premium writings, insurance in force, and other appropriate characteristics;(9) The amount and adequacy of the insurer's reported liabilities;(10) The relationship of the expected cash flows of the insurer's assets and liabilities, and the risk of adverse changes in the insurer's assets and liabilities;(11) The adequacy of the insurer's capital and surplus to secure the risks and liabilities of the insurer;(12) Any other factors relevant to whether an investment is prudent.
Ohio Rev Code § 3906.06 (2021)
2021 Ohio Revised Code|Title 39 | Insurance|Chapter 3906 | Alternate Investment Law|Section 3906.06 | Investment Policy.

Effective: September 4, 2014|Latest Legislation:  Senate Bill 140 - 130th General Assembly|In acquiring, investing, exchanging, holding, selling, and managing investments under this chapter, an insurer shall establish and follow a written investment policy that shall be reviewed and approved by the insurer's board of directors on at least an annual basis. The content and format of an insurer's investment policy are at the insurer's discretion, but shall include written guidelines appropriate to the insurer's business with regard to all of the following: (A) The general investment policy of the insurer, containing policies, procedures, and controls covering all aspects of the investing function;(B) Quantified goals and objectives regarding the composition of classes of investments, including maximum internal limits;(C) Periodic evaluations of the investment portfolio as to its risk and reward characteristics;(D) Professional standards for the individuals making day-to-day investment decisions to assure that investments are managed in an ethical, prudent, and capable manner;(E) The types of investments that are allowed and that are prohibited, based on their risk and reward characteristics and the insurer's level of experience with the investments;(F) The relationship of classes of investments to the insurer's insurance products and liabilities;(G) The manner in which the insurer intends to implement section 3906.05 of the Revised Code;(H) The level of risk, based on quantitative measures, appropriate for the insurer given the level of capitalization and expertise available to the insurer.
Ohio Rev Code § 3906.09 (2021)
2021 Ohio Revised Code|Title 39 | Insurance|Chapter 3906 | Alternate Investment Law|Section 3906.09 | Payment in Different Currencies.

Effective: September 4, 2014|Latest Legislation:  Senate Bill 140 - 130th General Assembly|An insurer investing under this chapter that is doing business that requires the insurer to make payment in different currencies shall have investments in securities in each of these currencies in an amount that, independent of all other investments, meets the requirements of this chapter, as applied separately to the insurer's obligations in each currency. The superintendent may, by order, exempt an insurer, or, by rule, a class of insurers, from this requirement if the obligations in other currencies are small enough that no significant problem for financial solidity would be created by substantial fluctuations in relative currency values.
Ohio Rev Code § 3906.10 (2021)
2021 Ohio Revised Code|Title 39 | Insurance|Chapter 3906 | Alternate Investment Law|Section 3906.10 | Prohibited Investments.

Effective: September 4, 2014|Latest Legislation:  Senate Bill 140 - 130th General Assembly|(A) An insurer investing under this chapter shall not invest in investments that are prohibited for an insurer by statute or rules of this state. (B) An insurer investing under this chapter shall not invest in a partnership as a general partner.(C) The superintendent shall set a reasonable amount of time, not to exceed five years, for disposal of a prohibited investment in hardship cases if the insurer demonstrates that the investment was legal when made or the result of a mistake made in good faith, or if the superintendent determines that the sale of the asset would be contrary to the interests of insureds, creditors, or the general public.(D) Violation of division (A) of this section may be grounds for regulatory action pursuant to divisions (A) and (I) of section 3903.12 of the Revised Code.
Ohio Rev Code § 3906.11 (2021)
2021 Ohio Revised Code|Title 39 | Insurance|Chapter 3906 | Alternate Investment Law|Section 3906.11 | Minimum Asset Requirement.

