reglab/statecodes huggingface dataset:
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3924 | Small Employer Health Benefit Plans; Provision of Health Care Coverage › Section 3924.68 | Procedure Upon Termination of Employment.

Effective:
June 30, 1997
Latest Legislation:
House Bill 374 - 122nd General Assembly
(A) If an account holder, whose medical savings account has been opened by the account holder's employer, later ceases to be employed by that employer, the account holder may, within sixty days of the account holder's final date of employment, request in writing to the administrator of the account that the administrator continue to administer the account.
(1) If the administrator agrees to continue to administer the account, funds in the account may continue to be used to pay the eligible medical expenses of the account holder and the account holder's spouse and dependents, pursuant to sections 3924.61 to 3924.74 of the Revised Code.
If the account holder later becomes employed by a new employer that opens a new medical savings account on the account holder's behalf, the account holder may transfer any funds remaining in the account opened by the account holder's former employer to the account opened by the account holder's new employer. For purposes of determining taxes due under Chapter 5747. of the Revised Code, this transfer of funds shall not be considered a withdrawal of funds from a medical savings account, nor shall it be considered a deposit to a medical savings account.
(2) If the administrator does not agree to continue to administer the account, or if the account holder requests that the account be closed, the administrator shall close the account and mail a check or other negotiable instrument in the amount of the account balance as of that date to the account holder. The amount distributed shall be included in the account holder's Ohio adjusted gross income in determining taxes due under Chapter 5747. of the Revised Code.
(B) Within sixty days of the account holder's final date of employment, the account holder may transfer any funds remaining in the account opened by the account holder's former employer to another medical savings account owned by the account holder. For purposes of determining taxes due under Chapter 5747. of the Revised Code, this transfer of funds shall not be considered a withdrawal of funds from a medical savings account, nor shall it be considered a deposit to a medical savings account.
(C) An administrator of an account opened by an employer shall not close an account without the permission of the account holder until at least sixty-one days after the account holder's final date of employment. The employer shall notify the administrator of the employee's final date of employment.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3924 | Small Employer Health Benefit Plans; Provision of Health Care Coverage › Section 3924.69 | Death of Account Holder.

Effective:
October 1, 1996
Latest Legislation:
House Bill 179 - 121st General Assembly
(A) An account holder may designate a beneficiary or beneficiaries of the account holder's medical savings account.
(B) Any funds remaining in a medical savings account upon the death of an account holder shall be distributed to the decedent's estate and shall be subject to taxation as part of the decedent's estate under Chapter 5731. of the Revised Code.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3924 | Small Employer Health Benefit Plans; Provision of Health Care Coverage › Section 3924.70 | Advances to Cover Employee's Eligible Medical Expenses.

Effective:
October 1, 1996
Latest Legislation:
House Bill 179 - 121st General Assembly
An employer making deposits to an employee's medical savings account on a periodic installment basis may advance to the employee, interest free, an amount needed to cover the employee's eligible medical expenses when such expenses exceed the amount then available in the employee's account, if the employee agrees to repay the advance from future installments or upon the termination of employment. If such an advance causes the employee's federal adjusted gross income to be greater than it would have been had the advance not been made, the amount by which the employee's federal adjusted gross income was increased may be deducted by the employee in determining the employee's Ohio adjusted gross income under Chapter 5747. of the Revised Code.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3924 | Small Employer Health Benefit Plans; Provision of Health Care Coverage › Section 3924.71 | Funds Disbursed Pursuant to Bankruptcy Protection.

Effective:
October 1, 1996
Latest Legislation:
House Bill 179 - 121st General Assembly
Funds disbursed from a medical savings account pursuant to a filing for protection by an account holder under Title 11 of the United States Code shall not be included in the account holder's Ohio adjusted gross income for the year of disbursement in determining taxes due under Chapter 5747. of the Revised Code.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3924 | Small Employer Health Benefit Plans; Provision of Health Care Coverage › Section 3924.72 | Brochure Explaining Operation of Medical Savings Accounts.

Effective:
October 1, 1996
Latest Legislation:
House Bill 179 - 121st General Assembly
The superintendent of insurance shall prepare and periodically revise a brochure that clearly and concisely explains the operation of medical savings accounts authorized under sections 3924.61 to 3924.74 of the Revised Code, and that describes how an employer's or individual's use of a medical savings account may affect the employer's or individual's purchase of policies, plans, and contracts of health coverage. The superintendent shall make the brochure available, upon request, to consumers, insurers, and other third-party payers. The superintendent may adopt rules in accordance with Chapter 119. of the Revised Code to implement this section.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3924 | Small Employer Health Benefit Plans; Provision of Health Care Coverage › Section 3924.73 | Rights, Privileges, or Protections of Employees or Small Employers.

