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2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3903 | Reserve Valuation; Rehabilitation and Liquidation › Section 3903.43 | Review and Investigation of Claims.

Effective:
March 7, 1983
Latest Legislation:
House Bill 830 - 114th General Assembly
(A) The liquidator shall review all claims duly filed in the liquidation and shall make such further investigation as he considers necessary. He may compound, compromise, or in any other manner negotiate the amount for which claims will be recommended to the court except where the liquidator is required by law to accept claims as settled by any person or organization, including any guaranty association or foreign guaranty association. Unresolved disputes shall be determined under section 3903.39 of the Revised Code. As soon as practicable, he shall present to the court a report of the claims against the insurer with his recommendations. The report shall include the name and address of each claimant and the amount of the claim finally recommended, if any. If the insurer has issued annuities or life insurance policies, the liquidator shall report the persons to whom, according to the records of the insurer, amounts are owed as cash surrender values or other investment value and the amounts owed.
(B) The court may approve, disapprove, or modify the report on claims by the liquidator. Such reports as are not modified by the court within a period of sixty days following submission by the liquidator shall be treated by the liquidator as allowed claims, subject thereafter to later modification or to rulings made by the court pursuant to section 3903.39 of the Revised Code. No claim under a policy of insurance shall be allowed for an amount in excess of the applicable policy limits.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3903 | Reserve Valuation; Rehabilitation and Liquidation › Section 3903.44 | Court Payment of Distributions.

Effective:
March 7, 1983
Latest Legislation:
House Bill 830 - 114th General Assembly
Under the direction of the court, the liquidator shall pay distributions in a manner that will assure the proper recognition of priorities and a reasonable balance between the expeditious completion of the liquidation and the protection of unliquidated and undetermined claims, including third party claims. Distribution of assets in kind may be made at valuations set by agreement between the liquidator and the creditor and approved by the court.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3903 | Reserve Valuation; Rehabilitation and Liquidation › Section 3903.45 | Distribution of Unclaimed and Withheld Funds.

Effective:
March 7, 1983
Latest Legislation:
House Bill 830 - 114th General Assembly
(A) All unclaimed funds subject to distribution remaining in the liquidator's hands when he is ready to apply to the court for discharge, including the amount distributable to any creditor, shareholder, member, or other person who is unknown or cannot be found, shall be distributed in accordance with section 3903.42 of the Revised Code among those claimants to whom it is possible to make immediate payment.
(B) All funds withheld under section 3903.38 of the Revised Code and not distributed shall upon discharge of the liquidator be deposited with the treasurer of state and paid by him in accordance with section 3903.38 of the Revised Code. Any sums remaining which under section 3903.38 of the Revised Code would revert to the undistributed assets of the insurer shall be distributed by the treasurer of state in accordance with section 3903.42 of the Revised Code among those claimants to whom it is possible to make immediate payment unless the superintendent of insurance in his discretion files a motion requesting the court to reopen the liquidation under section 3903.47 of the Revised Code.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3903 | Reserve Valuation; Rehabilitation and Liquidation › Section 3903.46 | Discharge of Liquidator.

Effective:
March 7, 1983
Latest Legislation:
House Bill 830 - 114th General Assembly
(A) When all assets justifying the expense of collection and distribution have been collected and distributed under sections 3903.01 to 3903.59 of the Revised Code, the liquidator shall apply to the court for discharge. The court may grant the discharge and make any other orders, including an order to transfer any remaining funds that are uneconomic to distribute, as may be appropriate.
(B) Any other person may apply to the court at any time for an order under division (A) of this section. If the application is denied, the applicant shall pay the costs and expenses of the liquidator in resisting the application, including a reasonable attorney's fee.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3903 | Reserve Valuation; Rehabilitation and Liquidation › Section 3903.47 | Motion to Reopen Proceedings.

Effective:
March 7, 1983
Latest Legislation:
House Bill 830 - 114th General Assembly
After the liquidation proceeding has been terminated and the liquidator discharged, the superintendent of insurance or other interested party may at any time file a motion to reopen the proceedings for good cause, including the discovery of additional assets. If the court is satisfied that there is justification for reopening, it shall so order.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3903 | Reserve Valuation; Rehabilitation and Liquidation › Section 3903.48 | Court to Direct Retention or Destruction of Insurer's Records.

Effective:
March 7, 1983
Latest Legislation:
House Bill 830 - 114th General Assembly
Whenever it shall appear to the superintendent of insurance that the records of any insurer in process of liquidation or completely liquidated are no longer useful, he may recommend to the court and the court shall direct what records should be retained for future reference and what should be destroyed.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3903 | Reserve Valuation; Rehabilitation and Liquidation › Section 3903.49 | Audit of Books of Proceeding.

