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2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3906 | Alternate Investment Law › Section 3906.09 | Payment in Different Currencies.

Effective:
September 4, 2014
Latest Legislation:
Senate Bill 140 - 130th General Assembly
An insurer investing under this chapter that is doing business that requires the insurer to make payment in different currencies shall have investments in securities in each of these currencies in an amount that, independent of all other investments, meets the requirements of this chapter, as applied separately to the insurer's obligations in each currency. The superintendent may, by order, exempt an insurer, or, by rule, a class of insurers, from this requirement if the obligations in other currencies are small enough that no significant problem for financial solidity would be created by substantial fluctuations in relative currency values.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3906 | Alternate Investment Law › Section 3906.10 | Prohibited Investments.

Effective:
September 4, 2014
Latest Legislation:
Senate Bill 140 - 130th General Assembly
(A) An insurer investing under this chapter shall not invest in investments that are prohibited for an insurer by statute or rules of this state.
(B) An insurer investing under this chapter shall not invest in a partnership as a general partner.
(C) The superintendent shall set a reasonable amount of time, not to exceed five years, for disposal of a prohibited investment in hardship cases if the insurer demonstrates that the investment was legal when made or the result of a mistake made in good faith, or if the superintendent determines that the sale of the asset would be contrary to the interests of insureds, creditors, or the general public.
(D) Violation of division (A) of this section may be grounds for regulatory action pursuant to divisions (A) and (I) of section 3903.12 of the Revised Code.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3906 | Alternate Investment Law › Section 3906.11 | Minimum Asset Requirement.

Effective:
September 4, 2014
Latest Legislation:
Senate Bill 140 - 130th General Assembly
(A) An insurer investing under this chapter shall maintain assets in an amount equivalent to the sum of its liabilities and its minimum financial security benchmark at all times.
(B) Assets invested under this chapter may be counted toward satisfaction of the minimum asset requirement only so far as they are invested in compliance with this chapter and any applicable rules adopted, or orders issued, by the superintendent pursuant to this chapter.
(C) The amount of admitted assets used to calculate the minimum asset requirement shall be reduced by the amount of the liability recorded on an insurer's statutory balance sheet for all of the following:
(1) The return of acceptable collateral received in a reverse repurchase transaction or a securities lending transaction;
(2) Cash received in a dollar roll transaction;
(3) Other amounts reported as borrowed money.
(D) Assets other than invested assets may be counted toward satisfaction of the minimum asset requirement at admitted annual financial statement value. However, loans to officers or directors or their immediate families shall not be counted toward the satisfaction of the minimum asset requirement.
(E) An investment held as an admitted asset by an insurer on the effective date of this section that qualified under the applicable insurance investment law of this state shall remain qualified as an admitted asset under this chapter.
(F) Notwithstanding any provision of this chapter to the contrary, an asset acquired in the bona fide enforcement of creditors' rights or in bona fide workouts or settlements of disputed claims may be counted toward the minimum asset requirement for five years if the asset is real property and three years if the asset is not real property.
(G) The superintendent may determine an insurer to be financially hazardous under section 3903.09 of the Revised Code if either of the following apply:
(1) The insurer does not own the amount of assets needed to meet its minimum asset requirement.
(2) The insurer is unable to apply the amount of assets needed to meet its minimum asset requirement toward compliance with this chapter.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3906 | Alternate Investment Law › Section 3906.12 | Derivative Use Plan.

