reglab/statecodes huggingface dataset:
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3927 | Foreign Insurance Companies Other Than Life › Section 3927.07 | Computation of Alien Company's Capital.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
The capital of a foreign company doing fire insurance business in this state is the aggregate value of its deposits with the insurance or other departments of this state, and of the other states of the United States, for the benefit of policyholders in the United States, plus its assets and investments in the United States certified according to the provisions of Chapters 3925., 3927., 3929., 3931., and 3933. of the Revised Code. Such assets and investments must be held within the United States and invested in and held by trustees who are citizens of the United States, appointed by the board of directors of the company, and approved by the insurance commissioner of the state where they are invested, for the benefit of the policyholders and creditors in the United States. The trustees chosen may take, hold, and convey real and personal property for the purpose of the trust, subject to the same restrictions as companies of this state. All property, investments, cash, bank deposits, premiums in the course of collection, and agents' balances actually owned and held in the United States may be admitted as assets of such company of a foreign country doing insurance business other than life, if investments and assets of a similar character are allowed and admitted as such, by the laws of the state in which the company has its head office, to companies organized in such state doing similar business therein.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3927 | Foreign Insurance Companies Other Than Life › Section 3927.08 | Filing Annual Statement of Condition and Affairs.

Effective:
January 1, 2021
Latest Legislation:
House Bill 339 - 133rd General Assembly
Every insurance company other than a life insurance company, organized by act of congress or under the laws of another state or government, annually, at the time and in the form and manner required of similar companies organized under the laws of this state, shall file a statement of its condition and affairs in the office of the superintendent of insurance. A company organized under or incorporated by a foreign government shall also furnish a supplementary statement for the year ending on the preceding thirty-first day of December, verified by the oath of the manager of such company residing in the United States, which shall comprise a report of its business and affairs in the United States, as required from companies organized in this state, together with any other information that may be required by the superintendent. If such annual statement is satisfactory evidence to the superintendent of the solvency and ability of the company to meet all its engagements at maturity, and that the deposit is maintained as provided by section 3927.06 of the Revised Code, the superintendent shall issue, during the month of January in each year or within sixty days thereafter, renewal certificates of authority to the agents of the company, certified copies of which shall be filed in the county recorder's office of each county in which an agency is located and retained therewith for a minimum of two years from the date of filing. Such certificates shall be the authority for such agents to issue new policies in this state for the ensuing year.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3929 | Domestic and Foreign Insurance Companies Other Than Life › Section 3929.01 | Powers of Companies - Deposits Required of Foreign Companies.

Effective:
August 8, 1991
Latest Legislation:
Senate Bill 137 - 119th General Assembly
(A) A domestic, foreign, or alien mutual or stock insurance company, other than a life insurance company, organized or admitted under Title XXXIX of the Revised Code or created by a special act or acts of the general assembly, or an attorney licensed under section 3931.10 of the Revised Code to make reciprocal or interinsurance contracts under sections 3931.01 to 3931.12 of the Revised Code, may directly, or by ceding or assuming reinsurance, transact any of the following kinds of insurance:
(1) Fire;
(2) Allied lines;
(3) Farmowners multiple peril;
(4) Homeowners multiple peril;
(5) Commercial multiple peril;
(6) Ocean marine;
(7) Inland marine;
(8) Financial guaranty;
(9) Medical malpractice;
(10) Earthquake;
(11) Group accident and health;
(12) Credit A & H (group and individual);
(13)(a) Collectively renewable A & H;
(b) Noncancellable A & H;
(c) Guaranteed renewable A & H;
(d) Nonrenewable for stated reasons only;
(e) Other accident only;
(f) All other A & H.
(14) To the extent permitted by law, workers' compensation;
(15) Other liability;
(16)(a) To the extent permitted by law, private passenger auto no-fault (personal injury protection);
(b) Other private passenger auto liability;
(c) To the extent permitted by law, commercial auto no-fault (personal injury protection);
(d) Other commercial auto liability.
(17)(a) Private passenger auto physical damage;
(b) Commercial auto physical damage.
(18) Aircraft (all perils);
(19) Fidelity;
(20) Surety;
(21) Glass;
(22) Burglary and theft;
(23) Boiler and machinery;
(24) Credit;
(25) Reinsurance only;
(26) Any other insurance against loss or damage by any hazard upon any risk, other than life insurance, that is not prohibited by the Revised Code or at common law from being the subject of insurance.
(B) A company of another state, territory, district, or country admitted to transact the fidelity or surety insurance business, in addition to any other deposit required by this state, shall deposit with the superintendent of insurance, for the benefit and security of all of its policyholders, 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 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.
(C) Nothing in this section shall be construed to enlarge upon or extend the powers possessed by an insurer authorized to transact business in this state as a title insurance company.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3929 | Domestic and Foreign Insurance Companies Other Than Life › Section 3929.012 | Reserve Requirements.