Effective:
June 30, 1997
Latest Legislation:
House Bill 374 - 122nd General Assembly
(A) As used in this section:
(1) "Health care insurer" means any person legally engaged in the business of providing sickness and accident insurance contracts in this state, a health insuring corporation organized under Chapter 1751. of the Revised Code, or any legal entity that is self-insured and provides health care benefits to its employees or members.
(2) "Small employer" has the same meaning as in section 3924.01 of the Revised Code.
(B)(1) Subject to division (B)(2) of this section, nothing in sections 3924.61 to 3924.74 of the Revised Code shall be construed to limit the rights, privileges, or protections of employees or small employers under sections 3924.01 to 3924.14 of the Revised Code.
(2) If any account holder enrolls or applies to enroll in a policy or contract offered by a health care insurer providing sickness and accident coverage that is more comprehensive than, and has a deductible amount that is less than, the coverage and deductible amount of the policy under which the account holder currently is enrolled, the health care insurer to which the account holder applies may subject the account holder to the same medical review, waiting periods, and underwriting requirements to which the health care insurer generally subjects other enrollees or applicants, unless the account holder enrolls or applies to enroll during a designated period of open enrollment.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3924 | Small Employer Health Benefit Plans; Provision of Health Care Coverage › Section 3924.74 | Coordination of Benefits.

Effective:
October 1, 1996
Latest Legislation:
House Bill 179 - 121st General Assembly
The superintendent of insurance may include coordination of benefits regarding medical savings accounts in the rules on coordination of benefits adopted under section 3902.14 of the Revised Code.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3925 | Domestic Insurance Companies Other Than Life › Section 3925.01 | Approval and Recording of Articles.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
The articles of incorporation of a company formed for the purpose of insurance, other than life insurance, must be forwarded to the secretary of state, who shall submit them to the attorney general for examination. If such articles are found by him to be in accordance with the constitution and laws of this state and of the United States, he shall certify and deliver them back to the secretary of state. He may reject any name or title of a company applied for when he deems it similar to one already appropriated, or likely to mislead the public.
Upon the approval of the articles by the attorney general and the secretary of state, the latter shall cause them to be recorded and copied in the manner provided for life insurance companies, and a copy thereof to be deposited with the superintendent of insurance. He shall withhold from the company the certificate of authority if its name is so similar to that of any other company as to mislead the public.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3925 | Domestic Insurance Companies Other Than Life › Section 3925.02 | Subscription to Stock.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
The persons named in the articles of incorporation of a company formed for the purpose of insurance other than life, or a majority of such persons, shall be commissioners to open books for the subscription of stock in the company, at such times and places as they deem proper, and shall keep the books open until the full amount specified in the articles is subscribed.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3925 | Domestic Insurance Companies Other Than Life › Section 3925.03 | Election of Directors and Officers.

Effective:
June 18, 2002
Latest Legislation:
Senate Bill 171 - 124th General Assembly
Within one month after the subscription books of a stock insurance company are filled, as provided in section 3925.02 of the Revised Code, and after the articles of incorporation of a stock insurance company are filed with the secretary of state, a majority of subscribers to the voting stock shall hold a meeting for the election of not less than five nor more than twenty-one directors. The number of directors may be increased or diminished between the same limits by amendment of the code of regulations or bylaws, if the number of directors is included in the code of regulations or bylaws of the company, or pursuant to a vote of the stockholders representing a majority of the stock voting, in person or by proxy, at a meeting, if the number of directors is included in the articles of incorporation of the company. No reduction in the number of directors shall of itself have the effect of shortening the term of any incumbent director. Each stockholder is entitled to one vote for each share of voting stock held.
The directors of a stock insurance company shall choose, by ballot, a president, and also fill vacancies that arise in the board, or in the presidency of the company.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3925 | Domestic Insurance Companies Other Than Life › Section 3925.04 | Other Officers - Bylaws and Regulations.