Effective:
September 4, 2014
Latest Legislation:
Senate Bill 140 - 130th General Assembly
(A) Prior to an insurer entering into derivative transactions, the board of directors of the insurer investing under this chapter shall approve a derivative use plan.
(B) An insurer shall notify the superintendent of insurance in writing within three days after identifying either of the following:
(1) Any event or occurrence related to an insurer's derivatives use that may lead to a material change to the insurer's policyholder surplus;
(2) Any event or occurrence related to an insurer's derivatives use that, with the passage of time, may lead to a material change to the insurer's policyholder surplus.
(C) Prior to entering into derivative transactions, an insurer shall file with the superintendent a copy of its derivative use plan and internal controls, for informational purposes. The insurer shall keep current the copy of its derivative use plan and internal controls filed with the superintendent. The insurer shall not enter into derivative transactions until thirty calendar days after the date on which the derivative use plan and internal controls is filed with the superintendent. This thirty-calendar-day period is to begin on the date that the superintendent receives the derivative use plan and internal controls.
(D) The superintendent may adopt rules prescribing the form and content of derivative use plans, as well as any internal controls the superintendent considers necessary.
(E) An insurer that engages in hedging transactions or replication transactions shall do both of the following:
(1) Maintain its position in any outstanding derivative instrument used as part of a hedging transaction or replication transaction for as long as the hedging transaction or replication transaction continues to be effective;
(2) Demonstrate to the superintendent, upon request, that any derivative transaction entered into and involving hedging transaction or replication transaction is an effective hedging transaction or replication transaction. The insurer must be able to demonstrate this at the time the derivative transaction is entered into, and for as long as the transaction continues to be in place.
(F) An insurer may not invest, or use, a derivative instrument for any purpose other than a hedging transaction, income generation, or replication.
(G) All documents provided to the superintendent under this section shall be deemed trade secrets and shall be provided with trade secret protection. Such documents shall also be considered work papers of the superintendent that are subject to section 3901.48 of the Revised Code and are confidential and privileged and shall not be considered a public record, as defined in section 149.43 of the Revised Code. The original documents and any copies of them shall not be subject to subpoena and shall not be made public by the superintendent or any other person, except as otherwise provided in section 3901.48 of the Revised Code.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3906 | Alternate Investment Law › Section 3906.13 | Powers of Superintendent.

Effective:
September 4, 2014
Latest Legislation:
Senate Bill 140 - 130th General Assembly
(A) If the superintendent determines that an insurer's investment practices do not meet the requirements of this chapter, the superintendent may, after notification to the insurer of the superintendent's findings, order the insurer to make changes necessary to comply with this chapter.
(B) If the superintendent determines that the financial condition, current investment practice, or current investment plan of an insurer are or may endanger the interests of insureds, creditors, or the general public, the superintendent may impose reasonable additional restrictions upon the admissibility or valuation of investments and may impose restrictions on the investment practices of the insurer, including prohibiting an investment or requiring the divestment of an investment.
(C) The superintendent may count toward satisfaction of the minimum asset requirement any assets that an insurer is required to invest under the laws of a country other than the United States as a condition for doing business in that country if the superintendent finds that counting them does not endanger the interests of the insurer's insureds or creditors, or the general public.
(D) If the superintendent is satisfied by evidence of the solidity of an insurer and the competence of management and its investment advisors, the superintendent, after a hearing, may, by order, adjust the class limitations prescribed in section 3906.08 of the Revised Code for that insurer, to the extent that the superintendent is satisfied that the interests of the insurer's insureds and creditors and the general public are sufficiently protected. Such adjustments, in aggregate, shall be limited to an amount equal to ten per cent of the insurer's liabilities.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3906 | Alternate Investment Law › Section 3906.14 | Hearings.

Effective:
September 4, 2014
Latest Legislation:
Senate Bill 140 - 130th General Assembly
(A) An insurer subject to an order of the superintendent under section 3906.03 or 3906.13 of the Revised Code may request a hearing within thirty days of the date of the order. The hearing shall be held in compliance with Chapter 119. of the Revised Code.
(B) The superintendent shall hold hearings required under this section privately unless the insurer requests a public hearing, in which case the hearing shall be public.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3906 | Alternate Investment Law › Section 3906.15 | Adoption of Rules.