Effective:
August 8, 1991
Latest Legislation:
Senate Bill 137 - 119th General Assembly
(A) Each insurance company authorized to transact business in this state, except any life insurance company, shall maintain reserves in at least all of the following amounts:
(1) An amount that equals the unearned portions of the gross premiums charged on unexpired or unterminated risks and policies;
(2) An amount that is estimated to be sufficient to provide for the ultimate payment of all losses or claims, whether reported or unreported, for which the company may be liable, if the losses or claims are incurred on or before the date that the annual or interim financial statement is filed and remain unpaid as of that date.
(3) An amount that is estimated to provide for the expenses incurred in adjusting or settling the claims described in division (A)(2) of this section.
(B) Each company shall calculate the reserves required under division (A) of this section in accordance with any rules adopted, in accordance with Chapter 119. of the Revised Code, by the superintendent of insurance.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3929 | Domestic and Foreign Insurance Companies Other Than Life › Section 3929.02 | Liability Incurred on Any Single Risk.

Effective:
August 8, 1991
Latest Legislation:
Senate Bill 137 - 119th General Assembly
(A) No insurer authorized to engage in the business of property and casualty insurance in this state under Chapter 3925., 3929., or 3941. of the Revised Code, and no reinsurer authorized to do business in this state, shall incur on any single risk, on behalf of or on account of any one person, a liability for either of the following amounts:
(1) With respect to any stock company, an amount greater than one-tenth of its paid-up capital and surplus;
(2) With respect to any mutual company, an amount greater than one-tenth of its surplus.
(B) For purposes of calculating the amount of liability incurred on any single risk, a deduction shall be made for any reinsurance ceded to an authorized reinsurer.
(C) For purposes of calculating the amount of liability incurred by an alien insurer on any single risk, the calculation shall be made in accordance with divisions (A) and (B) of this section and shall be based solely on the insurer's United States branch.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3929 | Domestic and Foreign Insurance Companies Other Than Life › Section 3929.03 | Employee Subrogated to Rights of Employer.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
An employee who recovers against his employer for injuries sustained while in the employ of his employer, and sustained because of the negligence of the employer or negligence for which said employer is liable, is subrogated to all the rights of the employer under any contract or policy of insurance against loss or damage resulting to said employer from the injury or death of an employee while in the service of such employer, whether the person, partnership, or corporation contracting with said employer or issuing such policy of insurance has been made a party to the action for damages sustained or not.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3929 | Domestic and Foreign Insurance Companies Other Than Life › Section 3929.04 | Rights and Remedies Pass to Personal Representatives.

Effective:
January 1, 2021
Latest Legislation:
House Bill 339 - 133rd General Assembly
In case of the death of any employee by reason of the wrongful or negligent acts of the employee's employer, or negligence or wrongful acts for which said employer is liable, the personal representative of the deceased employee has all the rights and remedies that the employee would have had under section 3929.03 of the Revised Code had death not resulted.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3929 | Domestic and Foreign Insurance Companies Other Than Life › Section 3929.05 | Liability of Insurance Company for Bodily Injury or Death.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
Whenever a loss or damage occurs on account of a casualty covered by a contract of insurance made between an insurance company and any person, firm, or corporation, by which contract such person, firm, or corporation is insured against loss or damage on account of the bodily injury or death by accident of any person for which loss or damage such person, firm, or corporation is responsible, the liability of the insurance company is absolute, and the payment of said loss does not depend upon the satisfaction by the assured of a final judgment against him for loss, damage, or death occasioned by such casualty.
No such contract of insurance shall be canceled or annulled by any agreement between the insurance company and the assured after said assured has become responsible for such loss, damage, or death, and any such cancellation or annullment is void.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3929 | Domestic and Foreign Insurance Companies Other Than Life › Section 3929.07 | Deposit With Superintendent of Insurance Required.