Effective:
June 18, 2002
Latest Legislation:
Senate Bill 171 - 124th General Assembly
When convened at the office of the company, the board of directors elected or appointed as provided in section 3925.03 or 3941.05 of the Revised Code, or a majority of the board, may appoint a secretary and other officers or agents necessary for transacting its business, and may pay such salaries and take such securities as the board considers reasonable. The board may ordain and establish bylaws and a code of regulations, or make amendments to the bylaws or code of regulations previously adopted, not inconsistent with the constitution and laws of this state and of the United States, which appear necessary for regulating and conducting the business of the company. New bylaws or regulations shall not take effect until approved by the superintendent of insurance and until a copy thereof is filed in the superintendent's office. The board shall keep full and correct records of its transactions, which shall be open at all times to the inspection of the members or stockholders.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3925 | Domestic Insurance Companies Other Than Life › Section 3925.06 | Additional Investments.

Effective:
January 9, 1961
Latest Legislation:
House Bill 1 - 104th General Assembly
In addition to the investments provided by law, investments in any of the following securities are authorized investments for the capital and accumulations of insurance companies, both life and other than life, which are organized under the laws of this state, subject to the regulations governing other investments by such companies:
(A) Any bonds issued by or for federal land banks and any debentures issued by or for federal intermediate credit banks under the act of congress known as the "Federal Farm Loan Act of 1916," 39 Stat. 360, 12 U.S.C.A. 641 and amendment thereto; any debentures issued by or for banks for cooperatives under the act of congress known as the "Farm Credit Act of 1933," 48 Stat. 257, 12 U.S.C.A. 131 and amendments thereto;
(B) Notes, bonds, debentures, and other such obligations issued by the federal housing administrator;
(C) Bonds issued under the "Home Owners' Loan Act of 1933," 48 Stat. 128, 12 U.S.C.A. 1461.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3925 | Domestic Insurance Companies Other Than Life › Section 3925.07 | Deposit of Securities.

Effective:
January 9, 1961
Latest Legislation:
House Bill 1 - 104th General Assembly
Whenever a deposit of securities is required from a domestic or foreign insurance company, either life or other than life, as a condition upon which such company may transact business in this state, the following securities may be deposited for that purpose in addition to other securities specified by law:
(A) Any bonds issued by or for federal land banks and any debentures issued by or for federal intermediate credit banks under the act of congress known as the "Federal Farm Loan Act of 1916," 39 Stat. 360, 12 U.S.C.A. 641 and amendments thereto; any debentures issued by or for banks for cooperatives under the act of congress known as the "Farm Credit Act of 1933," 48 Stat. 257, 12 U.S.C.A. 131 and amendments thereto;
(B) Notes, bonds, debentures, and other such obligations issued or insured by the federal housing administrator;
(C) Notes secured by mortgages insured by the secretary of agriculture of the United States under Title I of "The Bankhead-Jones Farm Tenant Act," 50 Stat. 522, 7 U.S.C.A. 1000 as amended;
(D) Bonds issued under the "Home Owners' Loan Act of 1933," 48 Stat. 128, 12 U.S.C.A. 1461.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3925 | Domestic Insurance Companies Other Than Life › Section 3925.081 | Investing in Mortgage Related Securities.

Effective:
January 31, 1992
Latest Legislation:
House Bill 490 - 119th General Assembly
(A) Any securities described in section 77r-1 of the "Secondary Mortgage Market Enhancement Act of 1984," 98 Stat. 1689, 15 U.S.C.A. 77r-1, shall be subject to all limitations prescribed in section 3925.08 of the Revised Code for investments not guaranteed by the full faith and credit of the United States.
(B) Notwithstanding division (A) of this section, on and after August 8, 1991, a domestic insurance company other than life may invest in any of the following securities, subject to any applicable limitations contained in rules adopted by the superintendent of insurance:
(1) Securities offered and sold pursuant to 15 U.S.C.A. section 77d(5);
(2) Mortgage related securities described in 15 U.S.C.A. section 78c(a)(41);
(3) Securities issued or guaranteed by the federal home loan mortgage corporation or the federal national mortgage association.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3925 | Domestic Insurance Companies Other Than Life › Section 3925.09 | Limitations on Certain Investments.

