reglab/statecodes huggingface dataset:
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3941 | Operation of Mutual Insurance Companies › Section 3941.34 | Surrender of Securities Upon Termination of Liability - Examination of Records.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
No part of the securities deposited in compliance with section 3941.30 of the Revised Code shall be surrendered by the superintendent of insurance to the depositing company until liability has terminated on all policies for whose benefit the securities have been deposited. When liability on all such policies has terminated, the depositing company may apply to the superintendent for the surrender of the deposited securities, and the president or principal officer and the secretary of the company shall make oath that all liability on such policies has terminated. The superintendent shall cause an examination to be made of the records and files of the company and if it appears that liability no longer exists, the superintendent shall surrender such securities to the depositing company. The superintendent, ninety days prior to the time of surrendering same, shall advise, by registered mail, all persons who may have been notified of the fact of such deposit under section 3941.32 of the Revised Code, of the contemplated withdrawal.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3941 | Operation of Mutual Insurance Companies › Section 3941.35 | Merger or Consolidation of Companies.

Effective:
November 21, 1969
Latest Legislation:
Senate Bill 433 - 108th General Assembly
Any mutual insurance company organized under Chapter 3941. of the Revised Code may merge or consolidate with any other mutual insurance company or companies, foreign, alien, or domestic, subject to the requirements of sections 3941.35 to 3941.46, inclusive, of the Revised Code. The surviving or resulting company may be a continuation of the corporate existence of one of the parties to the agreement, and may be either a domestic, foreign, or alien company. Sections 3941.35 to 3941.45, inclusive, of the Revised Code apply to mergers or consolidations in which a domestic mutual company is a party. Section 3941.46 of the Revised Code applies to mergers or consolidations in which a foreign or alien mutual company licensed in this state is a party, but no domestic company is a party.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3941 | Operation of Mutual Insurance Companies › Section 3941.36 | Written Agreement - Name.

Effective:
November 21, 1969
Latest Legislation:
Senate Bill 433 - 108th General Assembly
The companies merging or consolidating shall enter into a written agreement prescribing the terms and conditions thereof, including the name of the surviving or resulting company and its amended articles of incorporation, if any.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3941 | Operation of Mutual Insurance Companies › Section 3941.37 | Approval of Agreement by Directors and Members.

Effective:
November 21, 1969
Latest Legislation:
Senate Bill 433 - 108th General Assembly
(A) Domestic mutual companies shall approve the agreement by a vote of a majority of the directors, and by the votes of at least two-thirds of the members voting, in person or by proxy, at a regular or special meeting not less than thirty days prior to which members shall have been given notice that the merger will be considered at that meeting. The notice may be given by publication once a week for two successive weeks in a newspaper of general circulation in the county where the company's principal place of business is located and in any two of the four cities of greatest population according to the latest United States census in each state in which the company is licensed, or by depositing notice in a United States Post Office, postage prepaid, and addressed to the member at his address according to company records, or by personal delivery.
(B) Approval of the agreement by foreign or alien companies and notice to members thereof shall be in accordance with the law of the state of domicile. Compliance with such law shall be shown by the certificate of the president or secretary of each such company which certificate shall state the facts constituting such compliance and which shall be attached to the copies of the agreement filed with the superintendent.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3941 | Operation of Mutual Insurance Companies › Section 3941.38 | Agreement and Petition for Approval - Disapproval of Petition.

Effective:
November 21, 1969
Latest Legislation:
Senate Bill 433 - 108th General Assembly
(A) The agreement shall be filed in duplicate with the superintendent with a petition for approval thereof, which petition shall contain the plan of merger and the mode of carrying it into effect, the certificate of the president or secretary of each company stating the facts constituting compliance with the provisions of section 3941.37 of the Revised Code and may contain other pertinent matters.
(B) On receipt of the petition the superintendent shall determine whether there has been compliance with the requirements of sections 3941.36 and 3941.37 of the Revised Code and this section, and shall within sixty days approve the petition or give petitioners notice of a hearing theron. The superintendent shall disapprove the petition only if:
(1) Sections 3941.36 and 3941.37 of the Revised Code have not been complied with;
(2) The proposed merger or consolidation will be inequitable to the members of the domestic mutual company or companies in that it will result in a substantial reduction of the equity of such member without reasonably compensating benefits or advantages;
(3) The proposed merger or consolidation will reduce service to the policyholders of the domestic company or companies or the protection of existing insurance policies of the domestic company or companies;
(4) As to any line of insurance in any state, the merger or consolidation may substantially lessen competition or tend to create a monopoly.
Disapproval of the petition shall be made only on findings taken in a hearing as provided in section 3941.40 of the Revised Code.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3941 | Operation of Mutual Insurance Companies › Section 3941.39 | Transfer of License to Surviving or Resulting Company.