Effective: September 4, 2014|Latest Legislation:  Senate Bill 140 - 130th General Assembly|(A) An insurer investing under this chapter shall maintain assets in an amount equivalent to the sum of its liabilities and its minimum financial security benchmark at all times. (B) Assets invested under this chapter may be counted toward satisfaction of the minimum asset requirement only so far as they are invested in compliance with this chapter and any applicable rules adopted, or orders issued, by the superintendent pursuant to this chapter.(C) The amount of admitted assets used to calculate the minimum asset requirement shall be reduced by the amount of the liability recorded on an insurer's statutory balance sheet for all of the following:(1) The return of acceptable collateral received in a reverse repurchase transaction or a securities lending transaction;(2) Cash received in a dollar roll transaction;(3) Other amounts reported as borrowed money.(D) Assets other than invested assets may be counted toward satisfaction of the minimum asset requirement at admitted annual financial statement value. However, loans to officers or directors or their immediate families shall not be counted toward the satisfaction of the minimum asset requirement.(E) An investment held as an admitted asset by an insurer on the effective date of this section that qualified under the applicable insurance investment law of this state shall remain qualified as an admitted asset under this chapter. (F) Notwithstanding any provision of this chapter to the contrary, an asset acquired in the bona fide enforcement of creditors' rights or in bona fide workouts or settlements of disputed claims may be counted toward the minimum asset requirement for five years if the asset is real property and three years if the asset is not real property.(G) The superintendent may determine an insurer to be financially hazardous under section 3903.09 of the Revised Code if either of the following apply:(1) The insurer does not own the amount of assets needed to meet its minimum asset requirement.(2) The insurer is unable to apply the amount of assets needed to meet its minimum asset requirement toward compliance with this chapter.
Ohio Rev Code § 3906.12 (2021)
2021 Ohio Revised Code|Title 39 | Insurance|Chapter 3906 | Alternate Investment Law|Section 3906.12 | Derivative Use Plan.

Effective: September 4, 2014|Latest Legislation:  Senate Bill 140 - 130th General Assembly|(A) Prior to an insurer entering into derivative transactions, the board of directors of the insurer investing under this chapter shall approve a derivative use plan. (B) An insurer shall notify the superintendent of insurance in writing within three days after identifying either of the following:(1) Any event or occurrence related to an insurer's derivatives use that may lead to a material change to the insurer's policyholder surplus;(2) Any event or occurrence related to an insurer's derivatives use that, with the passage of time, may lead to a material change to the insurer's policyholder surplus.(C) Prior to entering into derivative transactions, an insurer shall file with the superintendent a copy of its derivative use plan and internal controls, for informational purposes. The insurer shall keep current the copy of its derivative use plan and internal controls filed with the superintendent. The insurer shall not enter into derivative transactions until thirty calendar days after the date on which the derivative use plan and internal controls is filed with the superintendent. This thirty-calendar-day period is to begin on the date that the superintendent receives the derivative use plan and internal controls.(D) The superintendent may adopt rules prescribing the form and content of derivative use plans, as well as any internal controls the superintendent considers necessary.(E) An insurer that engages in hedging transactions or replication transactions shall do both of the following:(1) Maintain its position in any outstanding derivative instrument used as part of a hedging transaction or replication transaction for as long as the hedging transaction or replication transaction continues to be effective;(2) Demonstrate to the superintendent, upon request, that any derivative transaction entered into and involving hedging transaction or replication transaction is an effective hedging transaction or replication transaction. The insurer must be able to demonstrate this at the time the derivative transaction is entered into, and for as long as the transaction continues to be in place.(F) An insurer may not invest, or use, a derivative instrument for any purpose other than a hedging transaction, income generation, or replication.(G) All documents provided to the superintendent under this section shall be deemed trade secrets and shall be provided with trade secret protection. Such documents shall also be considered work papers of the superintendent that are subject to section 3901.48 of the Revised Code and are confidential and privileged and shall not be considered a public record, as defined in section 149.43 of the Revised Code. The original documents and any copies of them shall not be subject to subpoena and shall not be made public by the superintendent or any other person, except as otherwise provided in section 3901.48 of the Revised Code.
Ohio Rev Code § 3906.13 (2021)
2021 Ohio Revised Code|Title 39 | Insurance|Chapter 3906 | Alternate Investment Law|Section 3906.13 | Powers of Superintendent.

