reglab/statecodes huggingface dataset:
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3953 | Title Insurance › Section 3953.21 | Certification of Title Insurance Agents.

Effective:
September 1, 2002
Latest Legislation:
Senate Bill 129 - 124th General Assembly
(A) Every title insurance company authorized to transact business within this state shall certify annually to the superintendent of insurance the names of all title insurance agents representing it in this state in accordance with section 3905.20 of the Revised Code.
(B) No bank, trust company, bank and trust company, or other lending institution, mortgage service, brokerage, mortgage guaranty company, escrow company, real estate company or any subsidiaries thereof or any individuals so engaged shall be permitted to act as an agent for a title insurance company.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3953 | Title Insurance › Section 3953.22 | Licensing Title Insurance Agents.

Effective:
March 26, 1971
Latest Legislation:
House Bill 1 - 109th General Assembly
(A) Title insurance agents shall be licensed in the manner provided for agents of insurance companies in Chapter 3905. of the Revised Code.
(B) A title insurance agent shall not be required to take an examination for such license if application for the original issuance of his license was filed with the superintendent of insurance on or before June 12, 1968.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3953 | Title Insurance › Section 3953.23 | Maintaining Books of Account and Record and Vouchers.

Effective:
January 1, 2007
Latest Legislation:
Senate Bill 185 - 126th General Assembly
(A) Every title insurance agent shall keep books of account and record and vouchers pertaining to the business of title insurance in such manner that the title insurance company may readily ascertain from time to time whether the agent has complied with this chapter.
(B) A title insurance agent may engage in the business of handling escrows of real property transactions provided that the agent shall maintain a separate record of all receipts and disbursements of escrow funds and shall not commingle any such funds with the agent's own funds or with funds held by the agent in any other capacity; and if at any time the superintendent of insurance determines that an agent has failed to comply with any of the provisions of this section, the superintendent may revoke the license of the agent pursuant to section 3905.14 of the Revised Code, subject to review as provided for in Chapter 119. of the Revised Code.
(C) All title insurance agents or agencies that handle escrows in real property transactions not involving the issuance of title insurance shall have coverage that protects the parties to such transactions against theft, misappropriation, fraud, or any other failure to properly disburse settlement, closing, or escrow funds. The superintendent shall adopt rules under Chapter 119. of the Revised Code setting forth the minimum requirements for such coverage, including, but not limited to, the minimum amounts, terms, and conditions of such coverage.
(D) The superintendent shall require every title insurance agent or agency and any subcontractors to maintain an errors and omissions policy, in any amount exceeding minimum limits established by the superintendent, that includes but is not limited to coverage for the agent's or agency's delegation of any agent or agency function. The superintendent shall adopt rules under Chapter 119. of the Revised Code setting forth the minimum requirements for that coverage, including but not limited to the minimum amounts, terms, and conditions of the coverage.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3953 | Title Insurance › Section 3953.24 | Firm Name of Agent.

Effective:
March 26, 1971
Latest Legislation:
House Bill 1 - 109th General Assembly
After December 12, 1967, no agent for a title insurance company shall adopt a firm name containing the words, "title insurance," "title guaranty," or "title guarantee."
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3953 | Title Insurance › Section 3953.25 | Commission Payments.

Effective:
December 12, 1967
Latest Legislation:
Senate Bill 224 - 107th General Assembly
A title insurance company may pay a commission only to a title insurance agent as defined in division (H) of section 3953.01 of the Revised Code.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3953 | Title Insurance › Section 3953.26 | Payments for Inducement of Business.

Effective:
December 12, 1967
Latest Legislation:
Senate Bill 224 - 107th General Assembly
No title insurance company and no title insurance agent shall pay or give any applicant for insurance, or to any person, firm, or corporation who is acting as agent, representative, attorney, or employee of the owner, lessee, mortgagee, or of the prospective owner, lessee, or mortgagee of the real property or any interest therein, either directly or indirectly, any commission or any part of its fees or charges, or any other consideration or valuable thing, as an inducement for, or as compensation for, any title insurance business. Nothing in this section shall preclude the payment by a title insurance company of a commission to any attorney, if said attorney is also a licensed title insurance agent of such title insurance company, or the payment by such title insurance company or its agent of a fee to an attorney for services rendered in the examination of title or certification thereof.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3953 | Title Insurance › Section 3953.27 | Division of Fees and Charges.

Effective:
December 12, 1967
Latest Legislation:
Senate Bill 224 - 107th General Assembly
Nothing in this chapter prohibits the division of fees and charges between or among two or more title insurance companies or between or among one or more title insurance companies and one or more title insurance agents, between or among two or more title insurance agents, provided such division of fees and charges does not constitute an unlawful rebate or is not in payment of a forwarding fee or finder's fee.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3953 | Title Insurance › Section 3953.28 | Prior Approval Required for Forms and Contracts.