Effective:
November 21, 1969
Latest Legislation:
Senate Bill 433 - 108th General Assembly
Licenses to do business as an insurer in this state held by any of the constituent companies of a merger or consolidation consummated pursuant to this chapter shall be transferred to or continued in the name of the surviving or resulting company. If the superintendent believes the surviving or resulting company is not entitled to any of such licenses, he shall follow the procedures for revocation or suspension thereof.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3941 | Operation of Mutual Insurance Companies › Section 3941.40 | Hearing - Notice - Judicial Review.

Effective:
November 21, 1969
Latest Legislation:
Senate Bill 433 - 108th General Assembly
Any hearing for the purposes of section 3941.38 of the Revised Code shall be held within ninety days after filing of the petition for approval, and after notice to the constituent companies of not less than thirty days of the time and place thereof. Within thirty days after the hearing the superintendent shall either approve the petition or make and promptly furnish to the constituent companies written findings of the specific facts upon which the order of disapproval is based. The notice of hearing shall state with particularity each point of law or matter of fact to be considered. Any of the constituent companies shall have the right of judicial review as provided in sections 119.01 to 119.13, inclusive, of the Revised Code.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3941 | Operation of Mutual Insurance Companies › Section 3941.41 | Company to Designate Effective Date.

Effective:
November 21, 1969
Latest Legislation:
Senate Bill 433 - 108th General Assembly
The company shall designate the date and hour the merger or consolidation is to become effective, not more than one year from the date of approval by the superintendent, by delivery to the superintendent of duplicate written notices signed by the president or secretary of each company. Said notices shall be affixed by the superintendent to the agreements on file with him.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3941 | Operation of Mutual Insurance Companies › Section 3941.42 | Proceedings Upon Merger or Consolidation.

Effective:
November 21, 1969
Latest Legislation:
Senate Bill 433 - 108th General Assembly
Upon merger or consolidation:
(A) The separate existence of the constituent companies shall cease and they shall thereafter be a single company in accordance with such agreement, which company shall have all of the debts, duties, obligations, and liabilities of, and all of the rights, privileges, powers, franchises, immunities, property and assets formerly belonging to the separate companies, provided that all liens on the property of the constituent companies are limited to the property to which it attached immediately prior to the merger or consolidation. Rights of action by or against the constituent companies may be brought or continued by or against the surviving or resulting company in its name.
(B) The policyholders of the constituent companies shall continue to be subject to all the liabilities, claims and demands existing against them at or before such merger or consolidation.
(C) All deposits which may have been made in this state by any constituent company shall be held for the account of the surviving or resulting company which shall be entitled to the return of any such deposits in excess of those required, if any, to comply with the laws of this state.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3941 | Operation of Mutual Insurance Companies › Section 3941.43 | Continuation of Oldest of Constituent Companies.

Effective:
November 21, 1969
Latest Legislation:
Senate Bill 433 - 108th General Assembly
For the purposes of any law the application of which depends upon the length of time the company has been licensed or doing business, the surviving or resulting company shall be regarded as a continuation of the oldest of the constituent companies.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3941 | Operation of Mutual Insurance Companies › Section 3941.44 | Filing Copy of Agreement.

Effective:
November 21, 1969
Latest Legislation:
Senate Bill 433 - 108th General Assembly
On or before the effective date of the merger or consolidation, the superintendent shall file with the secretary of state one of the copies of the agreement on file with him, with the notice of effective date. Within fifteen days after the effective date of the merger or consolidation, a copy of the agreement certified by the superintendent shall be filed by the resulting or surviving company in any public office where the articles of incorporation are required to be recorded. Copies of the agreement shall also be filed for record in the office of the appropriate county official in each county where any of the constituent companies owns real property the title to which will be transferred by the merger or consolidation.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3941 | Operation of Mutual Insurance Companies › Section 3941.45 | Certificate of Fees Paid to Any Person in Connection With Securing or Promoting of Merger or Consolidation Required to Be Filed.

Effective:
November 21, 1969
Latest Legislation:
Senate Bill 433 - 108th General Assembly
Attached to the petition for approval filed with the superintendent shall be a certificate of the president or secretary of each constituent company setting forth all fees, commissions, or other compensation or valuable consideration paid or to be paid to any person in connection with the securing or promoting of any such merger or consolidation. Except as fully stated in said certificate or in the agreement, no director or officer of any constituent companies shall receive directly or indirectly any fee, commission, compensation, or valuable consideration for in any manner aiding, promoting, or assisting therein.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3941 | Operation of Mutual Insurance Companies › Section 3941.46 | Filing Copy of Agreement of Merger or Consolidation of Foreign or Alien Mutual Company Licensed in State.