Effective:
August 8, 1991
Latest Legislation:
Senate Bill 137 - 119th General Assembly
An insurance company that is required by division (B) of section 3929.01 or section 3953.06 of the Revised Code to deposit fifty thousand dollars of bonds with the superintendent of insurance may, in lieu of that deposit, make a deposit of one hundred thousand dollars, in securities in which the company may invest its assets by the laws of the state in which it is incorporated, with the superintendent of insurance or other officer of another state, designated or permitted by the laws of that state to receive the deposit, for the benefit and security of all its policy holders. When the superintendent of insurance of this state is satisfied by the certificate of the superintendent of insurance or other officer of the other state that the deposit has been made, he shall accept the certificate in lieu of the deposit required of the company by division (B) of section 3929.01 or section 3953.06 of the Revised Code, and the company need not then maintain the deposit provided for in those sections.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3929 | Domestic and Foreign Insurance Companies Other Than Life › Section 3929.08 | Deposits Required by Other States.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
When any insurance company organized under the laws of this state is required by the retaliatory or other laws of any other state or district to make a deposit with the superintendent of insurance of this state, for the benefit of its policyholders, as a condition to the right of such company to transact business in such other state or district, the superintendent shall receive such deposit in the amount that is required by such laws in any securities in which the company may invest its assets under the laws of this state. The superintendent shall deliver to any company making such deposit a certificate of such deposit, setting forth the securities deposited and the trust upon which he holds them.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3929 | Domestic and Foreign Insurance Companies Other Than Life › Section 3929.09 | Maintenance and Withdrawal of Securities.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
Any deposit under sections 3929.07 and 3929.08 of the Revised Code shall be made and maintained in securities worth the amount of the required deposit; such securities may be exchanged from time to time for other securities of the prescribed character and worth the amount of the required deposit. So long as the company continues solvent, it shall receive the interest on the deposited securities.
Any deposit made under said sections may be withdrawn by the company when the superintendent of insurance, upon examination of the books of the company, affidavits of its principal officers, and other evidence, is satisfied and certifies that all the obligations and liabilities which the deposit was made to secure have been paid or extinguished.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3929 | Domestic and Foreign Insurance Companies Other Than Life › Section 3929.10 | Deposit Required of Guaranty Company.

Effective:
March 6, 1986
Latest Legislation:
House Bill 33 - 116th General Assembly
No company organized under the laws of this state to transact the business of guaranteeing the fidelity of persons holding places of public or private trust, who are required to, or in their trust capacity do, receive, hold, control, or disburse public or private property, and to transact the business of guaranteeing the performance of contracts other than insurance policies, or of executing or guaranteeing bonds or undertakings required or permitted in actions or proceedings, or allowed by law, shall commence business until it has deposited with the superintendent of insurance two hundred thousand dollars in the securities permitted by sections 3925.05 to 3925.08 of the Revised Code, which shall be held for the benefit and security of all the policyholders of the company, and shall not be received by him at a rate above their par value.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3929 | Domestic and Foreign Insurance Companies Other Than Life › Section 3929.11 | Deposit by Foreign Guaranty Company.

Effective:
July 30, 1984
Latest Legislation:
House Bill 250 - 115th General Assembly
No guaranty company mentioned in section 3929.10 of the Revised Code organized under the laws of another state, territory, district, or country shall be licensed to transact such business in this state unless at least two hundred thousand dollars of its assets are invested in the securities permitted by sections 3925.05 to 3925.08 of the Revised Code, or in securities permitted by the laws of the state, district, or territory in which it is organized, and until such securities are deposited with the superintendent of insurance in this state, or the superintendent of insurance or other officer of another state, district, or territory designated by the laws thereof to receive them. If such securities are deposited with said officer of another state, the superintendent of insurance of this state, before such company is licensed to transact such business in this state, shall be furnished with a certificate of such officer under his hand and official seal that he, as such officer, holds in trust on deposit for the benefit of all the policyholders of such company the securities mentioned in this section, giving the items thereof and stating that he is satisfied that such securities are worth at least two hundred thousand dollars. Such securities deposited with such superintendent may be exchanged from time to time for other like securities, and so long as the corporation depositing them continues solvent and complies with the laws of this state, the superintendent of insurance shall permit it to collect the interest, or dividends or distributions, on such deposit.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3929 | Domestic and Foreign Insurance Companies Other Than Life › Section 3929.13 | Estoppel of Company Executing Bond.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
A company which executes a bond as surety under sections 3929.10 and 3929.11 of the Revised Code shall, in any proceeding to enforce the liability which it has assumed to incur, be estopped to deny its corporate power to execute such instrument or assume such liability.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3929 | Domestic and Foreign Insurance Companies Other Than Life › Section 3929.14 | Sufficiency of Bonds Executed by Guaranty Company.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
When a bond, recognizance, or undertaking is required or permitted by law, with one or more sureties, its execution or the guaranteeing thereof, as sole surety, is sufficient if done by a company authorized to guarantee the fidelity of persons holding places of public or private trust, to guarantee the performance of contracts other than insurance policies, and to execute and guarantee bonds and undertakings in actions or proceedings or allowed by law. When a bond, recognizance, or undertaking is so executed and guaranteed by such a company, it is a full compliance with every requirement of law, ordinance, rule, or regulation that such bond or recognizance must be executed and guaranteed by one surety or two or more sureties, or that such sureties shall be residents, householders, or freeholders.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3929 | Domestic and Foreign Insurance Companies Other Than Life › Section 3929.141 | Surety for Guaranteed Arrest Bond Certificates Issued by Automobile Club or Association.