Effective:
September 4, 2014
Latest Legislation:
Senate Bill 140 - 130th General Assembly
(A) The superintendent may, in accordance with section 119.03 of the Revised Code, adopt rules interpreting and implementing the provisions of this chapter.
(B) The superintendent may, in accordance with section 119.03 of the Revised Code, adopt one or more of the following restrictions on investments in rules:
(1) The superintendent may prescribe for defined classes of insurers special procedural requirements, including special reports and prior approval on investments, as well as disapproval of investments subsequent to either.
(2) The superintendent may prescribe substantive restrictions on investments of defined classes of insurers, including all of the following:
(a) Specification of classes of assets that may not be counted toward satisfaction of the minimum asset requirement even though the assets may be counted for unrestricted insurers;
(b) Specification of maximum amounts of assets that an insurer may invest in a single investment, issue, or class or group of classes of investments that shall be expressed as percentages of total assets, capital, surplus, legal reserves, or other variables;
(c) Prescription of qualitative tests for investments and conditions under which investments may be made, including requirements of specified ratings from investment advisory services, listing on specified stock exchanges, collateral, marketability, currency matching, and the financial and legal status of the issuer and its earnings capacity.
(C) If the superintendent is satisfied by evidence of the solidity of an insurer and the competence of management and its investment advisors, the superintendent, after a hearing, may by order grant an exemption to that insurer from any restriction made under division (B) of this section to the extent that the superintendent is satisfied that the interests of the insurer's insureds and creditors, as well as the general public, are protected.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3907 | Domestic Legal Reserve Life Insurance Companies › Section 3907.01 | Formation of Insurance Company.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
Any number of persons, not less than thirteen, may associate and form a company to make insurance upon the lives of individuals, and every type of insurance appertaining thereto or connected therewith, on the mutual or stock plan, and to grant, purchase, or dispose of annuities.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3907 | Domestic Legal Reserve Life Insurance Companies › Section 3907.02 | Articles of Incorporation.

Effective:
June 18, 2002
Latest Legislation:
Senate Bill 171 - 124th General Assembly
The persons forming a company under section 3907.01 of the Revised Code shall file in the office of the secretary of state articles of incorporation, signed by them, setting forth their intention to form a company, which articles shall comprise a copy of the charter they propose to adopt. The charter shall set forth the name of the company, which shall not be the corporate name or title used to designate any fire, life, marine, or other insurance company existing under the laws of this state, the place where it is to be located, the kind of business to be undertaken, the manner in which its corporate powers are to be exercised, the number of directors or trustees, the manner of electing them and other officers, the time of such election, the manner of filling vacancies, the amount of capital to be employed, and such other particulars as are necessary to explain and make manifest the objects and purposes of the company, and the manner in which it is to be conducted. The number of directors or trustees shall be not less than five nor more than twenty-one. The number of directors or trustees may be fixed or changed at a meeting of the stockholders or members called for the purpose of electing directors or trustees at which a quorum is present, by affirmative vote of the holders of a majority of the shares, or a majority of the members, which are represented at the meeting and entitled to vote on the proposal. In addition to the authority of the stockholders or members to change the number of directors or trustees and the manner in which the number may be fixed or changed, the articles, code of regulations, or bylaws may authorize the directors or trustees to change the number of directors or trustees, may specify the manner in which the directors or trustees are to change the number of directors or trustees and the limitations upon the directors' or trustees' use of this authority, and may authorize the directors or trustees who are in office to fill any director's or trustee's office that is created by an increase in the number of directors or trustees. No reduction in the number of directors or trustees shall of itself have the effect of shortening the term of any incumbent director or trustee.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3907 | Domestic Legal Reserve Life Insurance Companies › Section 3907.03 | Approval by Attorney General.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
When the articles of incorporation are filed in the office of the secretary of state under section 3907.02 of the Revised Code, and the name assumed by the company is not so nearly similar to that of any other company organized in this state as to lead to confusion or uncertainty on the part of the public, the secretary of state shall submit them to the attorney general for examination. If such articles are found by him to be in accordance with sections 3907.01 to 3907.21, inclusive, of the Revised Code, and not inconsistent with the constitution and laws of the United States and of this state, he shall certify to and deliver them to the secretary of state, who shall cause them, together with the certificate of the attorney general, to be recorded in a book kept for that purpose. Upon application of the signers of such articles of incorporation, the secretary of state shall furnish to them a certified copy of such articles and certificates.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3907 | Domestic Legal Reserve Life Insurance Companies › Section 3907.04 | Organization of Company.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
When the signers of the articles of incorporation required by section 3907.02 of the Revised Code receive from the secretary of state a certified copy of such articles and desire to organize the company, they shall publish their intention in a paper published and having general circulation in the county in which the company is to be organized. After the publication has been made for six weeks, they may open books to receive subscriptions to the capital stock, keep them open until the required amount is subscribed, distribute the stock among the subscribers, if more than the necessary amount is subscribed, collect the capital, and complete the organization of the company.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3907 | Domestic Legal Reserve Life Insurance Companies › Section 3907.06 | Increase of Capital Stock.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
When, in the opinion of its board of directors, a legal reserve life insurance company organized under any law of this state, requires a larger amount of capital than that fixed by its articles of incorporation, its board shall, after authorization by the holders of two thirds of the stock, file with the secretary of state a certificate setting forth the amount of the desired increase, and thereafter the company shall be entitled to have the increased amount of capital fixed by the certificate, which shall be invested as required by section 3907.05 of the Revised Code.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3907 | Domestic Legal Reserve Life Insurance Companies › Section 3907.07 | Deposit of Securities With Superintendent of Insurance.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
Any legal reserve life insurance company organized under the laws of this state may invest its capital in the stocks, bonds, or mortgages authorized by section 3907.05 of the Revised Code, and may change and invest it or any part thereof in like manner. No company shall commence business until it has deposited with the superintendent of insurance at least one hundred thousand dollars, in such stocks, bonds, or mortgages, made or assigned to the superintendent in trust for the purposes mentioned in sections 3907.01 to 3907.21, inclusive, of the Revised Code. When a mortgage of real estate is assigned to the superintendent, the assignment shall be immediately entered in the records of the county in which the real estate is situated, and the fee for its recording shall be paid by the company.
The superintendent shall hold such securities as security for policyholders in the company. As long as any company depositing such securities remains solvent, he shall permit it to collect the interest or dividends on the securities, and from time to time to withdraw them, or a part thereof, on depositing with him other securities of the kinds named in section 3907.05 of the Revised Code, and of equal value with those withdrawn.
In case a company making or maintaining such deposit with the superintendent, through inadvertence or by reason of not having securities in such denominations as to make the exact sum of one hundred thousand dollars, deposits securities in excess of the requirement, such excess shall be held in trust for the company and not for the benefit of policyholders, and shall be returned to the company making the deposit on its demand.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3907 | Domestic Legal Reserve Life Insurance Companies › Section 3907.08 | Commencement of Business.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
When a company is fully organized and has deposited the amount of securities required by section 3907.07 of the Revised Code, it shall file with the superintendent of insurance a duly certified copy of its articles of incorporation, a copy of the approval of the attorney general, and a copy of its bylaws or constitution. If the superintendent finds that the company is duly organized and that its capital stock has been subscribed, paid in, and invested as required by law, unless he finds the name assumed by the company so nearly similar to the name 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 certificate of such deposit, and with a license reciting that the company has complied with the law and is entitled to transact the business defined in section 3911.01 of the Revised Code, which license shall be its authority to commence business and issue policies.
So long as the company complies with the law, the superintendent, annually, upon its application, shall renew such license. Certified copies thereof may be used in evidence for and against the company in all actions.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3907 | Domestic Legal Reserve Life Insurance Companies › Section 3907.12 | Reinsurance.