Effective:
January 1, 2021
Latest Legislation:
House Bill 339 - 133rd General Assembly
Any foreign or alien mutual company licensed in this state which is a party to a merger or consolidation shall on or before the effective date thereof file with the superintendent a copy of the agreement. If the surviving company is, at the effective date of the merger or consolidation, licensed as an insurer in this state its license shall continue in effect as though no merger or consolidation had taken place, and on request the superintendent shall transfer to it any additional licenses issued by this state and then held by any nonsurviving insurer which is a party to the merger or consolidation. Revocation or suspension of any of such licenses shall be made only pursuant to the procedures and on the grounds provided in this code, provided, that an additional ground for revocation or suspension of license shall be that the merger or consolidation may have the effect of substantially lessening competition or tending to create a monopoly as to any line of insurance in this state. On receipt of a copy of the agreement of merger or consolidation to which this section applies, the superintendent shall determine whether such revocation or suspension proceedings should be commenced. In making such determination the superintendent may consider any information on file with any agency, division or department of this or any other state, together with any additional relevant information which shall be furnished by the company or companies, pursuant to the superintendent's request. A determination that the merger or consolidation does not violate the additional ground provided in this section shall be conclusively established by the lapse of three months after the effective date of the merger or consolidation without commencement of proceedings to revoke or suspend the license or licenses on that ground.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3941 | Operation of Mutual Insurance Companies › Section 3941.48 | Contract With Only Hospital Operating in County.

Effective:
October 1, 1987
Latest Legislation:
Senate Bill 124 - 117th General Assembly
A mutual insurance company which has merged or consolidated with a hospital service association shall not either before or after January 1, 1991, terminate its contract with a hospital based upon such hospital's price in relation to the prices of other hospitals operating in the same geographical area, where such hospital is the only hospital operating in a county in this state.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3941 | Operation of Mutual Insurance Companies › Section 3941.49 | Contract With Only Osteopathic Hospital Operating in County.

Effective:
October 1, 1987
Latest Legislation:
Senate Bill 124 - 117th General Assembly
A mutual insurance company which has merged or consolidated with a hospital service association shall not terminate its contract entered into under Chapter 1739. of the Revised Code with a hospital based upon such hospital's charges in relation to the charges of other hospitals operating in the same geographical area, where such hospital is the only osteopathic hospital operating in a county in this state. For purposes of this section, "osteopathic hospital" means one in which more than seventy-five per cent of the physicians are licensed osteopathic physicians.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3941 | Operation of Mutual Insurance Companies › Section 3941.50 | Reimbursement for Emergency Services.

Effective:
October 1, 1987
Latest Legislation:
Senate Bill 124 - 117th General Assembly
No policy of insurance issued or renewed by a mutual insurance company which has merged or consolidated with a hospital service association which provides for reimbursement for emergency services, may provide for a denial or reduction of benefits under such policy for such emergency services or any resulting emergency admission directly from a hospital emergency room when such services and resulting admission are provided at or by a hospital which does not have a contractual relationship with such mutual insurance company. Reimbursement for such services shall continue so long as the attending physician reasonably determines that the patient is unstable and unable to be transferred.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3941 | Operation of Mutual Insurance Companies › Section 3941.51 | Reimbursing Teaching Hospitals.

Effective:
October 1, 1987
Latest Legislation:
Senate Bill 124 - 117th General Assembly
Any mutual insurance company which merged or consolidated with a hospital service association shall take into consideration the case mix, education, and indigent care responsibilities of the state's teaching hospitals and institutions recognized as national referral centers as defined by the"Social Security Act," 49 Stat. 620 (1935), 42 U.S.C. 301, as amended, in determining their rates of reimbursement.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3941 | Operation of Mutual Insurance Companies › Section 3941.52 | Unlawful Contracts.

Effective:
October 1, 1987
Latest Legislation:
Senate Bill 124 - 117th General Assembly
If any existing contract or any provision of any existing contract between a mutual insurance company subject to section 3941.47 of the Revised Code and a hospital is determined unlawful as a consequence of the repeal of Chapter 1739. of the Revised Code, then only such provisions of the agreement that have thereby directly or indirectly become unlawful or provisions that flow therefrom are void, and the balance of such provisions remain in effect subject to section 3941.47 of the Revised Code.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3942 | Transportation Network Companies › Section 3942.04 | Disclosures to Drivers.