Effective:
December 12, 1967
Latest Legislation:
Senate Bill 224 - 107th General Assembly
Every title insurance company shall file with the superintendent of insurance, all forms of title policies and other contracts of title insurance before the same are issued. Any such filing may be made by a title insurance rating organization in behalf of all its members or subscribers. In no event shall any title insurance company issue any such form of policy or contract until thirty days after it has been filed with the superintendent unless it has received earlier approval by the superintendent. Unless the superintendent disapproves a form of title policy or contract of title insurance within thirty days from the date of its filing, such filing shall be deemed to have been approved. Forms of title policies and other contracts of insurance, as used in this section, shall be deemed to include binders for insurance and policies of insurance or guaranty, together with all the terms and conditions of insurance coverage or guaranty that relate to title to any interest in real property and which are offered by a title insurance company. They shall, however, specifically exclude: reinsurance contracts or agreements, all specific defects in title that may be ascertained from any examination of the risk and excepted in such binders or policies, together with any affirmative assurance of the title insurance company with respect to such defects whether given by endorsement or otherwise, and such further exceptions from coverage by reason of limitations upon the examination of the risk imposed by an applicant for insurance or through failure of an applicant for insurance to provide the data requisite to a judgment of insurability.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3953 | Title Insurance › Section 3953.29 | Prohibiting Restrictive Covenants Constituting Unlawful Discriminatory Practice.

Effective:
March 30, 1999
Latest Legislation:
Senate Bill 83 - 122nd General Assembly
On and after the effective date of this section, in connection with any transfer of registered land that occurs on or after that date in accordance with Chapters 5309. and 5310. of the Revised Code, no title insurance company shall write a policy or contract of title insurance that includes any specific reference to any restrictive covenant that appears to apply to the transferred registered land, if any inclusion of the restrictive covenant in a transfer, rental, or lease of housing accommodations, any honoring or exercising of the restrictive covenant, or any attempt to honor or exercise the restrictive covenant constitutes an unlawful discriminatory practice under division (H)(9) of section 4112.02 of the Revised Code. On and after the effective date of this section, if a policy or contract of title insurance written by a title insurance company in connection with any transfer of registered land that occurs on or after that date in accordance with Chapters 5309. and 5310. of the Revised Code includes a general or catch-all reference to easements, estates, liens, encumbrances, charges, rights, or restrictions of record, the general or catch-all reference shall be regarded by the parties to the transfer of the registered land and their successors in interest and shall be deemed for all legal purposes to refer to and incorporate by reference easements, estates, liens, encumbrances, charges, rights, and restrictions of record other than a restrictive covenant the inclusion of which in a transfer, rental, or lease of housing accommodations, the honoring or exercising of which, or the attempt to honor or exercise of which constitutes an unlawful discriminatory practice under division (H)(9) of section 4112.02 of the Revised Code.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3953 | Title Insurance › Section 3953.30 | Notice Comparing Lender's and Owner's Title Insurance.

Effective:
April 6, 2007
Latest Legislation:
House Bill 454 - 126th General Assembly
(A) As used in this section:
(1) "Residential mortgage loan" means an obligation to pay a sum of money evidenced by a note and secured by a lien upon real property located within this state containing two or fewer residential units or on which two or fewer residential units are to be constructed and includes such an obligation on a residential condominium or cooperative unit.
(2) "Residential mortgage lender" means any person, including, but not limited to, banks, savings and loan associations, mortgage brokers, credit unions, or savings banks, that lends money or extends or grants credit and obtains a residential mortgage to assure payment of the debt.
(B) A title insurance agent issuing a lender's title insurance policy in conjunction with a residential mortgage loan made simultaneously with the purchase of all or part of the real property securing the loan, where no owner's title insurance policy has been requested, shall give written notice, on a form prescribed or approved by the superintendent of insurance, to the mortgagor at the time the commitment is prepared. The notice shall explain that a lender's title insurance policy is to be issued protecting the residential mortgage lender, and that the policy does not provide title insurance protection to the mortgagor as the owner of the property being purchased. The notice shall explain what an owner's title insurance policy insures against and what possible exposures exist for the mortgagor that could be insured against through the purchase of an owner's title insurance policy. The notice shall state that the mortgagor may obtain an owner's title insurance policy protecting the mortgagor as the owner of the property, either at a specified cost or at an approximate cost if the proposed coverages or amount of insurance is not then known. The title insurance agent shall maintain a copy of the notice, signed by the mortgagor, for at least ten years after the effective date of the lender's title insurance policy.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3953 | Title Insurance › Section 3953.32 | Offer of Closing or Settlement Protection to Parties.