Effective:
January 1, 2021
Latest Legislation:
House Bill 339 - 133rd General Assembly
No insurance company shall own more than one fourth of the capital stock of a national bank, nor invest in or loan on the stocks and bonds, both included, of any railroad company, to an extent exceeding one fifth of its own capital and surplus, nor in the aggregate shall the investment in and loan on all railroad property exceed one fourth of its own capital and surplus. Not more than one half of its capital and surplus shall be loaned on mortgages of real estate, as provided in section 3925.05 of the Revised Code for the investment thereof, and not more than one tenth of the capital and surplus actually existing of such a company shall be invested in a single mortgage. The current market value of the evidences of indebtedness mentioned in this section, in which the accumulations or surplus money above the capital stock of an insurance company may be loaned or invested, must be at all times during the continuance of the loans at least twenty per cent more than the sum loaned thereon.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3925 | Domestic Insurance Companies Other Than Life › Section 3925.10 | Liability of Directors.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
If an investment or loan is made by an insurance company in a manner not authorized by sections 3925.01 to 3925.34, inclusive, of the Revised Code, the directors who make or authorize such investment or loan shall be personally liable to the stockholders for any loss occasioned thereby.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3925 | Domestic Insurance Companies Other Than Life › Section 3925.101 | Regulation of Foreign Branches of Domestic Companies.

Effective:
September 23, 2008
Latest Legislation:
House Bill 562 - 127th General Assembly
With the approval of the superintendent of insurance, sections 3925.06 to 3925.09 and 3925.20 of the Revised Code shall not apply to a domestic insurance company that qualifies as a foreign country branch of a United States company that writes policies exclusively in countries other than the United States if those other countries have laws pertaining to insurance company investments and the foreign country branch is required to comply with those laws.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3925 | Domestic Insurance Companies Other Than Life › Section 3925.11 | Examination of Company - Renewal of License.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
When an insurance company notifies the superintendent of insurance that sections 3925.01 to 3925.03, inclusive, of the Revised Code, have been complied with, he shall make an examination of its condition, and if he finds that the capital required of the company has been paid in and is possessed by it in money, or in stocks, bonds, and mortgages as required by sections 3925.05 and 3925.06 of the Revised Code, he shall so certify. The superintendent may cause such examination to be made by a disinterested person specially appointed by him for the purpose, who shall certify his finding to the superintendent under oath. The signers of the articles of incorporation, or the officers of the company, shall also certify, under oath, that the capital exhibited is its bona fide property. Such certificates shall be filed in the office of the superintendent. Thereupon the company shall file with the superintendent a certified copy of its articles of incorporation and the approval of the attorney general, and a copy of its bylaws and constitution.
If the superintendent finds that the company is properly organized and has complied with the law entitling it to transact business and issue policies, and unless he also finds the name assumed by it so nearly similar to that of another company doing business in this state as to lead to confusion or uncertainty on the part of the public, he shall furnish the company with his license reciting that it has complied with the law and is entitled to transact the business authorized and described therein, which license shall be the authority of such company to commence business and issue policies.
So long as such insurance company complies with the law, the superintendent, annually upon its application, shall renew such license, certified copies of which may be used in evidence for or against the company in all actions.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3925 | Domestic Insurance Companies Other Than Life › Section 3925.13 | Annual Cash Premiums Collectible in Advance.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
Mutual fire insurance companies organized under sections 3925.01 to 3925.34, inclusive, of the Revised Code, may thereafter charge and collect in advance upon their policies a full annual premium in cash, but such policies shall not compel subscribers, insured or assured, to renew a policy or to pay a second or further annual or term premium.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3925 | Domestic Insurance Companies Other Than Life › Section 3925.14 | Mutual Associations Excepted.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