Effective:
March 23, 2016
Latest Legislation:
House Bill 237 - 131st General Assembly
(A) Before a transportation network company first allows a transportation network company driver to accept a request for transportation network company services on the company's digital network, the company shall disclose in writing to the driver both of the following:
(1) The insurance coverage, including the types of coverage and limits for each type of coverage, that the transportation network company provides while the driver uses a personal vehicle in connection with transportation network company services;
(2) That, depending on the terms of the policy, the transportation network company driver's own personal automobile insurance policy might not provide any coverage while the driver uses a personal vehicle to provide or be available to provide transportation network services.
(B) In addition to the disclosures required in division (A) of this section, a transportation network company shall provide the following notice to a prospective driver in the prospective driver's terms of service before the company first allows the driver to accept a request for transportation network company services on the company's digital network:
"If the vehicle that you plan to use to provide transportation network company services for our transportation network company has a lien against it, you must notify the lienholder that you will be using the vehicle for transportation services that may violate the terms of your contract with the lienholder."
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3951 | Public Insurance Adjusters › Section 3951.02 | Certificate of Authority Requirement.

Effective:
November 6, 1959
Latest Legislation:
House Bill 1009 - 103rd General Assembly
No person, firm, association, partnership, or corporation shall act within this state as a public insurance adjuster, or receive, directly or indirectly, compensation for services rendered in the adjustment of any claim or claims under the types of insurance policies set forth in section 3951.01 of the Revised Code, unless he, or it, is the holder of a certificate of authority to act as a public insurance adjuster, issued pursuant to sections 3951.01 to 3951.09, inclusive, of the Revised Code.
Any person, firm, association, partnership, or corporation, who has received from the superintendent of insurance a public insurance adjuster's certificate of authority shall be styled and be known as a "certified public insurance adjuster."
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3951 | Public Insurance Adjusters › Section 3951.04 | Issuing or Denying Certificate of Authority.

Effective:
October 9, 2021
Latest Legislation:
House Bill 263, House Bill 339 - 133rd General Assembly
The superintendent of insurance shall issue certificates of authority to any person, firm, association, partnership, or corporation making application therefor who is trustworthy and competent to act as a public insurance adjuster in such manner as to safeguard the interest of the public and who has complied with the prerequisites herein described. A certificate of authority issued to a firm, association, partnership, or corporation shall authorize only the members of the firm, association, or partnership or the officers and directors of the corporation, specified in the certificate of authority to act as a public insurance adjuster.
The superintendent shall not issue any certificate of authority to any applicant who is convicted of a disqualifying offense as determined under section 9.79 of the Revised Code, or who, within three years preceding the date of filing such application, has been guilty of any practice which would be grounds for suspension or revocation of a certificate of authority as a public insurance adjuster.
The Legislative Service Commission presents the text of this section as a composite of the section as amended by multiple acts of the General Assembly. This presentation recognizes the principle stated in R.C. 1.52(B) that amendments are to be harmonized if reasonably capable of simultaneous operation.
Last updated October 9, 2021 at 4:51 AM
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3951 | Public Insurance Adjusters › Section 3951.05 | Examination of Applicant.

Effective:
December 29, 2023
Latest Legislation:
Senate Bill 131 - 134th General Assembly
The superintendent of insurance shall, in order to determine the trustworthiness and competency of any applicant for a certificate of authority to act as a public insurance adjuster, require such applicant or in the case of a firm, association, partnership, or corporation, such of its employees, members, officers, or directors, who are to be individually authorized to act under its certificate of authority, to submit to a written examination. Examinations shall be held in such place in this state and at such time as the superintendent may designate.
Last updated December 29, 2023 at 6:50 AM
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3951 | Public Insurance Adjusters › Section 3951.07 | Suspending or Revoking Certificate of Authority.