Effective:
April 6, 2007
Latest Legislation:
House Bill 454 - 126th General Assembly
(A) At the time an order is placed with a title insurance company for issuance of a title insurance policy, the title insurance company or the title insurance agent shall offer closing or settlement protection to the lender, borrower, and seller of the property, and to any applicant for title insurance.
(B) The closing or settlement protection offered pursuant to this section shall indemnify any lender, borrower, seller, and applicant that has requested the protection, both individually and collectively, against the loss of settlement funds resulting from any of the following acts of the title insurance company's named title insurance agent or anyone acting on the agent's behalf:
(1) Theft, misappropriation, fraud, or any other failure to properly disburse settlement, closing, or escrow funds;
(2) Failure to comply with any applicable written closing instructions, when agreed to by the title insurance agent.
(C) The issuance of closing or settlement protection by a title insurance company pursuant to division (A) of this section is part of the business of title insurance for purposes of Chapter 3953. of the Revised Code.
(D) Except as provided in division (A) of this section, a title insurance company shall not offer or issue any coverage purporting to indemnify against a person's improper acts or omissions in connection with escrow, settlement, or closing services.
(E) The superintendent of insurance may adopt rules in accordance with Chapter 119. of the Revised Code as the superintendent considers necessary to carry out the purposes of this section, including, but not limited to, rules that detail the specific language that must be included in the written document offering closing or settlement protection as provided for in division (A) of this section.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3953 | Title Insurance › Section 3953.33 | Annual Independent Review of Agency Accounts.

Effective:
March 24, 2008
Latest Legislation:
House Bill 157 - 127th General Assembly
(A) Every title insurance agent or agency that handles escrow, settlement, closing, or security deposit accounts shall have an independent review made of its escrow, settlement, closing, and security deposit accounts each year on or before the thirty-first day of December for the twelve-month period ending the preceding thirty-first day of August. The title insurance agent or agency shall provide proof of the annual review to each title insurance company that it represents. The superintendent of insurance shall promulgate rules under Chapter 119. of the Revised Code setting forth the minimum threshold level at which a review is required, the standards of the review, the minimum qualifications of the independent party conducting the review, and the form of the report that is required. The superintendent may also require title insurance agents or agencies to provide a copy of their annual review reports to the superintendent. The annual review required by this division does not apply to interest on lawyer's trust accounts established and maintained by an attorney pursuant to sections 4705.09 and 4705.10 of the Revised Code.
(B) Title insurance agents and agencies shall allow the superintendent and each and every title insurer that they represent reasonable access to all of their escrow, settlement, closing, and security deposit accounts and any and all supporting account information in order to ascertain the safety and security of the funds held by the title insurance agent or agency.
(C) Title insurance agents and agencies shall maintain sufficient records of their affairs, including their escrow operations and escrow trust accounts, so that the superintendent may adequately ensure that the title insurance agent or agency is in compliance of this chapter. Records kept pursuant to this section shall be kept for a period of not less than ten years following the transactions to which the records relate. The superintendent may prescribe the specific records and documents to be kept.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3953 | Title Insurance › Section 3953.331 | Joint Venture Title Insurance Agencies Annual Review.

Effective:
July 21, 2022
Latest Legislation:
Senate Bill 256 - 134th General Assembly
(A) For a title insurance agency that is a joint venture, the annual review required under section 3953.33 of the Revised Code shall demonstrate that all members of the joint venture received revenue during the year in question from the title agency commensurate to their ownership interest in the title agency. The superintendent of insurance shall promulgate rules under Chapter 119. of the Revised Code setting forth the standards of the review required under this section and the form in which this information is to be provided.
(B) Title insurance agencies that are joint ventures shall maintain sufficient records of their affairs, including their escrow operations, escrow trust accounts, and operating accounts so that the superintendent may adequately ensure that the title insurance agency that is a joint venture and all members of the joint venture are in compliance with the requirements of this section. Records kept pursuant to this section shall be kept for a period of not less than ten years following the transactions to which the records relate. The superintendent may prescribe the specific records and documents to be kept.
Last updated June 8, 2022 at 1:18 PM
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3953 | Title Insurance › Section 3953.35 | Prohibited Conduct Regarding Loans of $75,000 or Less.

