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2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3916 | Viatical Settlements Model Act › Section 3916.20 | Rules.

Effective:
September 11, 2008
Latest Legislation:
House Bill 404 - 127th General Assembly
The superintendent of insurance may adopt rules in accordance with Chapter 119. of the Revised Code for purposes of implementing this chapter, including, but not limited to, rules that do the following:
(A) Govern the relationship and responsibilities of insurers, viatical settlement providers, and viatical settlement brokers during the viatication of a policy.
(B) Establish standards for evaluating the reasonableness of payments under viatical settlement contracts for persons who are terminally or chronically ill. This authority includes, but is not limited to, the regulation of discount rates used to determine the amount paid in exchange for the assignment, release, transfer, sale, devise, or bequest of a benefit under a policy insuring persons who are terminally or chronically ill.
(C) Establish appropriate licensing requirements, fees, and standards for continued licensure for viatical settlement providers and viatical settlement brokers.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3916 | Viatical Settlements Model Act › Section 3916.21 | Prohibition.

Effective:
October 5, 2001
Latest Legislation:
House Bill 551 - 123rd General Assembly
(A) No person shall fail to comply with this chapter.
(B) Whoever violates division (A) of this section is deemed to have engaged in an unfair and deceptive act or practice in the business of insurance under sections 3901.19 to 3901.26 of the Revised Code.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3916 | Viatical Settlements Model Act › Section 3916.99 | Penalty.

Effective:
September 11, 2008
Latest Legislation:
House Bill 404 - 127th General Assembly
(A) Whoever violates section 3916.02 of the Revised Code is guilty of a felony of the third degree.
(B) Whoever violates division (A) of section 3916.171 of the Revised Code is guilty of a violation of section 2913.02 of the Revised Code.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3917 | Group Life Insurance › Section 3917.02 | Insurance Program Not Qualifying as Group Plan - Notice to Prospective Insureds.

Effective:
November 16, 2005
Latest Legislation:
House Bill 193 - 126th General Assembly
(A) As used in this section:
(1) "Direct response solicitation" means a solicitation through a sponsoring or endorsing entity through the mail, telephone, or other mass communication media.
(2) "Sponsoring or endorsing entity" means an organization that has arranged for the offering of a program of insurance in a manner that communicates that eligibility for participation in the program is dependent upon affiliation with the organization or that the organization encourages participation in the program.
(B) With respect to a program of life insurance that, if issued on a group basis, would not qualify as a policy of group life insurance under divisions (A) to (H) of section 3917.01 of the Revised Code, the insurer shall distribute a written notice to prospective insureds that compensation will or may be paid, if compensation of any kind will or may be paid, to one of the following persons:
(1) A policyholder, or sponsoring or endorsing entity, in the case of a group policy;
(2) A sponsoring or endorsing entity in the case of individual, blanket, or franchise policies marketed by means of a direct response solicitation.
(C) The insurer shall distribute the notice required by this section whether the potential compensation is direct or indirect and whether the compensation is paid to or retained by the policyholder or sponsoring or endorsing entity or paid to or retained by a third party, or an entity affiliated with the third party by way of ownership, contract, or employment, at the direction of the policyholder or sponsoring or endorsing entity.
(D) The notice required by this section shall be placed on or accompany an application or enrollment form provided to prospective insureds.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3917 | Group Life Insurance › Section 3917.03 | Extension of Policy to Employee's or Member's Dependents.

Effective:
November 16, 2005
Latest Legislation:
House Bill 193 - 126th General Assembly
Any life insurance policy issued pursuant to section 3917.01 of the Revised Code, except for a policy issued pursuant to division (B) of section 3917.01 of the Revised Code, may be extended to insure an employee's dependents or member's dependents, as defined by the policy, or any class or classes of dependents, subject to the following:
(A) The premium for the insurance shall be paid either from the funds contributed by the employer, union, association, or other person to whom the policy has been issued, or from funds contributed by the covered persons, or from both. Except as provided in division (B) of this section, a policy on which no part of the premium for the dependent's coverage is derived from funds contributed by the covered persons shall insure the dependents of all eligible employees or members, or a class or classes of dependents.
(B) A life insurer may exclude or limit the coverage on any dependent as to whom evidence of individual insurability is not satisfactory to the insurer.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3917 | Group Life Insurance › Section 3917.05 | Exemption of Policy Proceeds From Attachment.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
No policy of group insurance, nor the proceeds thereof, when paid to any employee thereunder, is liable to attachment, garnishment, or other process, or to be seized, taken, appropriated, or applied by any legal or equitable process or operation of law, to pay any liability of such employee, his beneficiary, or any other person who may have a right thereunder, either before or after payment.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3917 | Group Life Insurance › Section 3917.07 | Assigning Policy Rights.