Effective:
January 9, 1961
Latest Legislation:
House Bill 1 - 104th General Assembly
The superintendent of insurance may suspend or revoke any certificate of authority issued pursuant to sections 3951.01 to 3951.09, inclusive, of the Revised Code, or refuse to issue a certificate of authority to any applicant if, after due investigation, notice, and hearing, either before him or before any employee of the insurance department designated by him, whose report he may adopt, he determines that such applicant or holder of a certificate of authority has:
(A) Violated any provision of sections 3951.01 to 3951.09, inclusive, of the Revised Code;
(B) Engaged in fraudulent or dishonest practices;
(C) Made a material misstatement in the application for such certificate;
(D) Demonstrated his, or its, incompetency or untrustworthiness to act as public insurance adjuster;
(E) Obtained from any claimant an assignment of a claim.
Before the superintendent revokes, suspends, or refuses to issue any certificate of authority, written notice of the grounds therefor and the time and place of the hearing must be given to the applicant. Full opportunity shall be given at such hearing to the person, firm, association, partnership, or corporation to appear with counsel and be heard upon the charges. The final action of the superintendent in rejecting an application or in revoking or suspending a certificate of authority shall be by written notice to the applicant or holder of the certificate of authority. All notices required to be sent to applicants or holders of certificates of authority shall be forwarded by registered or certified mail to his last known business address. Within thirty days after the revocation or suspension of the certificate of authority or the refusal of the superintendent to grant a certificate of authority, the person, firm, association, partnership, or corporation aggrieved may appeal from the ruling of the superintendent. All decisions and findings of the superintendent made under the provisions of Chapter 3951. of the Revised Code are subject to the provisions of sections 119.01 to 119.13 of the Revised Code.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3951 | Public Insurance Adjusters › Section 3951.08 | No Advice Constituting Practice of Law.

Effective:
November 6, 1959
Latest Legislation:
House Bill 1009 - 103rd General Assembly
No holder of a certificate of authority shall make any misrepresentations of facts or advise any insured or insurer on any question of law or perform any service constituting the practice of law, nor shall any such holder of a certificate of authority in handling a claim, advise any insured or insurer to refrain from retaining counsel to protect his or its interests.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3951 | Public Insurance Adjusters › Section 3951.09 | Waiving of Examination for Applicant Licensed in Another State.

Effective:
December 29, 2023
Latest Legislation:
Senate Bill 131 - 134th General Assembly
The superintendent of insurance shall issue a certificate of authority under this chapter in accordance with Chapter 4796. of the Revised Code to an applicant if either of the following applies:
(A) The applicant holds a license or certificate in another state.
(B) The applicant has satisfactory work experience, a government certification, or a private certification as described in Chapter 4796. of the Revised Code as a public insurance adjuster in a state that does not issue that license or certificate.
Last updated December 29, 2023 at 6:50 AM
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3951 | Public Insurance Adjusters › Section 3951.10 | Effect of Child Support Default on Certificate.

Effective:
January 1, 2021
Latest Legislation:
House Bill 339 - 133rd General Assembly
On receipt of a notice pursuant to section 3123.43 of the Revised Code, the superintendent of insurance shall comply with sections 3123.41 to 3123.50 of the Revised Code and any applicable rules adopted under section 3123.63 of the Revised Code with respect to a certificate issued pursuant to this chapter.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3951 | Public Insurance Adjusters › Section 3951.99 | Penalty.

Effective:
November 6, 1959
Latest Legislation:
House Bill 1009 - 103rd General Assembly
(A) Any person, firm, association, partnership, or corporation required by sections 3951.01 to 3951.09, inclusive, of the Revised Code, to obtain a certificate of authority to act as a public insurance adjuster, who adjusts any insurance losses without previously having obtained the required certificate of authority or who adjusts any insurance loss after his, or its, certificate of authority has been revoked, shall be fined not less than one hundred nor more than five hundred dollars for each loss adjusted without such certificate of authority.
(B) The penalties in division (A) of this section shall not limit the authority of the superintendent of insurance to suspend, revoke, or refuse to issue a certificate of authority for the causes set forth in section 3951.07 of the Revised Code.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3953 | Title Insurance › Section 3953.02 | Application of Chapter.

Effective:
December 12, 1967
Latest Legislation:
Senate Bill 224 - 107th General Assembly
Chapter 3953. of the Revised Code applies to all title insurance companies, title insurance rating organizations, title insurance agents, applicants for title insurance, policyholders, and to all persons and business entities engaged in the business of title insurance.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3953 | Title Insurance › Section 3953.03 | Only Title Insurance Company to Engage in Title Insurance Business.

Effective:
March 26, 1971
Latest Legislation:
House Bill 1 - 109th General Assembly
On and after December 12, 1967, only a title insurance company as defined in division (C) of section 3953.01 of the Revised Code shall underwrite or issue a policy of title insurance. No person, firm, association, corporation, cooperative, joint-stock company, partnership, or trust shall engage in the business of title insurance in this state unless authorized to transact such a business by this chapter.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3953 | Title Insurance › Section 3953.04 | Title Insurance Company to Be Organized as Stock Corporation.