Effective:
March 23, 2016
Latest Legislation:
Senate Bill 223 - 131st General Assembly
(A) As used in this section:
(1) "Assumption reinsurance" means the transfer of an insurance contract from a domestic life insurance company to a life insurance company authorized to do business in this state.
(2) "Individual risk" includes any policy, annuity, or contract issued pursuant to section 3907.15 of the Revised Code.
(B) Except as provided in division (C) of this section, a domestic life insurance company shall not reinsure, by agreement or modification to an existing agreement, either of the following without the prior approval of the superintendent of insurance:
(1) More than eighty per cent of an individual risk to a company authorized to transact the business of insurance in this state;
(2) Any part of an individual risk to a company that is not authorized to transact the business of insurance in this state.
(C) Division (B) of this section shall not apply to either of the following:
(1) Reinsurance agreements or modifications thereto in which either of the following applies:
(a) The reinsurance premium or the change in the domestic life insurance company's liabilities is less than five per cent of the domestic life insurance company's surplus as regards policy holders as of the thirty-first day of December next preceding.
(b) The projected reinsurance premium or projected change in the domestic life insurance company's liabilities in any of the next three years is less than five per cent of the domestic life insurance company's surplus as regards policyholders as of the thirty-first day of December next preceding.
(2) Reinsurance agreements, or modifications to an agreement, as the result of a facultative provision with an authorized reinsurer.
(D) Any domestic life insurance company may, with the written consent of the superintendent, enter into a contract of reinsurance by which all of the domestic life insurance company's obligations or risks, or the obligations or risks of a product line or subset thereof, for in-force policies are assumed by another life insurance company with the intent of effecting a novation, commonly referred to as assumption reinsurance.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3907 | Domestic Legal Reserve Life Insurance Companies › Section 3907.141 | Federal Limitations on Investments.