Effective:
November 16, 2005
Latest Legislation:
House Bill 193 - 126th General Assembly
No provision in section 3917.06 of the Revised Code shall prohibit a person whose life is insured under any such policy of group life insurance from making an assignment of all or any part of the person's incidents of ownership under such policy including specifically, but not by way of limitation, any right to designate a beneficiary or beneficiaries thereunder and any right to have an individual policy issued to the person in accordance with division (H) or (I) of section 3917.06 of the Revised Code. Subject to the terms of the policy relating to assignment of incidents of ownership thereunder, such an assignment by an insured, made either before or after the effective date of this section, is valid for the purpose of vesting in the assignee, in accordance with any provisions included therein as to the time at which it is to be effective, all of such incidents of ownership so assigned, but without prejudice to the insurer on account of any payment it may make or individual policy it may issue in accordance with division (H) or (I) of section 3917.06 of the Revised Code prior to receipt of notice of the assignment.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3918 | Credit Life and Accident and Health Insurance › Section 3918.01 | Consumer Credit Insurance.

Effective:
June 30, 1997
Latest Legislation:
House Bill 215 - 122nd General Assembly
All consumer credit insurance issued or sold in connection with loans or other credit transactions for personal, family, or household purposes is subject to sections 3918.01 to 3918.13 of the Revised Code, except for all of the following:
(A) Insurance written in connection with a credit transaction that is secured by a first mortgage or deed of trust and is made to finance the purchase of real property, or the construction of a dwelling on such property, or to refinance a prior credit transaction made for such a purpose;
(B) Insurance that is sold as an isolated transaction on the part of the insurer and is not related to an agreement or plan for insuring debtors of the creditor;
(C) Insurance for which no identifiable charge is made to the debtor;
(D) Insurance on accounts receivable.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3918 | Credit Life and Accident and Health Insurance › Section 3918.02 | Credit Life and Accident and Health Insurance Definitions.

Effective:
June 30, 1997
Latest Legislation:
House Bill 215 - 122nd General Assembly
As used in sections 3918.01 to 3918.13 of the Revised Code:
(A) "Consumer credit insurance" means credit life insurance and credit accident and health insurance.
(B) "Credit life insurance" means insurance on the life of a debtor pursuant to or in connection with a specific loan or other credit transaction.
(C) "Credit accident and health insurance" means insurance on a debtor to provide indemnity for payments becoming due on a specific loan or other credit transaction while the debtor is disabled as defined in the policy.
(D) "Creditor" means the lender of money or vendor or lessor of goods, services, property, rights, or privileges, for which payment is arranged through a credit transaction or any successor to the right, title, or interest of any such lender, vendor, or lessor, and an affiliated, associate, or subsidiary of any of them or any director, officer, or employee of any of them or any other person in any way associated with any of them.
(E) "Debtor" means a borrower of money or a purchaser or lessee of goods, services, property, rights, or privileges for which payment is arranged through a credit transaction.
(F) "Indebtedness" means the total amount payable by a debtor to a creditor in connection with a loan or other credit transaction.
(G) "Superintendent" means the superintendent of insurance.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3918 | Credit Life and Accident and Health Insurance › Section 3918.03 | Form of Policies.

Effective:
January 1, 1960
Latest Legislation:
House Bill 1058 - 103rd General Assembly
Credit life insurance and credit accident and health insurance shall be issued only in the following forms:
(A) Individual policies of life insurance issued to debtors on the term plan;
(B) Individual policies of accident and health insurance issued to debtors on a term plan including individual policies issued on a franchise plan, as defined in section 3923.11 of the Revised Code, or disability benefit provisions in individual policies of credit life insurance;
(C) Group policies of life insurance issued to creditors providing insurance upon the lives of debtors on the term plan;
(D) Group policies of accident and health insurance issued to creditors on a term plan insuring debtors or disability benefit provisions in group credit life insurance policies to provide such coverage.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3918 | Credit Life and Accident and Health Insurance › Section 3918.04 | Amount of Credit Life Insurance Not to Exceed Initial Indebtedness.