Effective:
March 30, 1999
Latest Legislation:
Senate Bill 83 - 122nd General Assembly
A title insurance company shall be organized as a stock corporation as provided in Chapters 1701. and 3929. of the Revised Code, except as specified in this chapter. Every title insurance company that is authorized to do a title insurance business in this state shall comply with sections 3929.30 and 3953.29 of the Revised Code.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3953 | Title Insurance › Section 3953.05 | Minimum Capital and Surplus.

Effective:
March 26, 1971
Latest Legislation:
House Bill 1 - 109th General Assembly
Every title insurance company incorporated or admitted in this state after December 12, 1967, shall have a minimum capital and surplus as required by section 3925.12 of the Revised Code.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3953 | Title Insurance › Section 3953.06 | Depositing Securities.

Effective:
August 8, 1991
Latest Legislation:
Senate Bill 137 - 119th General Assembly
Every title insurance company, prior to the issuance of any policy of title insurance in this state, shall deposit with the superintendent of insurance, for the security and protection of its policyholders in this state, fifty thousand dollars in bonds of the United States or of this state, or of a county, township, or municipal corporation in this state, which bonds shall not be received by the superintendent at a rate above their par value. The securities deposited may be exchanged from time to time for other securities. So long as the company continues solvent and complies with the laws of this state, it may collect the interest on the deposits. The deposit shall be governed by sections 3929.07 to 3929.09 of the Revised Code.
A title guarantee and trust company organized and engaged in business in this state under sections 1735.01 to 1735.04 of the Revised Code, as of August 6, 1941, which has on deposit with the treasurer of state the sum of fifty thousand dollars, as provided in section 1735.03 of the Revised Code, may in addition to its other powers, write title insurance without making an additional deposit therefor.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3953 | Title Insurance › Section 3953.07 | Sound Underwriting Practices.

Effective:
March 30, 1999
Latest Legislation:
Senate Bill 83 - 122nd General Assembly
No policy or contract of title insurance shall be written unless it is based upon a reasonable examination of the title unless a determination of insurability of title has been made in accordance with sound underwriting practices for title insurance companies and unless, on and after the effective date of this amendment, section 3953.29 of the Revised Code is complied with in connection with registered land. Evidence that a reasonable examination of a title has been made shall be preserved and retained in the files of the title insurance company or its agents for a period of not less than ten years after the policy or contract of title insurance has been issued. This section does not apply to a company assuming no primary liability in a contract of reinsurance and does not apply to a company acting as a coinsurer if one of the other coinsuring companies has complied with this section.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3953 | Title Insurance › Section 3953.08 | Permitted Services.

Effective:
December 12, 1967
Latest Legislation:
Senate Bill 224 - 107th General Assembly
Every title insurance company may do the kinds of business defined in divisions (A) and (B) of section 3953.01 of the Revised Code, and may provide any other services related to the land title business.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3953 | Title Insurance › Section 3953.09 | Prohibited Services.

Effective:
December 12, 1967
Latest Legislation:
Senate Bill 224 - 107th General Assembly
A title insurance company shall not engage in the business of guaranteeing the payment of the principal or the interest of notes, bonds, or other obligations secured by mortgages upon real property. A title insurance company shall not engage in the business of guaranteeing the completion of improvements in this state. Notwithstanding section 1735.01 of the Revised Code, a title guarantee and trust company may not guarantee the collection of interest and principal of mortgage loans.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3953 | Title Insurance › Section 3953.10 | Title Insurance Company to Engage in Title Insurance Only.

Effective:
March 26, 1971
Latest Legislation:
House Bill 1 - 109th General Assembly
Title insurance, except for reinsurance as provided in section 3953.13 of the Revised Code, shall be transacted, underwritten, or issued only by a company organized or admitted for issuance of no other form of insurance in this state. A title insurance company shall not transact any other form of insurance business in this state. No company may be organized or admitted in this state after December 12, 1967, to transact, underwrite, or issue title insurance if it engages in any form of insurance business other than title insurance.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3953 | Title Insurance › Section 3953.12 | Other Reserves.

Effective:
December 12, 1967
Latest Legislation:
Senate Bill 224 - 107th General Assembly
(A) Each title insurance company shall at all times establish and maintain, in addition to other reserves, a reserve:
(1) Against unpaid losses;
(2) Against loss expense, and shall calculate such reserves by making a careful estimate in each case of the loss expense likely to be incurred, by reason of every claim presented, pursuant to notice from or on behalf of the insured, of a title defect in or lien or adverse claim against the title insured, that may result in a loss or cause expense to be incurred for the proper disposition of the claim. The sums of the items so estimated shall be the total amount of the reserves against unpaid losses and loss expenses of such title insurance company.
(B) The amount so estimated may be revised from time to time as circumstances warrant, but shall be redetermined at least once each year.
(C) The amounts set aside in such reserves in any year shall be treated as an expense in determining the net profits for such year of any title insurance company.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3953 | Title Insurance › Section 3953.13 | Reinsurance.