Effective:
August 8, 1991
Latest Legislation:
Senate Bill 137 - 119th General Assembly
(A) Any domestic or foreign insurance company that is authorized to transact surety business pursuant to division (A)(19) or (20) of section 3929.01 of the Revised Code, may, in any year, become surety in an amount not to exceed two hundred dollars with respect to each of any guaranteed arrest bond certificates issued in that year by an automobile club or association by filing with the superintendent of insurance an undertaking to become surety.
(B) The undertaking shall be in a form prescribed by the superintendent and shall state the following:
(1) The names and addresses of the automobile clubs or automobile associations with respect to the guaranteed arrest bond certificates of which the surety company undertakes to be surety.
(2) The unqualified obligation of the surety company to pay the fine or forfeiture in an amount not to exceed two hundred dollars of any one person who, after posting a guaranteed arrest bond certificate with respect to which the surety company has undertaken to be surety, fails to make the appearance for which the guaranteed arrest bond certificate was posted.
(3) As used in this section, "guaranteed arrest bond certificate" means any printed card or other certificate issued by an automobile club or association to any of its members, which card or certificate is signed by the member and contains a printed statement that the automobile club or association and a surety company guarantee the appearance of the person whose signature appears on the card or certificate and that they will, in the event of failure of the person to appear in court at the time of trial, pay any fine or forfeiture imposed on the person in an amount not to exceed two hundred dollars.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3929 | Domestic and Foreign Insurance Companies Other Than Life › Section 3929.15 | Allowance of Premium to Surety Company.

Effective:
July 17, 1963
Latest Legislation:
Senate Bill 36 - 105th General Assembly
A judge, court, or officer, whose duty it is to pass upon the account of an assignee, trustee, receiver, guardian, executor, administrator, or other fiduciary, required by law to give bond, whenever such fiduciary has given bond with a surety company as surety thereon in the settlement of his account as such fiduciary, shall allow a reasonable sum to be paid to such a company authorized under the laws of this state to do so for becoming his surety, not above one half of one per cent per annum on the amount of the bond, unless said bond is in double the probable value of the aggregate of the tangible and intangible personal property and of the annual income which will come into the hands of the fiduciary (expressly excluding property deposited under section 2109.13 of the Revised Code), when the sum so allowed must not exceed one fourth of one per cent per annum. Such company must have complied and continued to comply with the laws of this state relative to it, and with the requirements as to justification prescribed by the head of the department, court, judge, or officer required to approve or accept the bond. The bond or recognizance must also be approved by the head of the department, court, judge, or officer required to approve or accept it.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3929 | Domestic and Foreign Insurance Companies Other Than Life › Section 3929.16 | Bonds of Public Officers.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
Sections 3929.14 and 3929.15 of the Revised Code authorize such a guaranty company as is described therein to become surety upon the bond required by law of any state officer, except the superintendent of insurance, and of any county, township, or municipal officer. Such company may be accepted by the officers required to approve such bond, in lieu of the sureties required by law.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3929 | Domestic and Foreign Insurance Companies Other Than Life › Section 3929.17 | Payment of Premiums on Bonds.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
The premium of any licensed surety company on the bond of any public officer, deputy, or employee shall be allowed and paid by the state, county, township, municipal corporation, or other subdivision, or board of education, of which such person giving the bond is such officer, deputy, or employee.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3929 | Domestic and Foreign Insurance Companies Other Than Life › Section 3929.18 | Lien of Mutual Companies for Premium Notes.