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 3907.14 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 life insurance company 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 3907 | Domestic Legal Reserve Life Insurance Companies › Section 3907.17 | Certain Action Authorized.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
Actions may be maintained by an insurance company formed under the laws of this state, against any of its members, officers, policyholders, or stockholders, for any cause relating to its business; and actions may be prosecuted and maintained by any member, stockholder, or policyholder, or the heirs or legal representative of any of these, against the company for losses which accrue on any risk, if payment is withheld more than two months after the losses become due.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3907 | Domestic Legal Reserve Life Insurance Companies › Section 3907.18 | Dividends.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
The directors, managers, or officers of any legal reserve life insurance company organized under the laws of this state shall not, directly or indirectly, make or pay a dividend, or pay any interest, bonus, or other allowances in lieu thereof, to its stockholders, except from surplus funds which exist after setting aside an amount equal to the reserve on all its outstanding risks and policies, calculated by the American Experience Table, with interest at four per cent annually, or calculated by any other higher standard that the company has adopted, and the unearned premium on all personal accident and sickness insurance.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3907 | Domestic Legal Reserve Life Insurance Companies › Section 3907.19 | Annual Statements.

Effective:
September 1, 2002
Latest Legislation:
Senate Bill 129 - 124th General Assembly
The president or vice-president, and the secretary or actuary, or a majority of the directors of each insurance company organized under the laws of this state, annually on the first day of January, or within sixty days thereafter, shall prepare under oath and deposit in the office of the superintendent of insurance, a statement showing the condition of the company on the thirty-first day of the December next preceding. The statement shall be submitted on the forms adopted by the superintendent pursuant to section 3901.77 of the Revised Code, and shall exhibit the following items:
(A) The number of policies issued during the year;
(B) The amount of insurance effected by such policies;
(C) The amount of premiums received during the year;
(D) The amount of interest and all other receipts, specifying the items;
(E) The amount paid to policyholders of the company for losses during the year;
(F) The amount of all other expenditures and disbursements of the company, specifying such items as the superintendent calls for;
(G) The amount of losses unpaid;
(H) The whole number of policies in force;
(I) The amount insured by such policies;
(J) The amount of reserve on all policies in force, calculated by the American Experience Table of Mortality, with interest at four per cent annually, or calculated by any other higher standard that the company has adopted, and the unearned premium on all personal accident and sickness insurance in force;
(K) The amount of capital stock, specifying amount paid and unpaid;
(L) The amount of dividends unpaid and the amount of all other liabilities;
(M) A detailed statement of all the assets of the company, and the manner of their investment;
(N) An exhibit of the policy obligations of the company, which shall include:
(1) In the first annual statement, a schedule showing the number, date, age when insured, amount insured, term of policy, term of premium, and amount of premium, of all policies issued, schedules of all policies canceled, revived, changed, reduced, or increased and a schedule of reinsurances in other companies;
(2) In every succeeding annual statement, a schedule of the items listed in division (N)(1) of this section as to all policies issued during the year, and similar schedules of policies canceled, revived, changed, reduced, or increased during the year, together with schedules of reinsurances in other companies and schedules of additions to policies, and a list of all other obligations of the company requiring valuation.
An exhibit of the policy obligations of the company may be required more often than once a year.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3907 | Domestic Legal Reserve Life Insurance Companies › Section 3907.20 | Valuation of Securities.