Effective:
December 12, 1967
Latest Legislation:
Senate Bill 224 - 107th General Assembly
Any title insurance company authorized to engage in the business of title insurance in this state may cede reinsurance of all or any part of its liability under one or more of its policies or contracts or reinsurance agreements to any other title insurance company authorized to engage in the business of title insurance in this or any other state, or the District of Columbia which meets the financial requirements necessary to qualify to do a title insurance business in this state. It may also reinsure policies of title insurance issued by other companies on risks whether located in this state or elsewhere. Any domestic title insurance company or any foreign title insurance company authorized to transact business in this state shall pay to this state taxes required on all business taxable within this state and reinsured, as provided in this section, with any foreign company authorized to do business within this state. Issuance of contracts of reinsurance by a title insurance company not authorized to engage in the business of title insurance in this state, but authorized to engage in the business of title insurance in any of the United States, reinsuring a title insurance company authorized to engage in the business of title insurance in this state on real property located in this state, shall not of itself constitute the doing of business in this state by such reinsuring company. If any domestic title insurance company is unable to obtain reinsurance from another title insurance company, then after filing of an affidavit to that effect with the superintendent of insurance it may reinsure with any insurance company.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3953 | Title Insurance › Section 3953.14 | Investments.

Effective:
January 1, 2021
Latest Legislation:
House Bill 339 - 133rd General Assembly
(A) Except as provided in Chapter 3953. of the Revised Code the investments of a title insurance company shall be governed by sections 3925.05 to 3925.21 of the Revised Code.
(B) Provided it shall at all times keep at least one hundred thousand dollars invested in the classes of securities authorized for the investment of capital other than title plant and real estate as provided in division (C) of this section, a title insurance company may invest not more than ten per cent of its admitted assets in a title plant without the prior approval of the superintendent. The title plant shall be considered an admitted asset at the fair value thereof. In determining the fair value of a title plant, no value shall be attributed to furniture and fixtures, and the real estate in which the title plant is housed shall be carried as real estate. The value of title abstracts, title briefs, copies of conveyances or other documents, indices, and other records comprising the title plant, shall be determined by considering the expenses incurred in obtaining them, the age thereof, the cost of replacements less depreciation, and all other relevant factors. Once the value of a title plant has been determined, such value may be increased only by the acquisition of another title plant by purchase, consolidation, or merger; in no event shall the value of the title plant be increased by additions made thereto as part of the normal course of abstracting and insuring titles to real estate. Subject to the above limitations and with the approval of the superintendent of insurance, a title insurance company may enter into agreements with one or more other title insurance companies authorized to do business in this state, whereby such companies shall participate in the ownership, management, and control of a title plant to service the needs of all such companies or such companies may hold stock of a corporation owning and operating a title plant for such purposes; provided that each of the companies participating in the ownership, management, and control of such jointly owned title plant shall keep the sum of one hundred thousand dollars invested as above set forth.
(C) Any title insurance company may purchase, receive, hold, and convey real estate or any interest therein:
(1) Required for its convenient accommodation in the transaction of its business with reasonable regard to future needs;
(2) Acquired in connection with a claim under a policy of title insurance;
(3) Acquired in satisfaction or on account of loans, mortgages, liens, judgments, or decrees, previously owing to it in the course of its business;
(4) Acquired in part payment of the consideration of the sale of real property owned by it if the transaction results in a net reduction in the company's investment in real estate;
(5) Reasonably necessary for the purpose of maintaining or enhancing the sale value of real property previously acquired or held by it under division (C)(1), (2), (3), or (4) of this section.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3953 | Title Insurance › Section 3953.15 | Investment of Unearned Premium Reserve.

Effective:
September 4, 2014
Latest Legislation:
Senate Bill 140 - 130th General Assembly
(A) Except as provided in division (B) of this section, the unearned premium reserve of a title insurance company shall be invested in accordance with sections 3925.05 to 3925.08, inclusive, of the Revised Code.
(B) A title insurance company may seek permission from the superintendent of insurance to invest funds under Chapter 3906. of the Revised Code and may invest funds under that chapter if such permission is granted.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3953 | Title Insurance › Section 3953.16 | Investment of Trust Funds or Assets Held in Fiduciary Capacity.