Effective:
January 30, 2014
Latest Legislation:
House Bill 72 - 130th General Assembly
Any building insured by a mutual company must be pledged to such company, together with the right and title of the insured in the land upon which it is situated, to the amount of the premium note or contingent liability, and the company shall have a lien on such building and land to the amount of such note or liability. Such lien shall not take effect until the company files, with the county recorder of the county in which the property insured is located, a certificate stating the date, number, and amount of the premium note or contingent liability, and such a description of the property insured as will enable a person readily to identify it. The lien is valid for a period of five years from the date of filing, unless sooner released or satisfied in the same manner provided by law for the release and satisfaction of mortgages on real property or discharged by the final judgment or order of a court of competent jurisdiction.
A lien may be extended by the filing of an extension certificate that references the original certificate and any previous extension certificates prior to the expiration date of the original certificate or then current extension certificate, in which case the lien is valid for a period of five years from the date of the filing of the extension certificate unless sooner released or satisfied in the manner provided in this section. Any lien filed under this section prior to July 14, 2004, shall be valid for a period of five years after July 14, 2004, unless sooner released or satisfied in the manner provided in this section, and may be extended by the filing of an extension certificate prior to the expiration of the five-year period.
The county recorder shall record such certificates in the recorder's official records and shall index such certificates as provided in section 317.18 of the Revised Code. The county recorder shall receive a fee as provided in section 317.32 of the Revised Code.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3929 | Domestic and Foreign Insurance Companies Other Than Life › Section 3929.19 | Cancellation of Policies.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
A fire insurance company doing business under the laws of this state, which issues policies of insurance covering property located in this state, and on such policies receives from the persons insured either cash payments of premium, or notes subject to assessment for payment of losses, or notes for the installments of premium, shall insert in every such policy issued an obligation to cancel it, upon the written request of the person insured, on the conditions provided in sections 3929.20 to 3929.24, inclusive, of the Revised Code.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3929 | Domestic and Foreign Insurance Companies Other Than Life › Section 3929.20 | Rates of Cancellation for Cash Policies.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
When a policy issued on the cash plan is canceled, in accordance with section 3929.19 of the Revised Code, the company issuing such policy may retain customary short rates, as established and charged by companies doing a cash business, for the time the policy has been in force, and return to the insured the unearned premium on the policy for the unexpired time.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3929 | Domestic and Foreign Insurance Companies Other Than Life › Section 3929.21 | Rates of Cancellation for Policies on the Mutual Plan.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
When a policy issued on the mutual plan is canceled in accordance with section 3929.19 of the Revised Code, the company issuing such policy must surrender to the insured the note received from him for premium or payment of losses. Such policy shall first be sent to the secretary or agent of the company, and, within sixty days after receipt thereof for cancellation, the premium note shall be returned. The insured shall first pay his proportion of all losses which actually occurred up to the date when the policy was received. The company is not liable for any loss under any such policy after it is returned for cancellation.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3929 | Domestic and Foreign Insurance Companies Other Than Life › Section 3929.22 | Rates of Cancellation for Policies on Installment Plan.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
When a policy issued on the installment plan is canceled, in accordance with section 3929.19 of the Revised Code, the company issuing such policy may collect of the insured the customary short rates for the time the policy has been in force, said rates to be computed on the full term of insurance mentioned in the policy as charged by such company. On receipt of such short rates, it must return all installment notes then unpaid and refund to the insured any premium collected in excess of the short rates.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3929 | Domestic and Foreign Insurance Companies Other Than Life › Section 3929.24 | Enforcement by Superintendent.

Effective:
September 24, 1963
Latest Legislation:
House Bill 397 - 105th General Assembly
When it comes to the knowledge of the superintendent of insurance, or an officer having charge of the division of insurance, that any one of sections 3929.19 to 3929.22, inclusive, of the Revised Code, has been violated, he shall at once make a thorough investigation in regard to it, and on sufficient proof of such violation, shall revoke the certificate of authority of the company guilty of such violation.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3929 | Domestic and Foreign Insurance Companies Other Than Life › Section 3929.25 | Extent of Liability Under Policy.