Effective:
January 1, 2007
Latest Legislation:
Senate Bill 185 - 126th General Assembly
(A) No title insurance agent shall do any of the following in connection with a mortgage loan of seventy-five thousand dollars or less:
(1) Knowingly coerce or wrongfully instruct the consumer to enter into the loan;
(2) Knowingly fail to disclose to the consumer that the consumer does not have to close on the loan;
(3) Knowingly make a material misrepresentation to the consumer regarding the terms of the loan.
(B) A violation of this section is deemed an unfair and deceptive act or practice in violation of section 1345.02 of the Revised Code.
Last updated April 7, 2022 at 2:37 PM
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3953 | Title Insurance › Section 3953.36 | Dissolution or Termination of a Joint Venture Title Insurance Agency.

Effective:
July 21, 2022
Latest Legislation:
Senate Bill 256 - 134th General Assembly
For a title agency that is a joint venture that is set to dissolve or terminate on a specified date, all members of that joint venture shall be allowed or invited to join any successor joint ventures formed upon dissolution or termination of the original joint venture, and the percentage of ownership in any successor joint venture shall not be based on the percentage of title insurance business referred to the original joint venture.
Last updated June 8, 2022 at 1:20 PM
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3955 | Ohio Insurance Guaranty Association › Section 3955.02 | Citing Act.

Effective:
October 26, 1989
Latest Legislation:
House Bill 105 - 118th General Assembly
Sections 3955.01 to 3955.19 of the Revised Code may be cited as the Ohio insurance guaranty association act.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3955 | Ohio Insurance Guaranty Association › Section 3955.03 | Purposes of Chapter.

Effective:
June 29, 1994
Latest Legislation:
House Bill 89 - 120th General Assembly
The purposes of sections 3955.01 to 3955.19 of the Revised Code are to provide a mechanism for the payment of covered claims under certain insurance policies, avoid excessive delay in payment and reduce financial loss to claimants or policyholders because of the insolvency of an insurer, assist in the detection and prevention of insurer insolvencies, and provide an association to assess the cost of such protection among insurers.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3955 | Ohio Insurance Guaranty Association › Section 3955.04 | Liberal Construction of Chapter.

Effective:
October 26, 1989
Latest Legislation:
House Bill 105 - 118th General Assembly
Sections 3955.01 to 3955.19 of the Revised Code shall be liberally construed to effect the purpose stated under section 3955.03 of the Revised Code, which shall constitute an aid and guide to interpretation.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3955 | Ohio Insurance Guaranty Association › Section 3955.06 | Ohio Insurance Guaranty Association.

Effective:
May 22, 2012
Latest Legislation:
House Bill 267 - 129th General Assembly
(A) There is hereby created an unincorporated nonprofit association to be known as the Ohio insurance guaranty association. All member insurers, as defined in division (D) of section 3955.01 of the Revised Code, shall be and remain members of the association as a condition of their authority to transact insurance in this state. The association shall perform its functions under a plan of operation established and approved under section 3955.09 of the Revised Code and shall exercise its powers through a board of directors established under section 3955.07 of the Revised Code.
(B) For purposes of administration and assessment, the association shall be divided into two accounts:
(1) The automobile insurance account;
(2) The account for all other insurance to which sections 3955.01 to 3955.19 of the Revised Code apply.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3955 | Ohio Insurance Guaranty Association › Section 3955.061 | Ohio Insurance Guaranty Association Records Confidential; Exceptions.

Effective:
April 7, 2023
Latest Legislation:
House Bill 45 - 134th General Assembly
(A) Except as provided in division (B) of this section, records created, held by, or pertaining to the guaranty association are not public records under section 149.43 of the Revised Code, are confidential, and are not subject to inspection or disclosure.
(B) Division (A) of this section does not apply to the plan of operation required under section 3955.09 of the Revised Code and other information required to be filed with the superintendent of insurance under this chapter unless otherwise prohibited from release by law.
Last updated March 2, 2023 at 3:25 PM
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3955 | Ohio Insurance Guaranty Association › Section 3955.07 | Board of Directors.

Effective:
May 21, 1976
Latest Legislation:
House Bill 1267 - 111th General Assembly
(A) The board of directors of the Ohio insurance guaranty association shall consist of not less than five nor more than nine persons serving terms as established in the plan of operation. The members of the board shall be selected by member insurers, subject to the approval of the superintendent. Vacancies on the board shall be filled for the remaining period of the term by the unanimous vote of the remaining directors with the approval of the superintendent of insurance. A majority of the members shall be representatives of domestic insurers.
(B) In approving selections to the board, the superintendent shall consider among other things whether all member insurers are fairly represented.
(C) Members of the board may be reimbursed from the assets of the association for expenses incurred by them as members of the board of directors.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3955 | Ohio Insurance Guaranty Association › Section 3955.10 | Superintendent of Insurance - Powers and Duties.