Sections 3925.12 and 3925.13 of the Revised Code are not applicable to associations which are organized as provided by law for the mutual protection of their members against loss by fire.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3925 | Domestic Insurance Companies Other Than Life › Section 3925.15 | Transfers of Stock.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
Transfers of stock may be made on the books of an insurance company by any shareholder, or his legal representative, subject to such reasonable restrictions as the directors of such company make in its bylaws.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3925 | Domestic Insurance Companies Other Than Life › Section 3925.16 | Increase of Capital Stock.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
When, in the opinion of its directors, a company organized under sections 3925.01 to 3925.34, inclusive, of the Revised Code, requires an increased amount of capital, if such an increase is authorized by the holders of two thirds of the stock, said directors shall file with the secretary of state a certificate setting forth the amount of the desired increase. Thereafter the company may have the increased amount of capital fixed by such certificate. The examination of securities composing the capital stock thus increased shall be made as provided by section 3925.11 of the Revised Code for capital stock originally paid in.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3925 | Domestic Insurance Companies Other Than Life › Section 3925.17 | Restriction on Dividends - Liability of Directors.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
No fire insurance company organized under a law of this state shall declare or pay any dividend which impairs its capital or capital stock, nor while its capital or capital stock is impaired, nor shall any such corporation declare or pay any dividend or make any distribution of assets to any of its stockholders, whether upon a reduction of the number of its shares or of its capital or capital stock, unless the value of its assets remaining after the payment of such dividend, or after such distribution of assets, is at least equal to the aggregate amount of its debts and liabilities including capital or capital stock.
In case any such dividend is paid or any such distribution of assets made, the directors in whose administration the same is declared or made, except those who have caused their dissent therefrom to be entered upon the minutes of the directors' meetings at the time, or who were not present when such action was taken, shall be liable jointly and severally to such corporation, and to the creditors thereof, to the full amount of any loss sustained by such corporation or by its creditors by reason of such dividend or distribution.
A dividend made contrary to this section shall subject the company which makes it to a forfeiture of its charter, and each stockholder who receives such dividend to a liability to the creditors of the company to the extent of the dividend received, besides any other penalties and punishments prescribed by law.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3925 | Domestic Insurance Companies Other Than Life › Section 3925.18 | Scrip Dividends.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
Section 3925.17 of the Revised Code does not prevent the declaration of scrip dividends by participating or mutual insurance companies, but no such dividend shall be declared to an amount in excess of profits, or be paid except from profits, after reserving all sums provided in such section, including the whole amount of premiums on unexpired risks.
As used in this section "profits" of a mutual insurance company are that portion of its cash funds not required for payment of losses and expenses nor set apart for any purpose required by law.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3925 | Domestic Insurance Companies Other Than Life › Section 3925.19 | Accumulation of Permanent Fund.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
In its bylaws any insurance company organized under sections 3925.01 to 3925.34, inclusive, of the Revised Code, may provide for the accumulation of a permanent fund, by reserving a portion of its net profits, to be invested and be a reserve for the security of the insured. Such permanent fund in the sum determined by the board of directors shall be separate from such surplus as may be accumulated in the discretion of the company or its board of directors. The permanent fund accumulated shall be used for the payment of losses and expenses, whenever the cash funds of the company in excess of an amount equal to its liabilities are exhausted.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3925 | Domestic Insurance Companies Other Than Life › Section 3925.20 | Authorized Real Estate Holdings.