Effective:
January 1, 1960
Latest Legislation:
House Bill 1058 - 103rd General Assembly
(A) The amount of credit life insurance shall not exceed the initial indebtedness.
Where an indebtedness repayable in substantially equal installments is secured by an individual policy of credit life insurance the amount of insurance shall at no time exceed the scheduled amount of indebtedness and, where secured by a group policy of credit life insurance, shall at no time exceed the amount of unpaid indebtedness.
(B) The total amount of indemnity payable by credit accident and health insurance in the event of disability, as defined in the policy, shall not exceed the aggregate of the periodic scheduled unpaid installments of the indebtedness; and the amount of each periodic indemnity payment shall not exceed the original indebtedness divided by the number of periodic installments.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3918 | Credit Life and Accident and Health Insurance › Section 3918.05 | Coverage Date.

Effective:
January 9, 1961
Latest Legislation:
House Bill 1 - 104th General Assembly
The term of any credit life insurance or credit accident and health insurance shall, subject to acceptance by the insurer, commence on the date when the debtor becomes obligated to the creditor, or the date from which interest or finance charges accrue if later, except that, where a group policy provides coverage with respect to existing obligations, the insurance on a debtor with respect to such indebtedness shall commence on the effective date of the policy. Where evidence of insurability is required and such evidence is furnished more than thirty days after the date when the debtor becomes obligated to the creditor, the term of the insurance may commence on the date on which the insurance company determines the evidence to be satisfactory, and in such event there shall be an appropriate refund or adjustment of any charge to the debtor for insurance. The term of such insurance shall not extend more than fifteen days beyond the scheduled maturity date of the indebtedness except when extended without additional cost to the debtor. If the indebtedness is discharged due to renewal or refinancing prior to the scheduled maturity date, the insurance in force shall be terminated before any new insurance may be issued in connection with the renewed or refinanced indebtedness. In all cases of termination prior to schedule maturity, a refund shall be paid or credited as provided in section 3918.08 of the Revised Code.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3918 | Credit Life and Accident and Health Insurance › Section 3918.06 | Delivery of Policy or Group Certificate of Insurance to Debtor.

Effective:
January 1, 1960
Latest Legislation:
House Bill 1058 - 103rd General Assembly
(A) All credit life insurance and credit accident and health insurance sold shall be evidenced by an individual policy, or in the case of group insurance by a certificate of insurance, which individual policy or group certificate of insurance shall be delivered to the debtor.
(B) Each individual policy or group certificate of credit life insurance, or credit accident and health insurance, or both shall, in addition to other requirements of law, set forth the name and home office address of the insurer, and the identity by name or otherwise of the person or persons insured, the rate or amount of payment, if any, by the debtor separately for credit life insurance and credit accident and health insurance, a description of the amount, term, and coverage including any exceptions, limitations, or restrictions, and shall state that the benefits shall be paid to the creditor to reduce or extinguish the unpaid indebtedness, and, wherever the amount of insurance may exceed the unpaid indebtedness, that any such excess shall be payable to a beneficiary, other than the creditor, named by the debtor or to his estate.
(C) Said individual policy or group certificate of insurance shall be delivered to the insured debtor at the time the indebtedness is incurred, except as provided in division (D) of this section.
(D) If said individual policy or group certificate of insurance is not delivered to the debtor at the time the indebtedness is incurred, a copy of the application for such policy or a notice of proposed insurance, signed by the debtor and setting forth the name and home office address of the insurer, the identity by name or otherwise of the person or persons insured, the rate or amount of payment by the debtor, if any, separately for credit life insurance and credit accident and health insurance, a description of the amount, term, and coverage provided, shall be delivered to the debtor at the time such indebtedness is incurred. The copy of the application for, or notice of proposed insurance, shall refer exclusively to insurance coverage, and shall be separate and apart from the loan, sale, or other credit statement of account, instrument, or agreement, unless the information required by this subsection is prominently set forth therein. Upon acceptance of the insurance by the insurer and within thirty days of the date upon which the indebtedness is incurred, the insurer shall cause the individual policy or group certificate of insurance to be delivered to the debtor. Said application or notice of proposed insurance shall state that upon acceptance by the insurer, the insurance shall become effective as provided in section 3918.05 of the Revised Code.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3918 | Credit Life and Accident and Health Insurance › Section 3918.07 | Filing Policies With Superintendent of Insurance.