Effective:
June 29, 1994
Latest Legislation:
House Bill 89 - 120th General Assembly
(A) The superintendent of insurance shall:
(1) Immediately furnish to the association a copy of any complaint filed by the superintendent in any court which seeks an order to rehabilitate or liquidate the company;
(2) Notify the Ohio insurance guaranty association of the existence of an insolvent insurer not later than three days after he receives notice of its existence;
(3) Upon request of the board of directors, provide the association with a statement of the net direct written premiums of each member insurer related to either account.
(B) The superintendent may:
(1) Require that the association notify any or all of the insureds of an insolvent insurer and any other interested parties of the determination of insolvency and of their rights under sections 3955.01 to 3955.19 of the Revised Code. Such notification shall be by mail at their last known address, but if sufficient information for notification by mail is not available, notice by publication in a newspaper of general circulation in an area reasonably selected to assure that interested parties will become acquainted with the facts shall be sufficient.
(2) Suspend or revoke, after notice and hearing under Chapter 119. of the Revised Code, the certificate of authority to transact insurance in this state of any member insurer which fails to pay an assessment when due or to comply with the plan of operation. The superintendent, in lieu of such suspension or revocation, may levy a penalty on any member insurer which fails to pay an assessment when due. Such penalty shall not exceed five per cent of the unpaid assessment per month, except that no penalty shall be less than one hundred dollars per month.
(3) Revoke the designation of any servicing facility when he finds claims are being handled unsatisfactorily.
(C) Any final action or order of the superintendent under sections 3955.01 to 3955.19 of the Revised Code is subject to judicial review under Chapter 119. of the Revised Code.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3955 | Ohio Insurance Guaranty Association › Section 3955.12 | Subrogation of Association - Recovery Against Insolvent Insurers.

Effective:
March 30, 2007
Latest Legislation:
Senate Bill 279 - 126th General Assembly
(A) The Ohio insurance guaranty association shall be subrogated to the rights of any person recovering under sections 3955.01 to 3955.19 of the Revised Code to the extent of the person's recovery from the association. Every insured or claimant seeking the protection of sections 3955.01 to 3955.19 of the Revised Code shall cooperate with the association to the same extent as such person would have been required to cooperate with the insolvent insurer. Except as provided in division (B) of this section, the association shall have no cause of action against the insured of the insolvent insurer for any sums the association has paid out.
(B)(1) The association has the right to recover from the following insureds or persons the amount of any covered claim paid to or on behalf of those insureds or persons:
(a) Any insured who is not a resident of this state at the time of the insured event, except for first-party claims for property damage to an insured's property that is permanently located in this state;
(b) Any person that is an affiliate of the insolvent insurer.
(2) The association has the right to recover from any insured of an insolvent insurer for any sums the association has paid out as the result of an error.
(C) The receiver, liquidator, or statutory successor of an insolvent insurer shall be bound by settlements of covered claims by the association or a similar organization in another state. The court having jurisdiction shall grant such claim priority equal to that which the claimant would have been entitled in the absence of sections 3955.01 to 3955.19 of the Revised Code against the assets of the insolvent insurer. The expenses of the association or similar organization in handling claims shall be accorded the same priority as the liquidator's expenses.
(D) The association periodically shall file with the receiver or liquidator of an insolvent insurer reports of the covered claims paid by the association and estimates of anticipated claims on the association, which shall preserve the right to the association against the assets of the insolvent insurer.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3955 | Ohio Insurance Guaranty Association › Section 3955.13 | Exhausting Rights Under Other Policy.

Effective:
June 24, 1994
Latest Legislation:
House Bill 89 - 120th General Assembly
(A) Any person having a covered claim upon which recovery is also presently possible under an insurance policy written by another insurer shall be required first to exhaust his rights under such other policy. Any amount payable on a covered claim under sections 3955.01 to 3955.19 of the Revised Code shall be reduced by the amount of such recovery.
(B) Any person having a claim which may be recovered against more than one insurance guaranty association or its equivalent shall first seek recovery from the association of the place of residence of the insured, except that a first-party claim for damage to the insured's property with a permanent location shall first be presented to the association of the state of the location of the property. Any recovery under sections 3955.01 to 3955.19 of the Revised Code shall be reduced by the amount of recovery from any other insurance guaranty association or its equivalent.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3955 | Ohio Insurance Guaranty Association › Section 3955.14 | Aiding Detection and Prevention of Insurer Insolvencies.