Effective:
May 13, 1980
Latest Legislation:
House Bill 729 - 113th General Assembly
No insurance company organized under Chapter 3925. of the Revised Code, shall purchase, hold, or convey real estate, except for the folowing purposes and in the following manner:
(A) Real estate requisite for its convenient accommodation in the transaction of its business;
(B) Real estate mortgaged to it in good faith, by way of security for loans previously contracted, or for money due;
(C) Real estate conveyed to it in satisfaction of debts previously contracted in its legitimate business, or for money due;
(D) Real estate purchased at sales upon judgment or mortgages obtained or made for such debts;
(E) Real estate, or any interest in real estate, acquired or held by purchase, lease, or otherwise, as an investment for production of income or to be improved or developed for the production of income. An insurer shall not have at any one time more than ten per cent of its assets invested in real estate under this section. An insurer shall not have at any one time more than two per cent of its assets invested in any one real estate investment except with the prior approval of the superintendent of insurance. No investment in real estate to be used primarily for recreational, agricultural, or mining purposes shall be made under authority of this section.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3925 | Domestic Insurance Companies Other Than Life › Section 3925.21 | Disposal of Real Estate.

Effective:
May 13, 1980
Latest Legislation:
House Bill 729 - 113th General Assembly
Real estate acquired under division (B), (C), or (D) of section 3925.20 of the Revised Code shall be disposed of within two years after title to the real estate is acquired, unless the company determines to hold the real estate as an investment subject to the limits of individual and aggregate holdings under section 3925.20 of the Revised Code or unless the company procures a certificate from the superintendent of insurance that its interests will suffer materially by a forced sale of the real estate. The sale then may be postponed for such period as the superintendent directs in the certificate.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3925 | Domestic Insurance Companies Other Than Life › Section 3925.22 | Restriction Against Debts.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
No mutual insurance company shall borrow money or create a debt, except for necessary office buildings, which is to continue beyond the period when an assessment may be collected and applied to the payment thereof, and no member of such a company shall be assessed for liabilities incurred prior to his membership.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3925 | Domestic Insurance Companies Other Than Life › Section 3925.23 | Enforcement of Assessments.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
If a member of a mutual insurance company neglects for thirty days after the publication of notice by the directors, and after demand for payment, to pay the sum assessed upon him as his proportion of any loss, the directors may sue for and recover the whole amount of contingent liability, with costs of the suit. Execution shall only issue for assessments and costs as they accrue, and every such execution must be accompanied by a list of losses for which the assessment is made. If the whole amount of liability is insufficient to pay the loss occasioned by any fire, the sufferers insured toward making good their respective losses shall receive a proportional share of the whole amount of such liability, according to the sums by them respectively insured. No member shall be required to pay for a loss occasioned by fire, or inland navigation, more than the whole amount of such liability.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3925 | Domestic Insurance Companies Other Than Life › Section 3925.24 | Proof of Assessments and Notice.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
In actions for the recovery of assessments levied by the directors of a mutual fire insurance company, or for money due on the liability of the members of such a company, the official statement of its president or secretary, under seal and sworn to, shall be received in court as evidence of the facts essential for making it, and as evidence that the assessment for which an action is commenced was duly levied, and notice thereof given.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3925 | Domestic Insurance Companies Other Than Life › Section 3925.25 | Accident Companies Authorized.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
Companies may be organized for any of the following special purposes:
(A) Insuring persons against accidental personal injury or loss of life while they are traveling by railroad, steamboat, or other mode of conveyance;
(B) Making every insurance connected with accidental loss of life, or with personal injury caused by accident of any description;
(C) Insuring against expenses and loss of time occasioned by sickness or other disability, on such terms and conditions, for such periods of time, and confined to such countries, localities, and persons, as may be provided for in the bylaws of the company.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3925 | Domestic Insurance Companies Other Than Life › Section 3925.26 | Deposit by Accident Companies.