Effective:
January 9, 1961
Latest Legislation:
House Bill 1 - 104th General Assembly
(A) All policies, certificates of insurance, notices of proposed insurance, applications for insurance, endorsements and riders providing coverage on residents of Ohio shall be filed with the superintendent of insurance.
(B) The superintendent shall within thirty days after the filing of any such policies, certificates of insurance, notices of proposed insurance, applications for insurance, endorsements, and riders, disapprove any such form if the table of premium rates charged or to be charged appears by reasonable assumptions to be excessive in relation to benefits, or if it contains provisions which are unjust, unfair, inequitable, misleading, deceptive, or encourage misrepresentation of the coverage, or are contrary to any provision of the insurance laws of Ohio or of any rule or regulation promulgated thereunder.
(C) If the superintendent notifies the insurer that the form is disapproved, it is unlawful thereafter for such insurer to issue or use such form. In such notice, the superintendent shall specify the reason for his disapproval and state that a hearing will be granted within twenty days after request in writing by the insurer. No such policy, certificate of insurance, or notice of proposed insurance, nor any application, endorsement, or rider shall be issued or used until the expiration of thirty days after it has been so filed, unless the superintendent gives his prior written approval thereto.
(D) The superintendent may, at any time after a hearing held not less than twenty days after written notice to the insurer withdraw his approval of any such form on any ground set forth in division (B) of this section. The written notice of such hearing shall state the reasons for the proposed withdrawal.
(E) The insurer shall not issue such forms or use them after the effective date of such withdrawal.
(F) Any order or final determination of the superintendent under the provisions of this section shall be subject to judicial review as provided in section 119.12 of the Revised Code.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3918 | Credit Life and Accident and Health Insurance › Section 3918.08 | Filing Schedules of Premium Rates With Superintendent of Insurance.

Effective:
November 5, 1965
Latest Legislation:
House Bill 177 - 106th General Assembly
(A) Each insurer issuing credit life insurance or credit accident and health insurance shall file with the superintendent of insurance its schedules of premium rates for use in connection with such insurance. Any insurer may revise such schedules from time to time, and shall file such revised schedules with the superintendent. No insurer shall issue any credit life insurance policy for which the premium rate exceeds that determined by the schedules of such insurer as then on file with the superintendent. The superintendent may require the filing of the schedule of premium rates for use in connection with and as a part of the specific policy filings as provided by section 3918.07 of the Revised Code.
(B) Each individual policy, group certificate, or notice of proposed insurance shall provide that in the event of termination of the insurance prior to the scheduled maturity date of the indebtedness, any refund of an amount paid by the debtor for insurance shall be paid or credited promptly to the person entitled thereto; provided, that the superintendent shall prescribe a minimum refund and no refund which would be less than such minimum need be made.
The formula to be used in computing such refund shall be filed with and approved by the superintendent.
(C) If a creditor requires a debtor to make any payment for credit life insurance or credit accident and health insurance and an individual policy or group certificate of insurance is not issued, the creditor shall immediately give written notice to such debtor and shall promptly make an appropriate credit to the account.
(D) The amount charged to a debtor for credit life or credit accident and health insurance shall not exceed the premium charged by the insurer, as computed at the time the charge to the debtor is determined. No dividend or rate credit with respect to premiums payable during a calendar or policy year shall be granted by an insurer prior to the end of such calendar or policy year and then only retrospectively based upon experience.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3918 | Credit Life and Accident and Health Insurance › Section 3918.09 | Authorized Insurers.

Effective:
January 1, 1960
Latest Legislation:
House Bill 1058 - 103rd General Assembly
All policies of credit life insurance and credit accident and health insurance shall be delivered or issued for delivery in this state only by an insurer authorized to do an insurance business in this state.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3918 | Credit Life and Accident and Health Insurance › Section 3918.10 | Reporting and Payment of Claims.

Effective:
January 1, 1960
Latest Legislation:
House Bill 1058 - 103rd General Assembly
(A) All claims shall be promptly reported to the insurer or its designated claim representative, and the insurer shall maintain adequate claim files. All claims shall be settled as soon as possible and in accordance with the terms of the insurance contract.
(B) All claims shall be paid either by draft drawn upon the insurer or by check of the insurer to the order of the claimant to whom payment of the claim is due pursuant to the policy provisions, or upon direction of such claimant to one specified.
(C) No plan or arrangement shall be used whereby any person, firm, or corporation other than the insurer or its designated claim representative shall be authorized to settle or adjust claims. The creditor shall not be designated as claim representative for the insurer in adjusting claims; provided, that a group policyholder may, by arrangement with the group insurer, draw drafts or checks in payment of claims due to the group policyholder subject to audit and review by the insurer.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3918 | Credit Life and Accident and Health Insurance › Section 3918.11 | Debtor Has Option of Furnishing Additional Security Through Existing Policies.