Effective:
March 7, 1983
Latest Legislation:
House Bill 830 - 114th General Assembly
The court may cause audits to be made of the books of the superintendent of insurance relating to any proceeding established under sections 3903.01 to 3903.59 of the Revised Code, and a report of each audit shall be filed with the superintendent and with the court. The books, records, and other documents of the proceeding shall be made available to the auditor at any time without notice. The expense of each audit shall be considered a cost of administration of the proceeding.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3903 | Reserve Valuation; Rehabilitation and Liquidation › Section 3903.50 | Order Appointing Conservator.

Effective:
March 7, 1983
Latest Legislation:
House Bill 830 - 114th General Assembly
(A) If a domiciliary liquidator has not been appointed, the superintendent of insurance may file a complaint in the court of common pleas for an order directing him to act as conservator to conserve the property of an alien insurer not domiciled in this state or a foreign insurer on any one or more of the following grounds:
(1) Any of the grounds in section 3903.12 of the Revised Code;
(2) That any of its property has been sequestered by official action in its domiciliary state, or in any other state;
(3) That enough of its property has been sequestered in a foreign country to give reasonable cause to fear that the insurer is or may become insolvent;
(4) That its certificate of authority to do business in this state has been revoked or none was ever issued and that there are residents of this state with outstanding claims or outstanding policies.
(B) When an order is sought under division (A) of this section, the court shall cause the insurer to be given such notice and time to respond thereto as is reasonable under the circumstances.
(C) The court may issue the order in whatever terms it considers appropriate. Persons dealing with the property of the insurer are charged with notice of a judgment ordering the supervisor to act as conservator under this section from the time when the judgment is filed under Civil Rule 58, or a certified copy of the judgment is filed under Civil Rule 3(F), with the clerk of the court of common pleas of the county in which the principal business of the company is located or the county in which its principal office or place of business is located.
(D) The conservator may at any time file a motion for and the court may grant an order under section 3903.51 of the Revised Code to liquidate assets of a foreign or alien insurer under conservation, or, if appropriate, for an order under section 3903.53 of the Revised Code to be appointed ancillary receiver.
(E) The conservator may at any time move the court for an order terminating conservation of an insurer. If the court finds that the conservation is no longer necessary, it shall order that the insurer be restored to possession of its property and the control of its business. The court may also make such finding and issue such order at any time upon motion of any interested party, but if such motion is denied all costs shall be assessed against the party.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3903 | Reserve Valuation; Rehabilitation and Liquidation › Section 3903.51 | Order Directing Liquidation.

Effective:
March 7, 1983
Latest Legislation:
House Bill 830 - 114th General Assembly
(A) If no domiciliary liquidator has been appointed, the superintendent of insurance may file a complaint in the court of common pleas for an order directing him to liquidate the assets found in this state of a foreign insurer or an alien insurer not domiciled in this state, on any of the following grounds:
(1) Any of the grounds in section 3903.12 or 3903.17 of the Revised Code;
(2) Any of the grounds specified in divisions (A)(2) to (4) of section 3903.50 of the Revised Code.
(B) When an order is sought under division (A) of this section, the court shall cause the insurer to be given such notice and time to respond thereto as is reasonable under the circumstances.
(C) If it shall appear to the court that the best interests of creditors, policyholders, and the public require, the court may issue an order to liquidate in whatever terms it considers appropriate. Persons dealing with the property of the insurer are charged with notice of a judgment ordering liquidation under this section from the time when the judgment is filed under Civil Rule 58, or a certified copy of the judgment is filed under Civil Rule 3(F), with the clerk of the court of common pleas of the county in which the principal business of the company is located or the county in which its principal office or place of business is located.
(D) If a domiciliary liquidator is appointed in a reciprocal state while a liquidation is proceeding under this section, the liquidator appointed under divisions (A) to (C) of this section shall thereafter act as ancillary receiver under section 3903.53 of the Revised Code. If a domiciliary liquidator is appointed in a nonreciprocal state while a liquidation is proceeding under this section, the liquidator appointed under divisions (A) to (C) of this section may file a motion requesting the court for permission to act as ancillary receiver under section 3903.53 of the Revised Code.
(E) On the same grounds as are specified in division (A) of this section, the superintendent may petition any appropriate federal district court to be appointed receiver to liquidate that portion of the insurer's assets and business over which the court will exercise jurisdiction, or any lesser part thereof that the superintendent considers desirable for the protection of the policyholders and creditors in this state.
(F) The court may order the superintendent, when he has liquidated the assets of a foreign or alien insurer under this section, to pay claims of residents of this state against the insurer under such rules as to the liquidation of insurers under sections 3903.01 to 3903.59 of the Revised Code as are otherwise compatible with the provisions of this section.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3903 | Reserve Valuation; Rehabilitation and Liquidation › Section 3903.52 | Power of Domiciliary Liquidator.