Effective:
August 8, 1991
Latest Legislation:
Senate Bill 137 - 119th General Assembly
(A) All investments shall be valued in accordance with the valuation standards published by the national association of insurance commissioners.
Securities investments for which the national association of insurance commissioners has not published valuation standards in its valuations of securities manual, or any successor publication, shall be valued as follows:
(1) All obligations having a fixed term and rate shall, if not in default as to principal and interest be valued as follows:
(a) If purchased at par, at the par value;
(b) If purchased above or below par, on the basis of the purchase price adjusted so as to bring the value to par at maturity and so as to yield in the meantime the effective rate of interest at which the purchase was made.
(2) Common, preferred, or guaranteed stocks shall be valued at their market value.
(3) Any other securities investments shall be valued in accordance with the rules adopted by the superintendent of insurance under division (C) of this section.
Any other investment, including real property, for which the national association of insurance commissioners has not published valuation standards shall be valued in accordance with the rules adopted by the superintendent under division (C) of this section. Such an investment shall not be valued at more than its purchase price, except that an investment that has been affected by a permanent decline in value shall be valued at not more than its market value. With respect to real property, purchase price includes capitalized permanent improvements, less depreciation spread evenly over the life of the property.
(B) Any investment, including real property, that is acquired by an insurance company in satisfaction of a debt, or that is otherwise acquired by an insurance company other than by purchase, shall be valued in accordance with the standards set forth in division (A) of this section for that type of investment. For purposes of applying the valuation standards, the purchase price shall be deemed to be the market value less the estimated costs of disposal at the time the investment is acquired or, in the case of any investment acquired in satisfaction of a debt, the amount of the debt, including interest, taxes, and expenses, whichever amount is less.
(C) The superintendent shall adopt rules in accordance with Chapter 119. of the Revised Code to establish standards for the determination and calculation of values, for purposes of use in statutory financial statements submitted to the department of insurance, for those investments for which the national association of insurance commissioners has not published valuation standards.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3907 | Domestic Legal Reserve Life Insurance Companies › Section 3907.21 | Companies Previously Organized.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
All companies organized under any law of this state shall continue to be corporations for the purpose for which they were chartered, but they shall be subject to all the provisions, requirements, and penalties imposed on companies organized under sections 3907.01 to 3907.21, inclusive, of the Revised Code, and shall be entitled to all the benefits and privileges of such sections and sections 3911.01 to 3911.24, inclusive, of the Revised Code.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3909 | Foreign Life Insurance Companies › Section 3909.01 | Certificate of Authority or License to Do Business.

Effective:
September 1, 1961
Latest Legislation:
Senate Bill 96 - 104th General Assembly
No life insurance company organized by act of congress, or under the laws of any other state of the United States, shall transact any business of insurance defined in section 3911.01 of the Revised Code, on the capital stock or mutual plan, in this state, until it procures from the superintendent of insurance a certificate of authority to do so. No person, directly or indirectly, shall act as agent in this state for such a company, either in procuring applications for insurance, taking risks, or in any manner transacting the business of insurance, until such person procures from the superintendent a license to do so, in which it shall be stated by the superintendent that the company has complied with all the laws of this state applicable to it.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3909 | Foreign Life Insurance Companies › Section 3909.02 | Capital Stock Requirement.

Effective:
September 25, 1981
Latest Legislation:
House Bill 265 - 114th General Assembly
No life insurance company organized by act of congress or under the laws of another state of the United States shall take risks or transact any business of insurance in this state, unless it is possessed of the amount of paid-in capital, contributed surplus, and other surplus funds required of similar companies organized in this state under sections 3907.01 to 3907.21 of the Revised Code, or unless the entire capital stock of the company is fully paid up and invested as required by the laws of the state where it is organized. If it is a mutual company, net actual cash in the amount of not less than one million dollars of the same description, invested and deposited as required by the laws of the state where it was organized, shall be accepted in lieu of paid-in capital.
This section shall not be applicable to any company licensed by the superintendent of insurance to transact the business of insurance in this state prior to January 1, 1982.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3909 | Foreign Life Insurance Companies › Section 3909.03 | Deposit of Securities.