Effective: September 4, 2014|Latest Legislation:  Senate Bill 140 - 130th General Assembly|(A) If the superintendent determines that an insurer's investment practices do not meet the requirements of this chapter, the superintendent may, after notification to the insurer of the superintendent's findings, order the insurer to make changes necessary to comply with this chapter. (B) If the superintendent determines that the financial condition, current investment practice, or current investment plan of an insurer are or may endanger the interests of insureds, creditors, or the general public, the superintendent may impose reasonable additional restrictions upon the admissibility or valuation of investments and may impose restrictions on the investment practices of the insurer, including prohibiting an investment or requiring the divestment of an investment.(C) The superintendent may count toward satisfaction of the minimum asset requirement any assets that an insurer is required to invest under the laws of a country other than the United States as a condition for doing business in that country if the superintendent finds that counting them does not endanger the interests of the insurer's insureds or creditors, or the general public.(D) If the superintendent is satisfied by evidence of the solidity of an insurer and the competence of management and its investment advisors, the superintendent, after a hearing, may, by order, adjust the class limitations prescribed in section 3906.08 of the Revised Code for that insurer, to the extent that the superintendent is satisfied that the interests of the insurer's insureds and creditors and the general public are sufficiently protected. Such adjustments, in aggregate, shall be limited to an amount equal to ten per cent of the insurer's liabilities.
Ohio Rev Code § 3906.14 (2021)
2021 Ohio Revised Code|Title 39 | Insurance|Chapter 3906 | Alternate Investment Law|Section 3906.14 | Hearings.

Effective: September 4, 2014|Latest Legislation:  Senate Bill 140 - 130th General Assembly|(A) An insurer subject to an order of the superintendent under section 3906.03 or 3906.13 of the Revised Code may request a hearing within thirty days of the date of the order. The hearing shall be held in compliance with Chapter 119. of the Revised Code. (B) The superintendent shall hold hearings required under this section privately unless the insurer requests a public hearing, in which case the hearing shall be public.
Ohio Rev Code § 3906.15 (2021)
2021 Ohio Revised Code|Title 39 | Insurance|Chapter 3906 | Alternate Investment Law|Section 3906.15 | Adoption of Rules.

Effective: September 4, 2014|Latest Legislation:  Senate Bill 140 - 130th General Assembly|(A) The superintendent may, in accordance with section 119.03 of the Revised Code, adopt rules interpreting and implementing the provisions of this chapter. (B) The superintendent may, in accordance with section 119.03 of the Revised Code, adopt one or more of the following restrictions on investments in rules:(1) The superintendent may prescribe for defined classes of insurers special procedural requirements, including special reports and prior approval on investments, as well as disapproval of investments subsequent to either.(2) The superintendent may prescribe substantive restrictions on investments of defined classes of insurers, including all of the following:(a) Specification of classes of assets that may not be counted toward satisfaction of the minimum asset requirement even though the assets may be counted for unrestricted insurers;(b) Specification of maximum amounts of assets that an insurer may invest in a single investment, issue, or class or group of classes of investments that shall be expressed as percentages of total assets, capital, surplus, legal reserves, or other variables;(c) Prescription of qualitative tests for investments and conditions under which investments may be made, including requirements of specified ratings from investment advisory services, listing on specified stock exchanges, collateral, marketability, currency matching, and the financial and legal status of the issuer and its earnings capacity.(C) If the superintendent is satisfied by evidence of the solidity of an insurer and the competence of management and its investment advisors, the superintendent, after a hearing, may by order grant an exemption to that insurer from any restriction made under division (B) of this section to the extent that the superintendent is satisfied that the interests of the insurer's insureds and creditors, as well as the general public, are protected.
Ohio Rev Code § 3907.01 (2021)
2021 Ohio Revised Code|Title 39 | Insurance|Chapter 3907 | Domestic Legal Reserve Life Insurance Companies|Section 3907.01 | Formation of Insurance Company.

Effective: October 1, 1953|Latest Legislation:  House Bill 1 - 100th General Assembly|Any number of persons, not less than thirteen, may associate and form a company to make insurance upon the lives of individuals, and every type of insurance appertaining thereto or connected therewith, on the mutual or stock plan, and to grant, purchase, or dispose of annuities.