Effective:
January 1, 2021
Latest Legislation:
House Bill 339 - 133rd General Assembly
(A) The domiciliary liquidator of an insurer domiciled in a reciprocal state shall, except as to special deposits and security on secured claims under division (C) of section 3903.53 of the Revised Code, be vested by operation of law with the title to all of the assets, property, contracts, and rights of action, agents' balances, and all of the books, accounts, and other records of the insurer located in this state. The date of vesting shall be the date of the filing of the complaint or petition, if that date is specified by the domiciliary law for the vesting of property in the domiciliary state. Otherwise, the date of vesting shall be the date of entry of the order directing possession to be taken. The domiciliary liquidator shall have the immediate right to recover balances due from agents and to obtain possession of the books, accounts, and other records of the insurer located in this state. The domiciliary liquidator also shall have the right to recover all other assets of the insurer located in this state, subject to section 3903.53 of the Revised Code.
(B) If a domiciliary liquidator is appointed for an insurer not domiciled in a reciprocal state, the superintendent of insurance shall be vested by operation of law with the title to all of the property, contracts, and rights of action, and all of the books, accounts, and other records of the insurer located in this state, at the same time that the domiciliary liquidator is vested with title in the domicile. The superintendent may file a complaint for a conservation or liquidation order under section 3903.50 or 3903.51 of the Revised Code, or for an ancillary receivership under section 3903.53 of the Revised Code, or after approval by the court may transfer title to the domiciliary liquidator, as the interests of justice and the equitable distribution of the assets require.
(C) Claimants residing in this state may file claims with the liquidator or ancillary receiver, if any, in this state or with the domiciliary liquidator, if the domiciliary law permits. The claims must be filed on or before the last date fixed for the filing of claims in the domiciliary liquidation proceedings.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3903 | Reserve Valuation; Rehabilitation and Liquidation › Section 3903.53 | Appointing Ancillary Receiver.

Effective:
March 7, 1983
Latest Legislation:
House Bill 830 - 114th General Assembly
(A) If a domiciliary liquidator has been appointed for an insurer not domiciled in this state, the superintendent of insurance may file a complaint in the court of common pleas requesting appointment as ancillary receiver in this state if both of the following apply:
(1) There are sufficient assets of the insurer located in this state to justify the appointment of an ancillary receiver;
(2) The protection of creditors or policyholders in this state so requires.
(B) The court may issue an order appointing an ancillary receiver in whatever terms it shall consider appropriate. Persons dealing with the property of the insurer are charged with notice of the order appointing an ancillary receiver from the time when the judgment ordering the appointment is filed under Civil Rule 58, or a certified copy of the judgment is filed under Civil Rule 3(F), with the clerk of the court of common pleas of the county in which the property is located.
(C) When a domiciliary liquidator has been appointed in a reciprocal state, then the ancillary receiver appointed in this state may, whenever necessary, aid and assist the domiciliary liquidator in recovering assets of the insurer located in this state. The ancillary receiver shall, as soon as practicable, liquidate from their respective securities those special deposit claims and secured claims which are proved and allowed in the ancillary proceedings in this state, and shall pay the necessary expenses of the proceedings. He shall promptly transfer all remaining assets, books, accounts, and records to the domiciliary liquidator. Subject to this section, the ancillary receiver and his deputies shall have the same powers and be subject to the same duties with respect to the administration of assets as a liquidator of an insurer domiciled in this state.
(D) When a domiciliary liquidator has been appointed in this state, ancillary receivers appointed in reciprocal states shall have, as to assets and books, accounts, and other records in their respective states, corresponding rights, duties, and powers to those provided in division (C) of this section for ancillary receivers appointed in this state.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3903 | Reserve Valuation; Rehabilitation and Liquidation › Section 3903.54 | Discretion of Superintendent to Commence Proceedings.

Effective:
March 7, 1983
Latest Legislation:
House Bill 830 - 114th General Assembly
The superintendent of insurance in his sole discretion may commence proceedings under sections 3903.09 to 3903.11 of the Revised Code at the request of the superintendent or other appropriate insurance official of the domiciliary state of any foreign or alien insurer having property located in this state.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3903 | Reserve Valuation; Rehabilitation and Liquidation › Section 3903.55 | Foreign Claimants.