Effective:
October 1, 1953
Latest Legislation:
Senate Bill 361 - 100th General Assembly
No life insurance company organized by act of congress or under the laws of another state of the United States shall transact any business of insurance in this state unless at least one hundred thousand dollars of its assets are invested in the interest paying bonds or stocks of the United States, or of this state, or of any municipal corporation or county of this state, or in farm loan bonds issued under the act of congress known as the "Federal Farm Loan Act," approved July 17, 1916, and amendments thereto, or in the interest paying state bonds or stocks of some other state, of the market value of one hundred thousand dollars in the city of New York, or in bonds and mortgages on unencumbered real estate in this state, or in the state under the laws of which it was organized, of at least double the value of the amount loaned thereon, and unless such bonds and mortgages are deposited with the superintendent of insurance of this state or the chief financial or other officer of the state in which such company was organized, designated by the laws of such state to receive them. If such bonds and mortgages are deposited with the superintendent of insurance or other officer of another state, the superintendent of insurance of this state shall be furnished with the certificate of such state officer, under his hand and official seal, that he, as such officer, holds in trust and on deposit for the benefit of the policyholders of such company, said bonds and mortgages, giving the items thereof, and stating that he is satisfied that such securities are worth at least one hundred thousand dollars.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3909 | Foreign Life Insurance Companies › Section 3909.04 | Filing Copy of Charter and Statement.

Effective:
January 1, 2021
Latest Legislation:
House Bill 339 - 133rd General Assembly
Every life insurance company organized by act of congress or under the laws of another state of the United States 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 the president, vice-president, or other chief officer or manager, 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 all the facts required in the annual statement of companies organized under sections 3907.01 to 3907.21 of the Revised Code, except as to the statement required by division (N) of section 3907.19 of the Revised Code, which statement shall be filed by such company only when required by the superintendent for purposes of actual valuation, as provided by the insurance laws of this state. The statement also shall include a copy of its last annual report, if any was made.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3909 | Foreign Life Insurance Companies › Section 3909.06 | Annual Statement.

Effective:
September 1, 2002
Latest Legislation:
Senate Bill 129 - 124th General Assembly
Every life insurance company organized by act of congress or under the laws of another state of the United States doing business in this state, annually shall file a statement of its condition and affairs in the office of the superintendent of insurance, and such statement shall be filed on the forms adopted by the superintendent pursuant to section 3901.77 of the Revised Code.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3909 | Foreign Life Insurance Companies › Section 3909.07 | Premium Notice to Policyholders.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
Every life insurance company organized by act of congress or under the laws of another state of the United States, after the payment of the first premium, and not more than sixty nor less than ten days prior to the maturity of every subsequent premium, shall give notice in writing of the time of payment of such premium to the person whose life is insured or to any other person who is the assignee or the owner of the policy, provided such other person is to pay premium for such insurance and is a resident of this state, and provided the company has been notified in writing of such assignment or ownership and the address to which notices are to be sent. Proof of the mailing of the notice to the policyholder, assignee, or owner by the company or its agent, to the last address as given by the policyholder, assignee, or owner to the company, is conclusive proof of its service. Such notice shall set forth the amount of the premium, and, if the policy is a participating one, where dividends are being used to reduce the amount of the premiums, it shall state the net premium. Notice shall be given annually if dividends are being allowed to accumulate at interest, or if dividends are being used to purchase paid-up additional insurance. This section does not apply to group insurance or to monthly or weekly premium insurance.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3909 | Foreign Life Insurance Companies › Section 3909.08 | Renewal Certificates of Authority.

Effective:
January 13, 1978
Latest Legislation:
House Bill 534 - 112th General Assembly
If the annual statement required by section 3909.06 of the Revised Code is satisfactory evidence to the superintendent of insurance of the solvency and ability of the company to meet all its engagements at maturity, and that the deposit is maintained as required by section 3909.03 of the Revised Code, he shall issue renewal certificates of authority to the agents of the company, certified copies of which must be filed in the county recorder's office of the county in which the agency is located. Such renewal certificates shall be retained by the recorder for a minimum of two years from the date of filing and shall be the authority of such agents to issue new policies in this state for the ensuing year.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3909 | Foreign Life Insurance Companies › Section 3909.09 | Requirements for Foreign Companies.