Effective:
January 1, 1960
Latest Legislation:
House Bill 1058 - 103rd General Assembly
When credit life insurance or credit accident and health insurance is required as additional security for an indebtedness, the debtor shall, upon request to the creditor, have the option of furnishing the required amount of insurance through existing policies of insurance owned or controlled by him or of procuring and furnishing the required coverage through any insurer authorized to transact an insurance business within this state.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3918 | Credit Life and Accident and Health Insurance › Section 3918.12 | Rules and Regulations - Enforcement.

Effective:
January 1, 1960
Latest Legislation:
House Bill 1058 - 103rd General Assembly
The superintendent may, in accordance with section 119.03 of the Revised Code, adopt such rules and regulations as he deems appropriate, for the enforcement of sections 3918.01 to 3918.11 of the Revised Code. Whenever the superintendent finds that there has been a violation of sections 3918.01 to 3918.13 of the Revised Code or any rules or regulations adopted pursuant thereto, and after written notice thereof and hearing given to the insurer or other person authorized or licensed by the superintendent, he shall set forth the details of his findings together with an order for compliance by a specified date. Such order shall be binding on the insurer and other person authorized or licensed by the superintendent on the date specified unless sooner withdrawn by the superintendent or a stay thereof has been ordered by a court of competent jurisdiction.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3918 | Credit Life and Accident and Health Insurance › Section 3918.13 | Judicial Review.

Effective:
January 1, 1960
Latest Legislation:
House Bill 1058 - 103rd General Assembly
Any party to the proceeding affected by an order of the superintendent shall be entitled to judicial review by following the procedure set forth in section 119.12 of the Revised Code.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3918 | Credit Life and Accident and Health Insurance › Section 3918.99 | Penalty.