Effective:
March 7, 1983
Latest Legislation:
House Bill 830 - 114th General Assembly
(A) In a liquidation proceeding begun in this state against an insurer domiciled in this state, claimants residing in foreign countries or in states not reciprocal states must file claims in this state, and claimants residing in reciprocal states may file claims either with the ancillary receivers, if any, in their respective states, or with the domiciliary liquidator. Claims must be filed on or before the last date fixed for the filing of claims in the domiciliary liquidation proceeding.
(B) Claims belonging to claimants residing in reciprocal states may be proved either in the liquidation proceeding in this state as provided in sections 3903.01 to 3903.59 of the Revised Code, or in ancillary proceedings, if any, in the reciprocal states. If notice of the claims and opportunity to appear and be heard is afforded the domiciliary liquidator of this state as provided in division (B) of section 3903.56 of the Revised Code with respect to ancillary proceedings, the final allowance of claims by the courts in ancillary proceedings in reciprocal states shall be conclusive as to amount and as to priority against special deposits or other security located in such ancillary states, but shall not be conclusive with respect to priorities against assets under section 3903.42 of the Revised Code.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3903 | Reserve Valuation; Rehabilitation and Liquidation › Section 3903.56 | Ohio Residents Claiming Against Foreign Insurers.

Effective:
January 1, 2021
Latest Legislation:
House Bill 339 - 133rd General Assembly
(A) In a liquidation proceeding in a reciprocal state against an insurer domiciled in that state, claimants against the insurer who reside within this state may file claims either with the ancillary receiver, if any, in this state, or with the domiciliary liquidator. Claims must be filed on or before the last dates fixed for the filing of claims in the domiciliary liquidation proceeding.
(B) Claims belonging to claimants residing in this state may be proved either in the domiciliary state under the law of that state, or in ancillary proceedings, if any, in this state. If a claimant elects to prove the claimant's claim in this state, the claimant shall file the claim with the liquidator in the manner provided in sections 3903.35 and 3903.36 of the Revised Code. The ancillary receiver shall make a recommendation to the court as under section 3903.43 of the Revised Code. The ancillary receiver shall also arrange a date for hearing if necessary under section 3903.39 of the Revised Code and shall give notice to the liquidator in the domiciliary state, either by certified mail or by personal service at least forty days prior to the date set for hearing. If the domiciliary liquidator, within thirty days after the giving of such notice, gives notice in writing to the ancillary receiver and to the claimant, either by certified mail or by personal service, of the domiciliary liquidator's intention to contest the claim, the domiciliary liquidator shall be entitled to appear or to be represented in any proceeding in this state involving the adjudication of the claim.
(C) The final allowance of the claim by the courts of this state shall be accepted as conclusive as to amount and as to priority against special deposits or other security located in this state.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3903 | Reserve Valuation; Rehabilitation and Liquidation › Section 3903.57 | Attachment, Garnishment or Execution Proceedings Blocked.

Effective:
March 7, 1983
Latest Legislation:
House Bill 830 - 114th General Assembly
During the pendency in this or any other state of a liquidation proceeding, whether called by that name or not, no action or proceeding in the nature of an attachment, garnishment, or levy of execution shall be commenced or maintained in this state against the delinquent insurer or its assets.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3903 | Reserve Valuation; Rehabilitation and Liquidation › Section 3903.58 | Distribution Order Among Claimants From Reciprocal States.

Effective:
March 7, 1983
Latest Legislation:
House Bill 830 - 114th General Assembly
(A) In a liquidation proceeding in this state involving one or more reciprocal states, the order of distribution of the domiciliary state shall control as to all claims of residents of this and reciprocal states. All claims of residents of reciprocal states shall be given equal priority of payment from assets regardless of where such assets are located.
(B) The owners of special deposit claims against an insurer for which a liquidator is appointed in this or any other state shall be given priority against the special deposits in accordance with the statutes governing the creation and maintenance of the deposits. If there is a deficiency in any deposit, so that the claims secured by it are not fully discharged from it, the claimants may share in the assets, but the sharing shall be deferred until general creditors, and also claimants against other special deposits who have received smaller percentages from their respective special deposits, have been paid percentages of their claims equal to the percentage paid from the special deposit.
(C) The owner of a secured claim against an insurer for which a liquidator has been appointed in this or any other state may surrender his security and file his claim as a general creditor, or the claim may be discharged by resort to the security in accordance with section 3903.41 of the Revised Code, in which case the deficiency, if any, shall be treated as a claim against the assets of the insurer on the same basis as claims of unsecured creditors.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3903 | Reserve Valuation; Rehabilitation and Liquidation › Section 3903.59 | Failure to Transfer Assets to Ohio Liquidator by Ancillary Receiver.

Effective:
December 4, 1995
Latest Legislation:
House Bill 374 - 121st General Assembly
If an ancillary receiver in another state or foreign country, whether called by that name or not, fails to transfer to the domiciliary liquidator in this state any assets within the ancillary receiver's control other than special deposits, diminished only by the expenses of the ancillary receivership, if any, the claims filed in the ancillary receivership, other than special deposit claims or secured claims shall be placed in the class of claims under division (H) of section 3903.42 of the Revised Code.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3903 | Reserve Valuation; Rehabilitation and Liquidation › Section 3903.71 | Unsound Company, Suspension of Authority to Do Business.