Effective:
October 29, 2003
Latest Legislation:
House Bill NO137 - 125th General Assembly
No person shall act in this state as agent, or otherwise, in receiving or procuring applications for life insurance, nor in any manner aid in transacting the business of any company, partnership, or association incorporated by or organized under the laws of any foreign government, until such company, partnership, or association completes the following acts:
(A) Deposits with the superintendent of insurance, for the benefit of policyholders of the company, partnership, or association, who are citizens or residents of the United States, securities to the amount of one hundred thousand dollars, of the kind required for similar companies of this state;
(B) Appoints a statutory agent in accordance with section 3909.05 of the Revised Code;
(C) Files with the superintendent a certified copy of its charter, or deed of settlement, and a duplicate original copy of the letter or power of attorney of the company, partnership, or association, appointing the attorney thereof, which appointment shall continue until another attorney is substituted.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3909 | Foreign Life Insurance Companies › Section 3909.10 | Statements to Be Filed.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
Every company, partnership, or association described in section 3909.09 of the Revised Code shall file a statement of its condition and affairs in the office of the superintendent of insurance, in the form and manner required for the annual statements of similar companies organized under the laws of this state, and annually, on the first day of January, or within sixty days thereafter, shall file with the superintendent a statement of all its affairs, in the manner and form required of similar companies of this state, except as to the requirements of schedule in division (N) of section 3907.19 of the Revised Code, which schedule shall be filed only when required by the superintendent for purposes of actual valuation, as provided by the laws of this state.
Such annual statement shall be accompanied by a supplementary statement, verified by the attorney or general agent of the company, partnership, or association in this state, giving a detailed description of the policies issued, and also those which have ceased to be in force, during the year, and the amount of premiums received, and the claims and taxes paid in this state and the United States, for the year ending on the thirty-first day of December. Such statement shall also contain a description of the investments of the company, partnership, or association in this country, and such other information as is required by the superintendent.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3909 | Foreign Life Insurance Companies › Section 3909.11 | Certificate of Authority.

Effective:
January 13, 1978
Latest Legislation:
House Bill 534 - 112th General Assembly
No person, directly or indirectly, shall act as agent for any company, partnership, or association described in section 3909.09 of the Revised Code, either in procuring applications for insurance, taking risks, or in any manner aiding in the transaction of the business of life insurance in this state, until it procures from the superintendent of insurance a certificate of authority, which shall be renewable annually, stating that sections 3909.01 to 3909.17 of the Revised Code have been complied with, and setting forth the name of its attorney, a certified copy of which certificate must be filed with and retained for a minimum of two years from the date of filing by the county recorder's office of the county where the agency is to be established, and which shall be the authority of such company, partnership, or association, and its agent, to do business in this state. Such certificates shall be retained on file for one year after the date of filing.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3909 | Foreign Life Insurance Companies › Section 3909.12 | Renewal Certificates of Authority.

Effective:
January 13, 1978
Latest Legislation:
House Bill 534 - 112th General Assembly
If the annual statement required by section 3909.10 of the Revised Code is satisfactory evidence to the superintendent of insurance of the solvency and ability of the company, partnership, or association to meet all its engagements at maturity, he shall issue renewal certficates of authority to the agents thereof, certified copies of which must be filed-by said agents in the county recorder's office of the county where the agency is located and retained therewith for a minimum of two years from the date of filing. Such renewal certificates shall be the authority of the agents to issue new policies in this state for the ensuing year.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3909 | Foreign Life Insurance Companies › Section 3909.13 | Failure to Make Statement.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
If a company, partnership, or association, organized without this state, neglects or refuses to make annual statements, all persons acting in this state as its agents, or otherwise, in transacting the business of insurance, shall be subject to the penalties provided by law in case of the failure of an insurance company organized under the laws of this state to make an annual statement.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3909 | Foreign Life Insurance Companies › Section 3909.14 | Duration of Licenses.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
All licenses granted by the superintendent of insurance under sections 3907.01 to 3907.21, inclusive, and 3909.01 to 3909.17, inclusive, of the Revised Code, shall continue in force, unless suspended or revoked, until the first day of April next after the date of their issuance.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3909 | Foreign Life Insurance Companies › Section 3909.15 | Appointment of Agents to Receive Service.

Effective:
October 29, 2003
Latest Legislation:
House Bill NO137 - 125th General Assembly
If a company, partnership, or association, organized under the laws of any other state or government, ceases to transact the business of life insurance in this state according to law, the statutory agent last designated by or acting for it is deemed to continue as agent for it, unless a new statutory agent is appointed, for the purpose of serving process, and for commencing actions upon any policy or liability issued or contracted while it transacted business in this state, and service of process upon any such agent, for such causes, is a valid service upon the company, partnership, or association.
This section does not limit or affect the right to serve any process, notice, or demand upon a company, partnership, or association in any other manner permitted by law.