Effective:
October 3, 2023
Latest Legislation:
House Bill 33 - 135th General Assembly
When a company organized under section 3925.25 of the Revised Code desires to do business in another state, by the laws of which, to qualify it therefor, it must make a deposit of securities assigned in trust for the benefit of its policyholders with an officer of this state, the superintendent of insurance shall receive such deposit and issue therefor to the company a receipt, giving a pertinent description of the securities and a certificate of their market value. Such company may exchange these securities for other like securities, in whole or in part, as far as its business requires, and it may wholly withdraw them if it discontinues business in such other state.
Last updated September 6, 2023 at 2:44 PM
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3925 | Domestic Insurance Companies Other Than Life › Section 3925.27 | Consolidation.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
When a joint stock fire and marine insurance company determines by a vote of the holders of two thirds of its stock to consolidate and make joint stock with another like company, engaged in or incorporated for like business, and each agrees by such vote to the consolidation, the companies, by a vote of the holders of a majority of the stock so consolidated, may determine under which corporate organization or articles of association of the consolidating companies, and under what name, their future business shall be conducted.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3925 | Domestic Insurance Companies Other Than Life › Section 3925.28 | Rights and Duties of Consolidated Companies.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
Upon filing with the superintendent of insurance a certificate of the consolidation authorized by section 3925.27 of the Revised Code, the companies thenceforth shall be consolidated under the corporate organization or articles of association and the corporate name chosen. All franchises, rights, equities, property, and estate, of whatever name or nature, belonging to or vested in either of the consolidating companies, immediately, by the act of such consolidation, shall become the property and estate of the consolidated company, and the corporate existence of each of the consolidating companies thenceforth ceases and is merged in the consolidation. Only such consolidated company may demand, sue for, collect, convey, and dispose of the rights, equities, property, and estate of any of the consolidating companies, or any part thereof, under its own name. All debts, liabilities, and obligations of the consolidating companies shall be assumed and paid by it.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3925 | Domestic Insurance Companies Other Than Life › Section 3925.29 | Distribution of New Shares of Stock - Limitation of Capital Stock.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
Upon a consolidation of insurance companies authorized by section 3925.27 of the Revised Code, the true value of each outstanding share of the capital stock of each of the consolidating companies shall be ascertained by their respective directors through a suitable valuation of all the assets and liabilities thereof at the time of the consolidation, and new shares of the consolidated company shall be apportioned to each stockholder, equal to the sum ascertained to be the true value of his shares in the consolidating companies. The shares apportioned shall be substituted for each stockholder's original shares, and all certificates of shares in the consolidating companies must be surrendered when the new certificates of the apportioned shares are issued. A stockholder in either of the consolidating companies who refuses to agree to such consolidation may receive for the stock owned by him its just market value at the time thereof, which shall be paid to him previous to such consolidation.
The capital stock of such consolidated company may, by virtue of such consolidation, be equal to, but shall not exceed, the aggregate authorized capital of the consolidating companies.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3925 | Domestic Insurance Companies Other Than Life › Section 3925.30 | Election of Directors.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
Immediately upon the consolidation of insurance companies authorized by section 3925.27 of the Revised Code, the directors of the consolidating companies shall elect from their members the directors for the consolidated company, who shall serve until their successors are elected and qualified.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3925 | Domestic Insurance Companies Other Than Life › Section 3925.31 | Filing of Certificate of Consolidation.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
Within thirty days after any consolidation of insurance companies authorized by section 3925.27 of the Revised Code, a certificate shall be filed in the office of the secretary of state, setting forth the fact of such consolidation and the name and organization adopted thereby.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3925 | Domestic Insurance Companies Other Than Life › Section 3925.32 | Approval of Official Bonds.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
An insurance company which, by its charter, is required to have its official bonds approved by a judge of the court of common pleas may at its option have such bonds approved by the probate judge of the county in which the office of the company is located.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3925 | Domestic Insurance Companies Other Than Life › Section 3925.33 | Reinsurance of Risks.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
A fire, marine, fidelity, accident, plate-glass, boiler, or other insurance company organized or existing under the laws of this state, with the approval of the superintendent of insurance, may reinsure all risks undertaken by it in any company authorized to transact a similar class of insurance business in this state. This section does not prevent such a company from reinsuring any risks or fractional parts thereof, not situated in this state, in any company licensed by the superintendent of insurance, or like authority, of the state in which such risks are located, to transact the business of insurance in that state.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3925 | Domestic Insurance Companies Other Than Life › Section 3925.34 | Authorized Fields of Insurance for Fire Insurance Companies.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
All companies, organized or admitted to do business for the purpose of insuring against loss or damage by fire, may insure against any of the following:
(A) Loss or damage by water caused by the breakage or leakage of sprinklers, pumps, tanks, water pipes, and fixtures connected therewith, and caused by lightning, explosion from gas, dynamite, gun powder and other like explosions, and tornadoes;
(B) Loss by theft of automobiles and accessories and damage thereto from this cause;
(C) All direct, indirect, or consequential loss or damage to dwelling houses, stores, and all kinds of buildings and household furniture, and all other property and interest therein, including loss by fire, lightning, windstorm, tornado, cyclone, hail, tempest, flood, earthquake, frost or snow, weather or climatic conditions including excess or deficiency of moisture, rain or drought, rising of the waters of the ocean or its tributaries, bombardment, invasion, insurrection, riot, civil war or commotion, military or usurped power, explosion, fire ensuing, and explosion, no fire ensuing, except explosion by steam boiler or flywheels;
(D) Loss or damage by insects or disease to farm crops or products, and loss of rental value of land used in producing such crops or products;
(E) Loss or damage by water or other fluid to any goods or premises caused by the breakage or leakage of sprinklers, pumps or other apparatus, water pipes, or plumbing, or their fixtures, or of other conduits or containers, or by water entering through leaks or openings in buildings, and accidental injury to such sprinklers, pumps, other apparatus, water pipes, plumbing or fixtures, conduits, or containers;
(F) Loss or damage, by any of the risks of navigation and transportation, to vessels, boats, cargoes, goods, merchandise, freights, and other property and interest therein;
(G) Loss or damage to automobiles, airplanes, seaplanes, dirigibles, or other aircraft, or interest therein, whether stationary or operated under their own power;
(H) Loss or damage by any of the causes or risks specified in this section, including also transportation collision, explosion, or any peril or hazard resulting from the ownership, maintenance, or use of automobiles or motor vehicles, airplanes, seaplanes, dirigibles, or other aircraft, including burglary and theft, vandalism, malicious mischief, or the wrongful conversion, disposal, or concealment thereof and the accessories thereto, whether held under conditional sale contract or subject to chattel mortgage, and to effect reinsurance of any risk taken, but not including loss or damage by risk of bodily injury to the person.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3927 | Foreign Insurance Companies Other Than Life › Section 3927.01 | Certificate of Authority to Transact Business.