Effective:
January 1, 2021
Latest Legislation:
House Bill 339 - 133rd General Assembly
If it appears to the superintendent of insurance upon satisfactory evidence that the affairs of an insurance company, partnership, association, or reciprocal insurance exchange, not organized under the laws of this state, are such that any of the following conditions exist, the superintendent shall suspend the authority granted to such company to do business in this state:
(A) It cannot meet the current applicable requirements for incorporation and commencement of the business of insurance in this state;
(B) It has commenced, or has attempted to commence, any voluntary liquidation or dissolution proceeding, or any proceeding to procure the appointment of a receiver, liquidator, rehabilitor, sequestrator, conservator, or similar officer for itself;
(C) It is the subject of liquidation or dissolution proceedings undertaken by another state, or any other proceeding undertaken by another state to procure the appointment of a receiver, liquidator, rehabilitor, sequestrator, conservator, or similar officer;
(D) Its ratio of premium writings to surplus and capital are unreasonable as determined by the superintendent of insurance;
(E) Its further transaction of business would be hazardous to its policyholders, contract holders, or the public as shown by the following conduct, but not necessarily limited to only the following:
(1) Its investments are made so as to make unavailable within a reasonable time sufficient moneys to meet promptly any demand which might in the ordinary course of business be properly made against it;
(2) Any of its officers or directors have embezzled, sequestered, or wrongfully diverted any of its assets;
(3) It has willfully violated its charter or any law of this state.
If no demand for a hearing is made by the suspended company within thirty days after suspension, such suspension shall become a revocation of the authority to transact the business of insurance in this state. Any such hearing shall be held in compliance with sections 119.01 to 119.13 of the Revised Code. If during such hearing, satisfactory evidence of any of the enumerated conditions of this section is found to exist, the superintendent shall revoke the authority to transact the business of insurance in this state.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3903 | Reserve Valuation; Rehabilitation and Liquidation › Section 3903.721 | Valuation of Reserves.

Effective:
September 4, 2014
Latest Legislation:
Senate Bill 140 - 130th General Assembly
(A)(1) The superintendent shall annually value, or cause to be valued, the reserve liabilities, referred to as reserves, for all outstanding life insurance policies and annuity and pure endowment contracts of every life insurance company doing business in this state issued prior to the operative date of the valuation manual.
In calculating reserves, the superintendent may use group methods and approximate averages for fractions of a year or otherwise. The valuation of the reserves of a company organized under the laws of a foreign government shall be limited to its United States business.
In lieu of the valuation of the reserves required of a foreign or alien company, the superintendent may accept a valuation made, or caused to be made, by the insurance supervisory official of any state or other jurisdiction when the valuation complies with the minimum standard provided in sections 3903.72 to 3903.7211 of the Revised Code.
(2) The provisions set forth in sections 3903.723, 3903.724, 3903.725, and 3903.727 of the Revised Code shall apply to all policies and contracts, as appropriate, issued on or after January 1, 1989, and prior to the operative date of the valuation manual. The provisions set forth in sections 3903.726, 3903.728, and 3903.729 of the Revised Code shall not apply to any such policies and contracts.
(3) The minimum standard for the valuation of policies and contracts issued prior to January 1, 1989, shall be that provided by the laws in effect immediately prior to that date.
(B)(1) For all outstanding life insurance contracts, annuity and pure endowment contracts, deposit-type contracts, and accident and health contracts of every company issued on or after the operative date of the valuation manual, the superintendent shall annually value, or cause to be valued, the reserve liabilities for such contracts according to sections 3903.727, 3903.728, and 3903.729 of the Revised Code. The valuation of the reserves of a company organized under the laws of a foreign government shall be limited to its United States business.
In lieu of the valuation of the reserves required of a foreign or alien company, the superintendent may accept a valuation made, or caused to be made, by the insurance supervisory official of any state or other jurisdiction when the valuation complies with the minimum standard provided in sections 3903.72 to 3903.7211 of the Revised Code.
(2) The provisions set forth in sections 3903.728 and 3903.729 of the Revised Code shall apply to all policies and contracts issued on or after the operative date of the valuation manual.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3903 | Reserve Valuation; Rehabilitation and Liquidation › Section 3903.725 | Valuation for Individual Annuity and Pure Endowment Contracts.