Effective:
June 18, 1992
Latest Legislation:
Senate Bill 221 - 119th General Assembly
A person, company, or association insuring any building or structure against loss or damage by fire or lightning shall have such building or structure examined by his or its agent, and a full description thereof made, and its insurable value fixed, by such agent. In the absence of any change increasing the risk without the consent of the insurers, and in the absence of intentional fraud on the part of the insured, in the case of total loss the whole amount mentioned in the policy or renewal, upon which the insurer received a premium, shall be paid. However, if the policy of insurance requires actual repair or replacement of the building or structure to be completed in order for the policyholder to be paid the cost of such repair or replacement, without deduction for depreciation or obsolescence, up to the limits of the policy, then the amount to be paid shall be as prescribed by the policy.
The cellar and foundation walls shall not be considered a part of such building or structure in settling losses, despite any contrary provisions in the application or policy.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3929 | Domestic and Foreign Insurance Companies Other Than Life › Section 3929.26 | More Than One Policy on Same Property.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
When there are two or more insurance policies upon the same property, each policy shall contribute to the payment of the whole or of the partial loss in proportion to the amount of insurance mentioned in each policy. In no case shall the insurer be required to pay more than the amount mentioned in its policy.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3929 | Domestic and Foreign Insurance Companies Other Than Life › Section 3929.27 | Solicitor Agent of Company.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
A person who solicits insurance and procures the application therefor shall be considered as the agent of the party, company, or association thereafter issuing a policy upon such application or a renewal thereof, despite any contrary provisions in the application or policy.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3929 | Domestic and Foreign Insurance Companies Other Than Life › Section 3929.28 | Execution of Contracts.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
Policies or contracts of insurance made or entered into by a company may be made either with or without its seal. They shall be subscribed by the president of said company, or such other officer as the directors designate for that purpose, and shall be attested by the secretary. When such policies or contracts are subscribed and attested, they shall be obligatory on the company.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3929 | Domestic and Foreign Insurance Companies Other Than Life › Section 3929.29 | Restrictions in Advertisements - Forfeiture.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
No fire insurance company organized under the laws of this state, or admitted to do business in this state, shall include in a statement of assets in any public advertisement, card, or circular, any item of value of a class or character not admitted by the superintendent of insurance in the annual report of such company. Every such advertisement, card, or circular, containing such a statement of assets of said company, must contain a full statement of all the liabilities of the company, including the reinsurance reserve, which in no case shall be less than that required by law for its annual report.
Any violation of this section, after a second notice from the superintendent, will render such company liable to a forfeiture of one thousand dollars, and each subsequent violation to a like forfeiture, to be recovered in an action instituted against such company by the prosecuting attorney in the name of the state and paid to the county treasurer for the use of the schools as provided in sections 3315.31 and 3315.32 of the Revised Code.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3929 | Domestic and Foreign Insurance Companies Other Than Life › Section 3929.30 | Annual Report.

Effective:
May 26, 2010
Latest Legislation:
House Bill 300 - 128th General Assembly
The president or the vice-president and the secretary of each insurance company organized under the laws of this or any other state and doing business in this state, annually, on the first day of January or within sixty days thereafter, shall prepare, under oath, and deposit in the office of the superintendent of insurance a statement of the condition of such company on the next preceding thirty-first day of December. The statement shall be submitted on the forms adopted by the superintendent pursuant to section 3901.77 of the Revised Code, and shall exhibit the following facts and items:
(A) The amount of the capital stock of the company, specifying the amount paid and unpaid;
(B) A detailed statement of all the assets of the company and the manner of their investment.
(C) The liabilities of the company, specifying:
(1) The amount of losses due and unpaid;
(2) The amount of claims for losses resisted by the company;
(3) The amount of losses incurred during the year, including those claimed and not due, and those reported to the company upon which no action has been taken;
(4) The amount of dividends declared, due, and unpaid;
(5) The amount of dividends, either cash or scrip, declared but not due;
(6) The amount of money borrowed and the security given for its payment;
(7) The amount required for reinsurance, being a pro rata of all premiums, received and receivable, on unexpired risks and policies, provided that as to fire insurance business, a company may, at its option, maintain a sum equal to fifty per cent of the whole amount of premiums received and receivable on unexpired risks and policies running one year and less from the date of the policy. In the case of marine insurance, premiums on trip risks not terminated shall be deemed unearned, and the superintendent may require a reserve to be carried thereon equal to one hundred per cent of the premiums on trip risks written during the month ended as of the date of statement.
(8) The amount of all other existing claims against the company.
(D) The income of the company during the preceding year, specifying:
(1) The amount of cash premiums received;
(2) The amount of notes or contingent assets received for premiums;
(3) The amount of interest money received;
(4) The amount of income received from other sources.
(E) The expenditure during the preceding year, specifying:
(1) The amount of losses paid during the year, stating how much of them accrued prior, and how much accrued subsequent, to the date of the preceding statement, and the amount at which losses were estimated in each preceding statement;
(2) The amount of dividends paid during the year;
(3) The amount of expenses paid during the year, including commissions and fees to agents and officers of the company;
(4) The amount paid for taxes;
(5) The amount of all payments and expenditures;
(6) The amount of scrip dividend declared.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3929 | Domestic and Foreign Insurance Companies Other Than Life › Section 3929.31 | Special Report.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
The annual statement required by section 3929.30 of the Revised Code of a company, whose capital is composed in whole or part of notes, shall exhibit, in addition to the information specified in said section, the amount of notes which originally formed its capital, and what proportion of such notes is still held by the company and considered capital.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3929 | Domestic and Foreign Insurance Companies Other Than Life › Section 3929.32 | Prohibition Against Failure to Make Statement.