Effective:
January 9, 1961
Latest Legislation:
House Bill 1 - 104th General Assembly
Whoever violates sections 3918.01 to 3918.13, inclusive, of the Revised Code, shall be fined not less than one hundred nor more than one thousand dollars.
The penalty provided in this section is in addition to any other penalty provided by law.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3919 | Mutual Protective Insurance Upon Persons › Section 3919.01 | Mutual Protective Associations.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
A company or association may be organized to transact the business of life or accident or life and accident insurance on the assessment plan, for the purpose of mutual protection and relief of its members, and for the payment of stipulated sums of money to the families, heirs, executors, administrators, or assigns of the deceased members of such company or association, as the member may direct, in the manner provided in the bylaws. The company also may receive money either by voluntary donation or contribution, or by collection through assessments on its members, and may accumulate, invest, distribute, and appropriate such money in any manner that it deems proper. All accumulations and accretions thereon shall be held and used as the property of the members and in the interest of the members, and shall not be loaned to, or used, appropriated, or invested for, the benefit of any officer or manager of such company or association. No company or association shall issue a certificate for a greater amount than it is able to pay from the proceeds of one assessment. Such company or association is subject to sections 3919.01 to 3919.41, inclusive, of the Revised Code.
Last updated February 23, 2022 at 3:18 PM
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3919 | Mutual Protective Insurance Upon Persons › Section 3919.02 | Reserves for Insurance Contracts.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
Every association transacting business under sections 3919.02 to 3919.10, inclusive, of the Revised Code, shall hold and maintain, upon every contract of insurance issued on and after January 1, 1926, assets in excess of other liabilities, to provide for reserves of not less than the minimum reserves prescribed in such sections.
The basis for minimum reserves under such sections is the American experience table of mortality and interest at four per cent annually. Contracts may provide for not more than one year preliminary term insurance by incorporating therein a clause plainly showing that the first year's insurance under such contracts is term insurance, purchased by the whole or by a part of contribution to be received during the first contract year. Such contracts may be valued on the basis of the mortality table and interest rate prescribed in this paragraph by the preliminary term plan as modified by the following stipulation: if the premium charged for any contract exceeds that charged for life insurance under twenty payment life preliminary term contracts of the same association, the reserve thereon at the end of any year, including the first, shall not be less than the reserve on a twenty payment life preliminary term contract issued in the same year and at the same age, together with an amount equivalent to the accumulation of a level net premium sufficient to provide for a pure endowment at the end of the premium paying period equal to the difference between the value at the end of such period of such a twenty payment life preliminary term contract and the full level net premium reserve at such time of such a contract. The premium paying period is the period during which premiums are concurrently payable under such twenty payment life preliminary term contract and such other contract.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3919 | Mutual Protective Insurance Upon Persons › Section 3919.03 | Additional Contributions.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
Under any contract providing, in addition to the regular contributions, for the payment currently of additional contributions to the extent needed to pay its share of claims and expenses and to maintain the tabular reserves required by sections 3919.02 to 3919.10, inclusive, of the Revised Code, or requiring any such additional amount to be charged as an indebtedness not exceeding the tabular reserves on the contract, and providing for terminating the contract whenever such charges equal the tabular reserves, no liability shall be charged in any valuation for any deficiency in future contributions so long as such payments are actually collected or such charges are actually made.
If any contracts are issued on or after January 1, 1926, which do not contain the provisions described in this section and section 3919.02 of the Revised Code, the association issuing them shall maintain as to such contracts the reserve required by sections 3907.18 and 3907.19 of the Revised Code.
Last updated February 23, 2022 at 3:18 PM
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3919 | Mutual Protective Insurance Upon Persons › Section 3919.04 | Reserves Are a Distinct Fund.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
The assets representing the reserves on all contracts issued on an after January 1, 1926, and on such other contracts as the association organized under section 3919.01 of the Revised Code designates upon which a reserve at least equal to the minimum reserve prescribed in section 3919.02 of the Revised Code has been accumulated, shall be held separate for the sole use and benefit of such contracts and the insured and beneficiaries thereunder, and no other contracts, insured, beneficiaries, or claimants shall have or acquire any right or interest therein. Provision shall be made for requiring during each calendar year, from such contracts as are not included under this paragraph, contributions which, together with available assets not so held separate, are sufficient to provide for the shares of claims, expenses, and other current liabilities to be borne by such contracts as are not included under this section; provided that no such separation is required whenever reserves on all outstanding contracts are maintained in accordance with sections 3919.02 to 3919.10, inclusive, of the Revised Code.
Such association may accumulate, maintain, and distribute a surplus above such reserves and shall do so as the laws of the association provide in conformity with such sections. This section does not give to any individual contract, insured, or beneficiary any right or claim to any reserves or surplus, or to any part thereof, other than in the manner and to the extent provided in the contract or laws of the association; nor does it make any such reserves, except the reserves required by sections 3919.02 to 3919.10, inclusive, of the Revised Code, a liability in determining the solvency of the association.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3919 | Mutual Protective Insurance Upon Persons › Section 3919.05 | Mortality Experience or Table.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
Unless an association transacting business under sections 3919.02 to 3919.10, inclusive, of the Revised Code, provides otherwise, the actual mortality experienced on all outstanding contracts shall be determined and distributed between all such contracts in proportion to the cost of insurance on the basis provided in section 3919.02 of the Revised Code, or such other mortality table approximating the experience of the association as it may provide.
Last updated February 23, 2022 at 3:18 PM
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3919 | Mutual Protective Insurance Upon Persons › Section 3919.06 | Provisions for Disability Benefits.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
Every association may include in contracts issued under sections 3919.02 to 3919.10, inclusive, of the Revised Code, provisions for total and permanent disability benefits, accidental death benefits, annuities, and the payment of the benefits in installments. Separate contracts may also be issued paying for total or partial disability from sickness or accident, dismemberment, and accidental death benefits; provided that the association shall maintain for all such benefits any additional reserves required upon similar benefits by the law relating to insurance companies, which additional reserves are subject to section 3919.04 of the Revised Code, concerning segregation of reserves.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3919 | Mutual Protective Insurance Upon Persons › Section 3919.07 | Provisions for Cash Surrender and Loan Values.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
An association organized under section 3919.01 of the Revised Code may provide in its contracts for stipulated premiums, death benefits, cash surrender values, and loan values, to an amount not exceeding the reserve, or it may provide for the equivalent paid-up or extended term insurance based upon a rate of mortality not lower than, and a rate of interest not higher than, that used in determining the reserve provided in sections 3919.02 to 3919.10, inclusive, of the Revised Code. Whenever the assets held separately for contracts issued on and after January 1, 1926, and for such other contracts designated as provided in such sections, exceed the reserves thereon by not less than five per cent of such reserves, any excess assets derived from mortality savings and investment gains and other sources may be apportioned, distributed, and used as provided by the association.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3919 | Mutual Protective Insurance Upon Persons › Section 3919.08 | Report on Outstanding Contracts.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
In addition to the annual report required by law, every association organized under section 3919.01 of the Revised Code shall report annually to the superintendent of insurance, on or before the first day of March, the valuation of outstanding contracts issued on and after January 1, 1926, or designated as provided in sections 3919.02 to 3919.10, inclusive, of the Revised Code, and in force on the thirty-first day of December of the preceding year. The report shall contain a statement of the rate of earnings of the mean invested assets, the interest earnings at such rate on the segregated portion of the assets, the interest required to maintain the reserves, the expected or tabular mortality, the actual mortality experienced, and the amount of reserve released by death and lapse, each stated separately. Such report shall be certified by an actuary whose practices an an actuary covers ten years or more. Such valuation shall be reported in the manner prescribed by the superintendent, and such other reports shall be made and such information furnished as the superintendent requires.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3919 | Mutual Protective Insurance Upon Persons › Section 3919.09 | Associations Exempted.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
All fraternal benefit societies and associations, including those engaged in writing insurance covering a single hazard, and not operated or conducted for profit, and all associations, lodges, orders, or societies which do not issue insurance certificates, are exempt from sections 3919.02 to 3919.10, inclusive, of the Revised Code.
Last updated February 23, 2022 at 3:48 PM
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3919 | Mutual Protective Insurance Upon Persons › Section 3919.10 | Foreign Companies and Associations.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
Any foreign company or association complying with sections 3919.02 to 3919.10, inclusive, of the Revised Code, may do business within this state, provided it can show a percentage of solvency of not less than one hundred five per cent, as provided in such sections, on all business in force on the thirty-first day of December of the year preceding the date of application to do business within this state.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3919 | Mutual Protective Insurance Upon Persons › Section 3919.11 | Bylaws.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
Associations organized under section 3919.01 of the Revised Code may provide in their bylaws that there shall be not less than five nor more than fifteen trustees, whose term of office shall be not more than three years. If the term is made more than one year, the bylaws may provide for electing at the first election a part of them for one year, a part for two years, and a part for three years, and thereafter elections shall be for a term of three years. Such associations by their regulations or bylaws may provide for:
(A) The time, place, and manner of calling and conducting their meetings;
(B) The number of members constituting a quorum;
(C) The time of the annual election for trustees and the mode and manner of giving notice thereof;
(D) The duties and compensation of officers;
(E) The manner of election or appointment and the tenure of office of all officers.
The tenure of the trustees shall not be for more than three years, one third of whom may be elected annually.
This section does not affect or impair the powers or franchises of corporations, companies, or associations organized prior to March 31, 1891. Such companies or associations may avail themselves of sections 3919.01, 3919.11, and 3919.12 of the Revised Code by amendment of their articles of incorporation.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3919 | Mutual Protective Insurance Upon Persons › Section 3919.12 | Amendment to Constitution or Bylaws.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
An association organized under section 3919.01 of the Revised Code may change or amend its constitution or bylaws by the assent thereto in writing of a majority of the members, or by a majority of those members present, in person or by proxy, at a meeting held for that purpose, thirty days' notice of such meeting, including the proposed changes in full, having been given by the acting president personally or by letter mailed to each member. Such change shall not take effect until it has been submitted to and approved by the superintendent of insurance. Any such association which, while issuing policies or certificates, advertises or gives out that it is maintaining a reserve greater than that required for yearly renewable term policies shall continue to maintain such reserve against said policies or certificates while they are in force, and no amendment to its constitution and bylaws decreasing said reserve on the policies or certificates shall be approved by the superintendent.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3919 | Mutual Protective Insurance Upon Persons › Section 3919.14 | Separate Annual Statements.