Effective:
June 29, 1994
Latest Legislation:
House Bill 89 - 120th General Assembly
To aid in the detection and prevention of insurer insolvencies:
(A) The board of directors of the Ohio insurance guaranty association, upon a majority vote, may do the following:
(1) Make recommendations to the superintendent of insurance for the detection and prevention of insurer insolvencies;
(2) Respond to requests by the superintendent to discuss and make recommendations regarding the status of any member insurer whose financial condition may be hazardous to policyholders or the public. These recommendations are not public records.
(B) At the conclusion of any domestic insurer insolvency in which the association was obligated to pay covered claims, the board may prepare a report, based on the information available to the association, on the history and causes of the insolvency. The board shall submit to the superintendent any report prepared pursuant to this division.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3955 | Ohio Insurance Guaranty Association › Section 3955.15 | Examination and Regulation by Superintendent - Annual Financial Report.

Effective:
September 4, 1970
Latest Legislation:
House Bill 1121 - 108th General Assembly
The Ohio insurance guaranty association is subject to examination and regulation by the superintendent of insurance. The association shall submit in a form approved by the superintendent, not later than the thirtieth day of March of each year, a financial report for the preceding calendar year.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3955 | Ohio Insurance Guaranty Association › Section 3955.16 | Exemption From Fees and Taxation.

Effective:
September 4, 1970
Latest Legislation:
House Bill 1121 - 108th General Assembly
The Ohio insurance guaranty association is exempt from payment of all fees and taxes levied by this state or any of its subdivisions.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3955 | Ohio Insurance Guaranty Association › Section 3955.17 | Rates - Factors and Calculation.

Effective:
May 21, 1976
Latest Legislation:
House Bill 1267 - 111th General Assembly
(A) A rate shall not be found excessive under section 3935.03 or 3937.02 of the Revised Code solely because it contains a factor designed to recover any amounts paid to the Ohio insurance guaranty association by a member insurer as an assessment under division (A)(3) of section 3955.08 of the Revised Code from sources other than such fund.
(B) The rates subject to section 3935.03 or 3937.02 of the Revised Code may include an amount necessary to recoup assessments paid or payable to the Ohio insurance guaranty association made pursuant to division (A)(3) of section 3955.08 of the Revised Code and reasonable expenses and costs attributable to payment and recoupment of the assessment. The association may establish a plan whereby assessments or projected assessments due from member insurers may be payable periodically. Such plan may also provide for the calculation and use of rates or rating factors necessary to recoup such assessments, subject to the approval of the superintendent. Member insurers of the association implementing a change in rates pursuant to the plan shall file such changes with the superintendent, provided such changes shall not increase rates more than the amount authorized by the association and approved by the superintendent pursuant to the plan. The association may consult with member insurers or licensed rating bureaus in connection with the establishment and operation of any such plan.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3955 | Ohio Insurance Guaranty Association › Section 3955.18 | Immunity.

Effective:
June 29, 1994
Latest Legislation:
House Bill 89 - 120th General Assembly
There shall be no liability on the part of and no cause of action of any nature shall arise against any member insurer, the Ohio insurance guaranty association or its agents or employees, the board of directors, or the superintendent of insurance or his representatives, including the office of the deputy liquidator and its employees, for any act or omission in the performance of their powers and duties under sections 3955.01 to 3955.19 of the Revised Code.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3955 | Ohio Insurance Guaranty Association › Section 3955.19 | Staying Pending Proceedings Involving Insolvent Insurers.

Effective:
June 29, 1994
Latest Legislation:
House Bill 89 - 120th General Assembly
To permit a proper defense by the Ohio insurance guaranty association of all pending causes of action, all proceedings in which an insolvent insurer is a party or is obligated to defend a party in any court in this state shall be stayed for six months, and such additional time thereafter as may be determined by the court in which the proceedings are pending or with jurisdiction over the proceedings, from the date the insolvency is determined or an ancillary proceeding is instituted in this state, whichever is later.
As to any covered claims arising from any judgment, order, decision, verdict, or finding based on a default or stipulation of the insolvent insurer or its insured, the association, either on its own behalf or on behalf of the insured, may apply to the court to have its judgment, order, decision, verdict, or finding vacated. The court shall grant the application, and the association shall be permitted to defend the claim on the merits.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3956 | Life and Health Insurance Guaranty Association › Section 3956.03 | Purpose of Chapter.