Effective:
September 4, 2014
Latest Legislation:
Senate Bill 140 - 130th General Assembly
For individual annuity and pure endowment contracts issued on or after January 1, 1989, and for annuities and pure endowments purchased on or after January 1, 1989, under group annuity and pure endowment contracts, the minimum standard of valuation shall be the commissioners reserve valuation methods defined in divisions (I), (J), (K), and (L) of section 3903.723 of the Revised Code, interest rates defined in section 3903.724 of the Revised Code, and the following tables:
(A) For individual single premium immediate annuity contracts issued on or after January 1, 1989, excluding any disability and accidental death benefits in those contracts, the 1971 individual annuity mortality table or any individual annuity mortality table adopted after 1980 by the national association of insurance commissioners that is approved in rules adopted by the superintendent for use in determining the minimum standard of valuation for these contracts, or any modification of these tables approved by the superintendent;
(B) For individual annuity and pure endowment contracts issued on or after January 1, 1989, other than single premium immediate annuity contracts, excluding any disability and accidental death benefits in those contracts, the 1971 individual annuity mortality table or any individual annuity mortality table adopted after 1980 by the national association of insurance commissioners that is adopted in rules by the superintendent for use in determining the minimum standard of valuation for those contracts, or any modification of these tables approved by the superintendent;
(C) For annuities and pure endowments purchased on or after January 1, 1989, under group annuity and pure endowment contracts, excluding any disability and accidental death benefits purchased under those contracts, the 1971 group annuity mortality table, or any group annuity mortality table adopted after 1980 by the national association of insurance commissioners that is approved in rules adopted by the superintendent for use in determining the minimum standard of valuation for annuities and pure endowments, or any modification of these tables approved by the superintendent.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3903 | Reserve Valuation; Rehabilitation and Liquidation › Section 3903.727 | Valuation for Accident and Health Insurance Contracts.

Effective:
September 4, 2014
Latest Legislation:
Senate Bill 140 - 130th General Assembly
For accident and health insurance contracts issued on or after the operative date of the valuation manual, the standard prescribed in the valuation manual is the minimum standard of valuation required under division (B) of section 3903.721 of the Revised Code. For disability, accident and sickness, accident and health insurance contracts issued on or after January 1, 1989, and prior to the operative date of the valuation manual, the minimum standard of valuation is the standard adopted in rules by the superintendent.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3903 | Reserve Valuation; Rehabilitation and Liquidation › Section 3903.729 | Established Reserves; Principle-Based Valuation.

Effective:
September 4, 2014
Latest Legislation:
Senate Bill 140 - 130th General Assembly
(A) A company shall establish reserves using a principle-based valuation that meets the following conditions for policies or contracts as specified in the valuation manual:
(1) The principle-based valuation shall quantify the benefits and guarantees, and the funding, associated with the contracts and their risks at a level of conservatism that reflects conditions that include unfavorable events that have a reasonable probability of occurring during the lifetime of the contracts.
(2) The principle-based valuation shall reflect conditions, for policies or contracts with significant tail risk, appropriately adverse to quantify the tail risk.
(3) The principle-based valuation shall incorporate assumptions, risk analysis methods, and financial models and management techniques that are consistent with, but not necessarily identical to, those utilized within the company's overall risk assessment process, while recognizing potential differences in financial reporting structures and any prescribed assumptions or methods.
(4) The principle-based valuation shall incorporate assumptions that are derived in one of the following manners:
(a) The assumption is prescribed in the valuation manual.
(b) For assumptions that are not prescribed, the assumptions shall:
(i) Be established utilizing the company's available experience, to the extent it is relevant and statistically credible;
(ii) To the extent company data is not available, relevant, or statistically credible, be established utilizing other relevant statistically credible experience.
(5) The principle-based valuation shall provide margins for uncertainty including adverse deviation and estimation error, such that the greater the uncertainty the larger the margin and resulting reserve.
(B) A company using a principle-based valuation for one or more policies or contracts subject to this section as specified in the valuation manual shall do all of the following:
(1) Establish procedures for corporate governance and oversight of the actuarial valuation function consistent with those described in the valuation manual;
(2) Provide to the superintendent and the company's board of directors an annual certification of the effectiveness of the internal controls with respect to the principle-based valuation. Such controls shall be designed to assure that all material risks inherent in the liabilities and associated assets subject to such valuation are included in the valuation, and that valuations are made in accordance with the valuation manual. The certification shall be based on the controls in place as of the end of the preceding calendar year.
(3) Develop, and file with the superintendent upon request, a principle-based valuation report that complies with standards prescribed in the valuation manual.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3903 | Reserve Valuation; Rehabilitation and Liquidation › Section 3903.7210 | Submission of Prescribed Data.

Effective:
September 4, 2014
Latest Legislation:
Senate Bill 140 - 130th General Assembly
A company shall submit mortality, morbidity, policyholder behavior, or expense experience and other data as prescribed in the valuation manual for policies it has issued that are in force on or after the operative date of the valuation manual.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3903 | Reserve Valuation; Rehabilitation and Liquidation › Section 3903.73 | Deposit of Securities With Treasurer of State.

Effective:
October 3, 2023
Latest Legislation:
House Bill 33 - 135th General Assembly
All securities deposited with the superintendent of insurance shall be held by the superintendent for the purpose intended. No security shall be accepted for deposit by the superintendent unless it is of par value and market value of one thousand dollars or more.
Last updated September 6, 2023 at 2:42 PM
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3903 | Reserve Valuation; Rehabilitation and Liquidation › Section 3903.74 | Sale and Distribution of Securities of Defaulting Companies.