Effective:
January 1, 2021
Latest Legislation:
House Bill 339 - 133rd General Assembly
A company or association organized under section 3919.01 of the Revised Code amending its articles of incorporation and its constitution and bylaws is subject to sections 3919.11 and 3919.12 of the Revised Code as to its organization and government, and it shall make separate annual statements to the superintendent of insurance of the business transacted by it under the assessment plan, as required by section 3919.16 of the Revised Code, and of the business transacted by it under the level premium or legal reserve plan, as required by section 3907.19 of the Revised Code.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3919 | Mutual Protective Insurance Upon Persons › Section 3919.15 | Prohibition Against Assessment Plan Companies.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
No company or association transacting the business of life insurance on the assessment plan, other than fraternal beneficiary associations, shall do business within this state, except those companies which, as of August 9, 1913, are authorized to do business within this state and which value their assessment policies or certificates of membership as yearly renewable term policies, according to the standard of valuation of life insurance policies prescribed by the laws of this state.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3919 | Mutual Protective Insurance Upon Persons › Section 3919.17 | Failure to File a Statement.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
Any corporation, company, or association which fails or refuses to file a statement or report as required by section 3919.16 of the Revised Code, or whose treasurer fails to file a bond as required by law, shall forfeit its right to do business, which forfeiture the superintendent of insurance shall enforce by proceedings in quo warranto. The attorney general shall institute such proceedings, upon the request of the superintendent, in writing.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3919 | Mutual Protective Insurance Upon Persons › Section 3919.18 | Compliance With Requirements of Mutual Life Companies.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
No corporation, company, or association organized under section 3919.01 of the Revised Code issuing endowments, certificates, or policies, or undertaking or promising to pay to members during life any sum of money, or thing of value, or certificate, or policy guaranteeing any fixed amount to be paid at death, except such fixed amounts or endowments which are conditioned upon their being realized from the assessments made on members to meet them, shall do business in this state until it complies with the laws regulating regular mutual life insurance companies.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3919 | Mutual Protective Insurance Upon Persons › Section 3919.19 | Examination by Superintendent.