Effective:
September 13, 2022
Latest Legislation:
Senate Bill 273 - 134th General Assembly
The purpose of this chapter is to protect, subject to certain limitations, the persons specified in division (A) of section 3956.04 of the Revised Code against failure in the performance of contractual obligations under life, health, and annuity policies, plans, or contracts specified in division (C) of section 3956.04 of the Revised Code, due to the impairment or insolvency of the member insurer that issued the policies, plans, or contracts. To provide this protection, the Ohio life and health insurance guaranty association, an association of member insurers, is created to pay benefits and to continue coverages, as limited in this chapter. Members of the association are subject to assessment to provide funds to carry out the purpose of this chapter.
Last updated July 15, 2022 at 11:18 AM
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3956 | Life and Health Insurance Guaranty Association › Section 3956.05 | Liberal Construction of Chapter.

Effective:
November 20, 1989
Latest Legislation:
House Bill 89 - 118th General Assembly
This chapter shall be liberally construed to effect its purpose as set forth in section 3956.03 of the Revised Code.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3956 | Life and Health Insurance Guaranty Association › Section 3956.06 | Ohio Life and Health Insurance Guaranty Association Created.

Effective:
September 13, 2022
Latest Legislation:
Senate Bill 273 - 134th General Assembly
(A) There is hereby created an unincorporated nonprofit association to be known as the Ohio life and health insurance guaranty association. All member insurers shall be and remain members of the association as a condition of their license or authority to transact the business of insurance or health insuring corporation business in this state. The association shall perform its functions under the plan of operation established and approved under section 3956.10 of the Revised Code and shall exercise its powers through a board of directors established under section 3956.07 of the Revised Code. For purposes of administration and assessment, the association shall maintain the following two accounts:
(1) The life insurance and annuity account that includes the following subaccounts:
(a) Life insurance subaccount;
(b) Annuity subaccount;
(c) Unallocated annuity subaccount that also includes all annuity contracts meeting the requirements of section 403(b) of the "Internal Revenue Code of 1986," 100 Stat. 2085, 26 U.S.C.A. 1, as amended.
(2) The health account.
(B) The association is subject to the supervision of the superintendent of insurance and to the applicable insurance laws of this state.
Last updated October 6, 2022 at 5:18 PM
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3956 | Life and Health Insurance Guaranty Association › Section 3956.061 | Ohio Life and Health Insurance Guaranty Association Records Confidential; Exceptions.

Effective:
April 7, 2023
Latest Legislation:
House Bill 45 - 134th General Assembly
(A) Except as provided in division (B) of this section, records created, held by, or pertaining to the guaranty association are not public records under section 149.43 of the Revised Code, are confidential, and are not subject to inspection or disclosure.
(B) Division (A) of this section does not apply to the plan of operation required under section 3956.10 of the Revised Code, other information required to be filed with the superintendent of insurance under this chapter, and any other documents required to be released under this chapter unless otherwise prohibited from release by law.
Last updated March 2, 2023 at 3:27 PM
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3956 | Life and Health Insurance Guaranty Association › Section 3956.07 | Board of Directors.

Effective:
September 13, 2022
Latest Legislation:
Senate Bill 273 - 134th General Assembly
(A) The board of directors of the Ohio life and health insurance guaranty association shall consist of not less than nine nor more than eleven member insurers serving terms as established in the plan of operation. A majority of the members of the board shall be representatives of member insurers domiciled in this state. Three of the members of the board shall be representatives of the three member insurers that write the largest premium volumes of health insurance in this state, three of the members of the board shall be representatives of domestic life insurers, and three of the members of the board shall be representatives of foreign member insurers. The members of the board shall be selected by member insurers, subject to the approval of the superintendent of insurance. Vacancies on the board shall be filled for the remaining period of the term by a majority vote of the remaining board members, subject to the approval of the superintendent. To select the initial board of directors and initially organize the association, the superintendent shall give notice to all member insurers of the time and place of the organizational meeting. In determining voting rights at the organizational meeting, each member insurer shall be entitled to one vote in person or by proxy. If the board of directors is not selected within sixty days after notice of the organizational meeting, the superintendent may appoint the initial members.
(B) In approving selections or in appointing members to the board, the superintendent shall consider, among other things, whether all member insurers are fairly represented.
(C) Members of the board may be reimbursed from the assets of the association for reasonable expenses incurred by them as members of the board of directors, but members of the board shall not otherwise be compensated by the association for their services.
Last updated July 15, 2022 at 11:20 AM
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3956 | Life and Health Insurance Guaranty Association › Section 3956.11 | Duties and Powers of Superintendent - Appeals - Notification of Chapter Provisions.