Effective:
January 13, 1978
Latest Legislation:
House Bill 534 - 112th General Assembly
Except surety companies which are admitted to guarantee the fidelity of persons holding places of public or private trust, who may be required to or do in their trust capacity receive, hold, control, and disburse public or private moneys or property, and which are admitted to guarantee the performance of contracts other than insurance policies, and to execute and guarantee bonds required or permitted in all actions or proceedings, a company, association, or partnership which is incorporated, organized, or associated under the laws of another state or of a foreign government, for any purpose mentioned in Chapter 3925., 3927., 3929., 3931., or 3933. of the Revised Code which does a banking or other kind of business in connection with insurance, shall not, directly or indirectly, transact any business of insurance in this state until it procures from the superintendent of insurance a certificate of authority to do so. No person or corporation shall act as agent in this state for such a company, association, or partnership, directly or indirectly, in procuring applications for insurance, taking risks, or in any way transacting the business of insurance, until such person or corporation procures from the superintendent a license to do so, stating that the company, association, or partnership has complied with all the requirements of such chapters applicable to it, and until there is deposited a certified copy of such license in the office of the county recorder of the county in which the office or place of business of such agent is established. The county recorder shall retain the certified copy of such license for a minimum of two years from the date of filing.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3927 | Foreign Insurance Companies Other Than Life › Section 3927.02 | Actual Capital and Minimum Surplus of Foreign Companies.

Effective:
July 26, 1982
Latest Legislation:
Senate Bill 249 - 114th General Assembly
No company, association, or partnership organized under the laws of another state shall take risks or transact business of insurance in this state, directly or indirectly, unless it possesses the amount of actual capital and the minimum surplus required by similar companies formed under Chapters 3925., 3927., 3929., and 3931. of the Revised Code, nor unless the capital stock of the company is paid up and invested as required by the laws of the state where it was organized, and, if a livestock insurance company, until it has deposited in such state or in this state, for the benefit of its policyholders, securities approved by the insurance department of such state in an amount equal to one fourth of its entire capital stock. If the company is a mutual fire insurance company, it must have actual cash assets of the amount and description required of similar companies of this state, after organization, invested as required by the law of the state where the company was organized. Such company must also have either premium notes or contingent liability of the amount required of similar fire insurance companies of this state, which contingent liability may be either in writing or expressed in the policies issued by the company.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3927 | Foreign Insurance Companies Other Than Life › Section 3927.04 | Statement Required of Foreign Company.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
Every foreign insurance company, association, or partnership desiring to transact business in this state shall file with the superintendent of insurance a certified copy of its charter or deed of settlement, together with a statement, under the oath of its president, vice-president, or other chief officer, and the secretary of the company, stating the name of the company, the place where it is located, and the amount of its capital, with a detailed statement of the facts and items required of similar companies organized under the laws of this state by section 3929.30 of the Revised Code. Such company, association, or partnership shall also file with the superintendent a copy of its last annual report, if one was made, under any law of the state by which it was incorporated.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3927 | Foreign Insurance Companies Other Than Life › Section 3927.05 | Revocation and Recall of License.

Effective:
July 29, 1998
Latest Legislation:
House Bill 579 - 122nd General Assembly
If any foreign insurance company, association, or partnership doing business in this state enters into any compact or combination with other insurance companies, or requires its agents to enter into any compact or combination with other insurance agents or companies, for the purpose of controlling the rates charged for fire insurance on property in this state, or of controlling the per cent of commission or compensation to be allowed agents for procuring contracts for such insurance on such property, the superintendent of insurance forthwith shall revoke and recall the license to it to do business in this state, and no renewal of the license shall be granted for three years after its revocation. No such company, association, or partnership shall transact any business in this state until it is again licensed and authorized to do so.
This section does not prevent one or more of such companies from employing a common agent to supervise defective structures, or to advise respecting them, and to suggest improvements for lessening their fire hazards, or to advise as to the relative values of risks.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3927 | Foreign Insurance Companies Other Than Life › Section 3927.06 | Deposit of Securities by Alien Companies.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
An insurance company incorporated by or organized under the laws of a foreign government shall deposit with the superintendent of insurance, for the benefit and security of its policyholders residing in the United States, a sum of not less than one hundred thousand dollars in stocks or bonds of the United States, of this state, or of a municipal corporation or county of this state, which shall not be received by the superintendent at a rate above their par value. Stocks and securities so deposited may be exchanged from time to time for other like securities. So long as the company depositing such securities continues solvent and complies with the laws of this state, the superintendent shall permit it to collect the interest or dividends on such deposits.