Effective:
October 3, 2023
Latest Legislation:
House Bill 33 - 135th General Assembly
Each corporation, company, or association organized under section 3919.01 of the Revised Code and each applicant for a certificate of authority under this chapter shall be subject to examination by the superintendent of insurance in accordance with section 3901.07 of the Revised Code. Section 3901.07 of the Revised Code shall govern every aspect of the examination, including the circumstances under and frequency with which it is conducted, the authority of the superintendent and any examiner or other person appointed by the superintendent, the liability for the assessment of expenses incurred in conducting the examination, and the remittance of the assessment to the department of insurance operating fund.
Last updated October 3, 2023 at 12:17 PM
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3919 | Mutual Protective Insurance Upon Persons › Section 3919.21 | Admission of Foreign Insurance Companies.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
Any corporation, company, or association organized under the laws of any other state to transact the business of life or accident or life and accident insurance on the assessment plan, as a condition precedent to transacting business in this state, shall deposit with the superintendent of insurance the following:
(A) A certified copy of its charter or articles of incorporation;
(B) A certificate from the insurance commissioner or superintendent of its own state, showing its authority to do such business;
(C) A certificate from the commissioner, superintendent, or other like authority of its own state, stating that corporations, companies, or associations of this state engaged in life or accident insurance on the assessment plan, upon complying with the laws of such state, are entitled to do business therein;
(D) A statement under the oath of its president and its secretary or like officers, in the form required by the superintendent, of its business for the preceding year;
(E) A certificate under the oath of its president and secretary, or like officers, that such corporation, company, or association is paying, and for the twelve months next preceding has paid, the maximum amount named in its policies or certificates;
(F) A copy of its policy or certificate, application, and bylaws, which must show that the liabilities of the assured or members are not limited to fixed or artificial premiums;
(G) Evidence satisfactory to such superintendent that the corporation, company, or association has accumulated and maintained a fund securely invested in securities permitted by the law of its incorporation, not less in amount than the proceeds of one of its periodical payments or an assessment on all its certificates or policyholders, and that such fund is held solely for the benefit of certificate holders or policyholders and can only be used for the purposes provided in the laws of the state where incorporated; except that such fund, in the case of accident companies or accident associations, shall not be less than five thousand and need not be more than ten thousand dollars;
(H) Evidence that such corporation, company, or association, unless it is an accident insurance corporation, company, or association, does not issue certificates or policies upon the life of any person more than sixty-five years of age, or upon any life in which the beneficiary named has not a legal insurable interest.
No license to do business in this state shall be delivered to any such corporation, company, or association until it has filed with the superintendent an appointment of an attorney within this state upon whom service of process may be had.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3919 | Mutual Protective Insurance Upon Persons › Section 3919.22 | Certificate of Authority.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
Upon the compliance of any foreign corporation, company, or association with section 3919.21 of the Revised Code, the superintendent of insurance shall issue to such corporation, company, or association a certificate of authority to transact its business in this state, which certificate shall be renewed annually, but he shall refuse such certificate to any such corporation, company, or association when in his judgment a refusal will best promote the public interest. All decisions made by him are subject to review by courts of competent jurisdiction.