Effective:
January 1, 2021
Latest Legislation:
House Bill 339 - 133rd General Assembly
If any company, corporation, or association required by law to make a deposit with the superintendent of insurance, or other state officer, to secure the contracts of such company, corporation, or association, or for any other purpose, fails to pay any of its liabilities upon such contracts, or other obligations, according to the terms thereof after the liability thereon has been determined, or if such company, corporation, or association, having ceased to do business within this state, leaves unpaid any such liability or has become insolvent, the attorney general, on behalf of the superintendent, or such other officer, and upon the application of any person entitled to participate in such deposit, or the proceeds arising therefrom, shall commence a civil action in the court of common pleas of Franklin county, making the company, corporation, or association a party defendant, to determine the rights of all parties claiming any interest in such deposit, to subject the deposit to the payment or satisfaction of all liabilities, and to distribute such fund among the persons entitled thereto.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3903 | Reserve Valuation; Rehabilitation and Liquidation › Section 3903.75 | Notice to Claimants.

Effective:
March 7, 1983
Latest Legislation:
House Bill 830 - 114th General Assembly
Upon the filing of the petition authorized by section 3903.74 of the Revised Code, the superintendent of insurance, or other officer, shall publish for six consecutive weeks in three papers of general circulation within the state, one of which is published at the seat of government, a notice containing a succinct statement of the object and prayer of the petition in such action, and the time within which persons claiming to have an interest in such fund are required to answer.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3903 | Reserve Valuation; Rehabilitation and Liquidation › Section 3903.76 | Court Procedure.

Effective:
March 7, 1983
Latest Legislation:
House Bill 830 - 114th General Assembly
The clerk of the court of common pleas of Franklin county shall forward a copy of the notice required by section 3903.75 of the Revised Code to the last known address of such company, corporation, or association. The Civil Rules shall govern such proceedings, and, upon the hearing of the cause, such order, judgment, or decree shall be entered by the court of common pleas of Franklin county as is just and equitable.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3903 | Reserve Valuation; Rehabilitation and Liquidation › Section 3903.85 | Authorized Control Level Event Duties of Superintendent and Insurer.

Effective:
March 3, 1996
Latest Legislation:
House Bill 374 - 121st General Assembly
(A) For purposes of sections 3903.81 to 3903.93 of the Revised Code, an "authorized control level event" is any of the following events:
(1) The filing of an RBC report by an insurer that indicates that the insurer's total adjusted capital is greater than or equal to its mandatory control level RBC but less than its authorized control level RBC;
(2) The notification by the superintendent of insurance to an insurer of an adjustment to the insurer's RBC report, the adjusted RBC report showing the insurer's total adjusted capital within the range described in division (A)(1) of this section, provided that the insurer does not challenge the adjusted RBC report under section 3903.87 of the Revised Code;
(3) The superintendent's notification to an insurer, following the hearing required under section 3903.87 of the Revised Code, that the superintendent has rejected the insurer's challenge to an adjusted RBC report showing the insurer's total adjusted capital within the range described in division (A)(1) of this section;
(4) The failure of an insurer to respond, in a manner satisfactory to the superintendent, to a corrective order issued under division (B)(3) of section 3903.84 of the Revised Code, provided that the insurer has not challenged the corrective order under section 3903.87 of the Revised Code;
(5) The failure of an insurer to respond, in a manner satisfactory to the superintendent, to a corrective order issued under division (B)(3) of section 3903.84 of the Revised Code, subsequent to the superintendent's modification of an earlier order or the superintendent's rejection of the insurer's challenge of the order under section 3903.87 of the Revised Code.
(B) In the case of an authorized control level event, the superintendent shall do the following:
(1) Take the actions required under section 3903.84 of the Revised Code for regulatory action level events;
(2) If the superintendent considers it to be in the best interests of the policyholders and creditors of the insurer and of the public, take such actions as are necessary to place the insurer under regulatory control under sections 3903.01 to 3903.59 of the Revised Code. The authorized control level event shall be deemed sufficient grounds for the superintendent to take action under sections 3903.01 to 3903.59 of the Revised Code. Nothing in sections 3903.81 to 3903.93 of the Revised Code shall impair or restrict the rights, powers, and protections afforded to the superintendent and to insurers under sections 3903.01 to 3903.59 of the Revised Code.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3903 | Reserve Valuation; Rehabilitation and Liquidation › Section 3903.87 | Right to Request Hearing.