Effective:
October 26, 1989
Latest Legislation:
House Bill 105 - 118th General Assembly
No company organized under a law of this state, another state, or a foreign government shall fail to make and deposit the statement required by sections 3929.30 and 3929.31 of the Revised Code, or to reply to an inquiry of the superintendent of insurance with respect to that statement.
Whoever violates this section shall be subject to a forfeiture of five hundred dollars, and an additional five hundred dollars for every month it thereafter continues to transact any business of insurance, to be recovered by action in the name of the state, and, on collection, paid into the state treasury.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3929 | Domestic and Foreign Insurance Companies Other Than Life › Section 3929.34 | Distribution of Unallocated Payments.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
(A) All unallocated payments in division (B) of section 3929.33 of the Revised Code made in a given calendar year subsequent to the first four years in which a corporation has been issuing such policies shall be distributed as follows:
(1) Thirty-five per cent shall be charged to the policies written in that year;
(2) Forty per cent to the policies written in the preceding year;
(3) Ten per cent to the policies written in the second year preceding;
(4) Ten per cent to the policies written in the third year preceding;
(5) Five per cent to the policies written in the fourth year preceding.
(B) Such payments made in the first four calendar years in which a corporation has been issuing such policies shall be distributed as follows:
(1) In the first calendar year one hundred per cent shall be charged to the policies written in that year;
(2) In the second calendar year fifty per cent shall be charged to the policies written in that year and fifty per cent to the policies written in the preceding year;
(3) In the third calendar year forty per cent shall be charged to the policies written in that year, forty per cent to the policies written in the preceding year, and twenty per cent to the policies written in the second year preceding;
(4) In the fourth calendar year thirty-five per cent shall be charged to the policies written in that year, forty per cent to the policies written in the preceding year, fifteen per cent to the policies written in the second year preceding, and ten per cent to the policies written in the third year preceding.
(C) A schedule showing such distribution of unallocated payments shall be included in its annual statement.
Last updated February 23, 2022 at 3:19 PM
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3929 | Domestic and Foreign Insurance Companies Other Than Life › Section 3929.36 | Schedule Requirements for Corporations Issuing Certain Policies.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
A corporation which has been issuing policies covering the kinds of insurance described in section 3929.33 of the Revised Code for a period of less than ten years shall include in its annual statement a schedule as required by sections 3929.33 to 3929.35, inclusive, of the Revised Code, for the years in which it has issued such policies, and shall be charged with an indebtedness determined in the same manner; but in determining the indebtedness for policies written in the five years immediately preceding the date as of which the statement is made, the minimum ratios prescribed by said sections shall be used, subject to the same deductions and provisions as in the case of corporations that have been issuing such policies for ten years or more.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3929 | Domestic and Foreign Insurance Companies Other Than Life › Section 3929.37 | Action by Attorney General.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
On the request of the superintendent of insurance, the attorney general shall institute the action authorized by section 3929.32 of the Revised Code against a delinquent company in the court of appropriate jurisdiction in Franklin county, or in the court of appropriate jurisdiction of the county in which such company is located or has its principal place of business.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3929 | Domestic and Foreign Insurance Companies Other Than Life › Section 3929.41 | Purposes.