Effective:
September 13, 2022
Latest Legislation:
Senate Bill 273 - 134th General Assembly
(A) The superintendent of insurance shall:
(1) Upon request of the board of directors of the Ohio life and health insurance guaranty association, provide the association with a statement of the premiums in this and any other appropriate states for each member insurer;
(2) When an impairment is declared and the amount of the impairment is determined, serve a demand upon the impaired insurer to make good the impairment within a reasonable time. Notice to the impaired insurer shall constitute notice to its shareholders, if any. The failure of the impaired insurer promptly to comply with the demand shall not excuse the association from the performance of its powers and duties under this chapter.
(3) In any liquidation or rehabilitation proceeding involving a domestic member insurer, be appointed as the liquidator or rehabilitator.
(B) The superintendent, after notice and hearing, may suspend or revoke the license or certificate of authority to transact business in this state of any member insurer that fails to pay an assessment when due or fails to comply with the plan of operation of the association. As an alternative, the superintendent may levy a forfeiture on any member insurer that fails to pay an assessment when due. The forfeiture shall not exceed five per cent of the unpaid assessment per month, but shall not be less than one hundred dollars per month.
(C) Any action of the board of directors or the association may be appealed to the superintendent by any member insurer if the appeal is taken within sixty days of the final action being appealed. If a member insurer is appealing an assessment, the amount assessed shall be paid to the association and be available to meet association obligations during the pendency of the appeal. If the appeal on the assessment is upheld, the amount paid in error or excess shall be returned to the member insurer. Any final action or order of the superintendent is subject to review under Chapter 119. of the Revised Code.
(D) The liquidator, rehabilitator, or conservator of any impaired or insolvent insurer may notify all interested persons of the effect of this chapter.
(E) Notwithstanding section 109.02 of the Revised Code, the superintendent has sole authority to select and hire legal counsel to represent the superintendent in the superintendent's role as rehabilitator or liquidator of an impaired or insolvent insurer.
Last updated October 6, 2022 at 5:25 PM
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3956 | Life and Health Insurance Guaranty Association › Section 3956.14 | Examination and Regulation by Superintendent - Annual Financial Report.

Effective:
November 20, 1989
Latest Legislation:
House Bill 89 - 118th General Assembly
The Ohio life and health insurance guaranty association is subject to examination and regulation by the superintendent of insurance. The board of directors shall submit to the superintendent each year, not later than four months after the end of the association's fiscal year, a financial report in a form approved by the superintendent and a report of its activities during the preceding fiscal year.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3956 | Life and Health Insurance Guaranty Association › Section 3956.15 | Exemption From Fees and Taxes.

Effective:
November 20, 1989
Latest Legislation:
House Bill 89 - 118th General Assembly
The Ohio life and health guaranty association is exempt from payment of all fees and all taxes levied by this state or any of its political subdivisions.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3956 | Life and Health Insurance Guaranty Association › Section 3956.16 | Immunity.

Effective:
September 13, 2022
Latest Legislation:
Senate Bill 273 - 134th General Assembly
There shall be no liability on the part of, and no cause of action of any nature shall arise against, any member insurer or its agents or employees, the Ohio life and health guaranty association or its agents or employees, the board of directors or any member of the board, or the superintendent of insurance or the superintendent's representatives, for any action or omission by them pursuant to the purposes and provisions of this chapter or in the performance of their powers and duties under this chapter. Immunity under this section extends to the participation in any organization of one or more other state associations of similar purposes as provided in division (N)(7) of section 3956.08 of the Revised Code, and to any such organization and its agents and employees.
Last updated October 6, 2022 at 5:30 PM
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3956 | Life and Health Insurance Guaranty Association › Section 3956.17 | Proceedings Involving Insolvent Insurer.

Effective:
November 20, 1989
Latest Legislation:
House Bill 89 - 118th General Assembly
All proceedings in which the insolvent insurer is a party in any court in this state shall be stayed sixty days from the date an order of rehabilitation or liquidation is final to permit proper legal action by the association on any matters germane to its powers or duties. As to judgment under any decision, order, verdict, or finding based on default, the Ohio life and health guaranty association may apply to have the judgment set aside by the same court that made the judgment and may defend against the suit on the merits.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3956 | Life and Health Insurance Guaranty Association › Section 3956.19 | Applicability of Prior Law and Current Law.

Effective:
September 13, 2022
Latest Legislation:
Senate Bill 273 - 134th General Assembly
(A) The provisions of this chapter in effect prior to the effective date of this section shall apply to all matters relating to any impaired insurer or insolvent insurer for which the association first became obligated under section 3956.08 of the Revised Code prior to the effective date.
(B) The provisions of this chapter in effect on and after the effective date of this section shall apply to all matters relating to any impaired insurer or insolvent insurer for which the association first becomes obligated under section 3956.08 of the Revised Code on or after the effective date.
Last updated January 13, 2023 at 12:33 PM