Effective:
March 3, 1996
Latest Legislation:
House Bill 374 - 121st General Assembly
(A) An insurer has the right to a hearing upon receiving any of the following from the superintendent of insurance:
(1) An adjusted RBC report;
(2) Notification that the insurer's RBC plan or revised RBC plan is unsatisfactory and a statement that the notification constitutes a regulatory action level event for the insurer;
(3) Notification that the superintendent has determined that the insurer has failed to adhere to its RBC plan or revised RBC plan, which failure has a substantial adverse effect on the ability of the insurer to eliminate the conditions leading to a company action level event in accordance with its RBC plan or revised RBC plan;
(4) A corrective order issued under division (B)(3) of section 3903.84 of the Revised Code.
(B) An insurer shall notify the superintendent of its request for a hearing within five days after its receipt of any item listed in division (A) of this section. Upon the superintendent's receipt of the insurer's request for a hearing, the superintendent shall set a date for the hearing, which date shall be no less than ten days and no more than thirty days after the superintendent's receipt of the insurer's request.
(C) An insurer may challenge any determination or action taken by the superintendent under sections 3903.81 to 3903.93 of the Revised Code at the hearing held pursuant to this section. The hearing shall not be a public hearing, unless the insurer requests a public hearing.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3903 | Reserve Valuation; Rehabilitation and Liquidation › Section 3903.89 | Effectiveness of Notice.

Effective:
March 3, 1996
Latest Legislation:
House Bill 374 - 121st General Assembly
Unless otherwise provided, all notices sent to an insurer by the superintendent of insurance that may result in regulatory action under sections 3903.81 to 3903.93 of the Revised Code shall be effective upon dispatch if transmitted by registered or certified mail. Any other notice transmitted shall be effective upon the insurer's receipt of the notice.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3903 | Reserve Valuation; Rehabilitation and Liquidation › Section 3903.90 | Annual Report by Foreign Insurer.

Effective:
March 3, 1996
Latest Legislation:
House Bill 374 - 121st General Assembly
(A) Each foreign insurer shall submit to the superintendent of insurance, upon receiving the superintendent's written request, an RBC report for the calendar year just ended. The insurer shall submit the RBC report to the superintendent by the later of:
(1) The date a domestic insurer would be required to file an RBC report under section 3903.82 of the Revised Code;
(2) Fifteen days after the superintendent's request is received by the foreign insurer.
(B) Each foreign insurer shall, upon receiving the superintendent's written request, promptly submit to the superintendent a copy of any RBC plan or revised RBC plan filed with the insurance regulatory authority of any other state.
(C) The superintendent may require a foreign insurer to file an RBC plan with the superintendent in the case of a company action level event, regulatory action level event, or authorized control level event involving the foreign insurer, if the insurance regulatory authority of the state of domicile of the foreign insurer fails to require the foreign insurer to file an RBC plan in the manner specified under that state's RBC laws, if any. The failure of a foreign insurer to file an RBC plan or revised RBC plan with the superintendent as required shall be grounds for the superintendent to order the insurer to cease and desist from writing new insurance business in this state.
(D) In the case of a mandatory control level event involving a foreign insurer, if no domiciliary receiver has been appointed for the foreign insurer under the rehabilitation and liquidation laws applicable in the state of domicile of the foreign insurer, the superintendent may make application to the court of common pleas as permitted under sections 3903.50 to 3903.59 of the Revised Code for an order directing the superintendent to liquidate the property of the foreign insurer found in this state. The occurrence of the mandatory control level event shall be deemed sufficient grounds for the superintendent to make application to the court.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3903 | Reserve Valuation; Rehabilitation and Liquidation › Section 3903.91 | Regulatory Officials - Immunity.

Effective:
March 3, 1996
Latest Legislation:
House Bill 374 - 121st General Assembly
There shall be no liability on the part of, and no cause of action shall arise against, the superintendent of insurance, or the department of insurance, its employees, or its agents, for any action taken in their performance of the powers and duties under sections 3903.81 to 3903.93 of the Revised Code.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3903 | Reserve Valuation; Rehabilitation and Liquidation › Section 3903.92 | Requirements for Exempting Insurer From Sections.

Effective:
March 3, 1996
Latest Legislation:
House Bill 374 - 121st General Assembly
The superintendent may exempt any domestic property and casualty insurer from the application of sections 3903.81 to 3903.93 of the Revised Code, if the insurer meets all of the following requirements:
(A) The insurer writes direct business only in this state;
(B) The insurer writes direct annual premiums of three million dollars or less;
(C) The insurer assumes no reinsurance in excess of five per cent of direct premium written.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3903 | Reserve Valuation; Rehabilitation and Liquidation › Section 3903.93 | Rules.

Effective:
March 3, 1996
Latest Legislation:
House Bill 374 - 121st General Assembly
The superintendent may adopt rules in accordance with Chapter 119. of the Revised Code as are reasonably necessary for the implementation and operation of sections 3903.81 to 3903.93 of the Revised Code.