Effective:
December 12, 1967
Latest Legislation:
Senate Bill 224 - 107th General Assembly
For those title insurance companies which also have powers to do a trust business, trust funds or assets held in a fiduciary capacity shall be invested in accordance with the statutes of this state governing trust companies.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3953 | Title Insurance › Section 3953.17 | Foreign Title Insurance Company - License.

Effective:
December 12, 1967
Latest Legislation:
Senate Bill 224 - 107th General Assembly
Any title insurance company organized under the laws of another state or foreign government shall be licensed to transact a title insurance business within this state only if such company is and remains of the same standard of solvency and complies with other requirements fixed by the laws of this state for title insurance companies organized and authorized to transact the business of title insurance pursuant to the laws of this state.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3953 | Title Insurance › Section 3953.18 | Prohibition Against Policies Covering Real Property - Exceptions.

Effective:
December 12, 1967
Latest Legislation:
Senate Bill 224 - 107th General Assembly
No title insurance company not incorporated or organized under the laws of this state, but authorized to transact business herein, shall make, write, place, or cause to be made, written, or placed any policy or contract of insurance covering real property in this state, except;
(A) Through a title insurance agent as defined in Chapter 3905. of the Revised Code;
(B) Through a subsidiary title insurance company;
(C) Through a bona fide branch office located in this state and under the direction and control of such title insurance company, all expenses of which branch office, including compensation of all employees are paid by such title insurance company;
(D) This section is not applicable to contracts of reinsurance, or to policies of excess coinsurance.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3953 | Title Insurance › Section 3953.19 | Merger and Consolidation.

Effective:
December 12, 1967
Latest Legislation:
Senate Bill 224 - 107th General Assembly
(A) A title insurance company organized and incorporated under the laws of this state may merge, be merged by, or consolidated with, one or more title insurance companies whether or not so incorporated, by complying with Chapter 1701. of the Revised Code, but subject to the following:
(1) No such merger or consolidation shall be effectuated unless in advance thereof, the plan and agreement therefor have been filed with the superintendent of insurance. The superintendent shall examine the terms and conditions of such merger or consolidation, and of any exchange of shares or securities pursuant thereto, after holding a hearing at which all persons or parties to whom it is proposed to issue shares or securities in such exchange shall have the right to appear. After such hearing, the superintendent shall either approve or disapprove the fairness of such terms and conditions of exchange. The superintendent shall give such approval within a reasonable time after filing of a plan or agreement unless he finds such plan or agreement:
(a) Is contrary to law;
(b) Is inequitable to the stockholders of such title insurance company; or
(c) Would substantially reduce the security of and services to be rendered to policyholders of the domestic title insurance company in this state or elsewhere.
(2) Where such merger or consolidation involves a parent company absorbing a wholly owned subsidiary, the superintendent may, in his discretion, dispense with the holding of a hearing.
(B) No director, officer, agent, or employee of any title insurance company party to such acquisition shall receive any fee, commission, compensation or other valuable consideration whatsoever for in any manner, aiding, promoting, or assisting therein except as set forth in such plan or agreement.
(C) If the superintendent of insurance does not approve any such plan or agreement, he shall notify the title insurance company in writing, specifying in detail his reasons therefor.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3953 | Title Insurance › Section 3953.20 | Prior Approval Required for Acquisition of Other Title Insurance Company.

Effective:
December 12, 1967
Latest Legislation:
Senate Bill 224 - 107th General Assembly
(A) A title insurance company organized and incorporated under the laws of this state may issue stock in exchange for all or any part of the assets or stock of a domestic or foreign title insurance company if, in advance thereof, a plan or agreement of acquisition has been filed with the superintendent of insurance. The superintendent shall examine the terms and conditions of such plan or agreement of acquisition, and of any exchange of shares or securities pursuant thereto, after holding a hearing at which all persons or parties to whom it is proposed to issue shares or securities in such exchange shall have the right to appear. After such hearing, the superintendent shall either approve or disapprove the fairness of such terms and conditions of such acquisition and exchange. The superintendent shall give approval within a reasonable time after filing of a plan or agreement unless he finds such plan or agreement:
(1) Is contrary to law;
(2) Is inequitable to the stockholders of any title insurance company involved; or
(3) Would substantially reduce the security of and services to be rendered to policyholders of the domestic title insurance company in this state or elsewhere.
(B) No director, officer, agent, or employee of any title insurance company party to such acquisition shall receive any fee, commission, compensation, or other valuable consideration whatsoever for in any manner aiding, promoting, or assisting therein, except as set forth in such plan or agreement.
(C) If the superintendent does not approve any such plan or agreement, he shall notify the title insurance company in writing, specifying in detail his reasons therefor.