Effective:
July 18, 1980
Latest Legislation:
House Bill 792 - 113th General Assembly
The purposes of sections 3929.41 to 3929.49 of the Revised Code are to:
(A) Assure stability in the property insurance market for property located in urban areas of the state;
(B) Assure the availability of basic property insurance as defined by sections 3929.41 to 3929.49 of the Revised Code;
(C) Assure the availability, at the option of the applicant, of homeowners insurance as defined in division (B) of section 3929.42 of the Revised Code;
(D) Encourage maximum use, in obtaining basic property insurance, of the normal insurance market provided by authorized insurers;
(E) Provide for the equitable distribution among authorized insurers of the responsibility for insuring eligible property, for which basic property insurance cannot be obtained through the normal insurance market;
(F) Authorize the establishment of a FAIR plan (fair access to insurance requirements), and the Ohio fair plan underwriting association.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3929 | Domestic and Foreign Insurance Companies Other Than Life › Section 3929.42 | Urban Homeowners Insurance Definitions.

Effective:
July 18, 1980
Latest Legislation:
House Bill 792 - 113th General Assembly
As used in sections 3929.41 to 3929.49 of the Revised Code, or any regulations adopted pursuant thereto:
(A) "Basic property insurance" means insurance against direct loss to property as defined and limited in standard fire policies and extended coverage endorsements thereon, as approved by the superintendent of insurance, and insurance for such types, classes and locations of property against the perils of vandalism, malicious mischief, burglary, or theft, as the superintendent shall designate. Such insurance shall not include automobile insurance nor insurance on such types of manufacturing risks as may be excluded by the superintendent.
(B) "Homeowners insurance" means insurance on owner-occupied dwellings providing personal multi-peril property and liability coverages commonly known as homeowners insurance, and is subject to such reasonable underwriting standards, exclusions, deductibles, rates, and conditions as are customarily used by member insurers for similar coverages.
(C) "Insurer" includes any insurance company or group of companies under common ownership which is authorized to engage in the business of property insurance in this state.
(D) "Association" means the Ohio fair plan underwriting association created by section 3929.43 of the Revised Code.
(E) "Urban area" means this state or any municipality, or any other political subdivision or part thereof, as designated by the superintendent of insurance, or by the association with the approval of the superintendent.
(F) "Fair plan" means a plan to assure fair access to insurance requirements.
(G) "Premiums written" means gross direct premiums, including that portion of premium which is attributable to a riot loading or factor, excluding that portion of premium on risks ceded to the association, charged with respect to property in the state on all policies of basic property insurance and homeowners insurance and the basic property insurance premium components of all multi-peril policies, as computed by the association, covering property in this state, less all premiums and dividends returned, paid, or credited to policyholders, or the unused or unabsorbed portions of premium deposits.
(H) "Inspection bureau" means any fire insurance rating bureau or other organization designated by the association, with the approval of the superintendent of insurance, to perform inspections to determine the condition of the properties for which the basic property insurance or homeowners insurance is sought and to perform such other duties as may be authorized by the association with the approval of the superintendent.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3929 | Domestic and Foreign Insurance Companies Other Than Life › Section 3929.45 | Examination Into Operation of Association.

Effective:
July 31, 1969
Latest Legislation:
House Bill 465 - 108th General Assembly
The superintendent of insurance or any person designated by him may visit and examine into the operation of the Ohio fair plan underwriting association and shall have free access to all the books, records, files, papers, and documents that relate to the operation of the association, and may summon, qualify, and examine as witnesses all persons having knowledge of such operations, including officers, agents, or employees thereof.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3929 | Domestic and Foreign Insurance Companies Other Than Life › Section 3929.46 | Superintendent May Require Reports From Insurers.

Effective:
July 18, 1980
Latest Legislation:
House Bill 792 - 113th General Assembly
The superintendent of insurance may require such reports from insurers concerning risks insured under any plan approved pursuant to sections 3929.41 to 3929.49 of the Revised Code, as he finds necessary.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3929 | Domestic and Foreign Insurance Companies Other Than Life › Section 3929.47 | Appeals - Judicial Review.

Effective:
July 31, 1969
Latest Legislation:
House Bill 465 - 108th General Assembly
Any person or insurer aggrieved by any action or decision of the administrator of the plan, the Ohio fair plan underwriting association, or of any insurer as a result of its participation therein, may appeal to the board of governors. The decision of the board of governors may be appealed to the superintendent of insurance within thirty days from the date of the action or the decision. The superintendent shall, after hearing held upon proper notice, issue an order approving or disapproving the action or decision, with respect to the matter which is the subject of appeal. All final orders and decisions of the superintendent are subject to judicial review as provided in Chapter 119. of the Revised Code.