reglab/statecodes huggingface dataset:
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3913 | Changes in Corporate Organization or Status › Section 3913.31 | Payment or Reimbursement of Costs and Expenses.

Effective:
September 16, 1997
Latest Legislation:
House Bill 370 - 122nd General Assembly
All costs and expenses of the process of a reorganization under sections 3913.25 to 3913.38 of the Revised Code shall be paid for or reimbursed by the mutual insurance company, the reorganized stock company, or an intermediate holding company.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3913 | Changes in Corporate Organization or Status › Section 3913.32 | Reorganization by Merging or Consolidating Membership Interests.

Effective:
September 16, 1997
Latest Legislation:
House Bill 370 - 122nd General Assembly
(A) A mutual insurance company may reorganize by merging its policyholders' membership interests into a domestic or foreign mutual insurance holding company and continuing the corporate existence of the mutual insurance company as a reorganized stock company. A mutual insurance company reorganizing under this section shall comply with all applicable provisions of sections 3913.25 to 3913.38 of the Revised Code, and all applicable laws of foreign jurisdictions, to effect the reorganization.
(B) A domestic or foreign mutual insurance holding company may reorganize by merging or consolidating its membership interests into another domestic or foreign mutual insurance holding company. A domestic or foreign mutual insurance holding company reorganizing under this division shall comply with all applicable provisions of sections 3913.25 to 3913.38 of the Revised Code, and all applicable laws of foreign jurisdictions, to effect the reorganization.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3913 | Changes in Corporate Organization or Status › Section 3913.33 | Rights and Status of Membership.

Effective:
September 16, 1997
Latest Legislation:
House Bill 370 - 122nd General Assembly
A membership interest in a mutual insurance holding company is not a security under the laws of this state. No member of a mutual insurance holding company may transfer membership in the mutual insurance holding company or any right arising from membership.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3913 | Changes in Corporate Organization or Status › Section 3913.34 | Applying Other Insurance Laws.

Effective:
September 4, 2014
Latest Legislation:
Senate Bill 140 - 130th General Assembly
(A) Sections 3913.11 to 3913.13 and 3913.20 to 3913.23 of the Revised Code shall apply to a mutual insurance holding company as if the mutual insurance holding company were a domestic mutual insurance company. The members of the mutual insurance holding company are deemed to be members of a domestic mutual insurance company for all purposes of such sections.
(B) A reorganization of a domestic mutual life insurance company subject to sections 3913.25 to 3913.38 of the Revised Code is not subject to sections 3901.32 to 3901.323 of the Revised Code.
(C) Notwithstanding division (B) of this section, for a period of five years following the effective date of a reorganization under sections 3913.25 to 3913.38 of the Revised Code, no person shall acquire control of a reorganized stock company without compliance with sections 3901.32 to 3901.323 of the Revised Code. For purposes of this division, "control" has the same meaning as in division (B) of section 3901.32 of the Revised Code, except that control is presumed to exist if any person, directly or indirectly, owns, controls, holds with the power to vote, or holds proxies representing five per cent or more of the voting securities of any other person.
(D) An intermediate holding company or, if there is no such company, a reorganized stock company shall not issue shares of stock, in addition to the shares issued pursuant to the reorganization plan under which the company was formed, without the prior approval of the mutual insurance holding company as its majority shareholder. The prior approval of the mutual insurance holding company must be evidenced by a resolution of the board of directors of the mutual insurance holding company delivered to the board of directors of the intermediate holding company or the reorganized stock company prior to the issuance of the additional shares.
(E) A mutual insurance holding company, and an intermediate holding company, if any, are deemed to be insurers subject to sections 3901.07, 3901.071, and 3901.48 of the Revised Code.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3913 | Changes in Corporate Organization or Status › Section 3913.35 | Reorganization, Dissolution, Liquidation.

Effective:
September 16, 1997
Latest Legislation:
House Bill 370 - 122nd General Assembly
(A) A mutual insurance holding company, and, if applicable, its intermediate holding company, are deemed to be insurers subject to sections 3903.01 to 3903.76 of the Revised Code. A mutual insurance holding company and the intermediate holding company accordingly are deemed to be parties to any proceeding under sections 3903.01 to 3903.76 of the Revised Code involving an insurance company that is a subsidiary of the mutual insurance holding company or of the intermediate holding company as a result of a reorganization under sections 3913.25 to 3913.38 of the Revised Code.
(B) In any proceeding under sections 3903.01 to 3903.76 of the Revised Code involving a reorganized stock company, the assets of the mutual insurance holding company, and, if applicable, its intermediate holding company, are deemed to be assets of the reorganized stock company for purposes of satisfying claims of the policyholders of the reorganized stock company.
(C) A mutual insurance holding company, and, if applicable, its intermediate holding company, shall not be dissolved or liquidated without compliance with the provisions of Chapter 3903. of the Revised Code. such companies are deemed to be domestic insurance companies for purposes of a dissolution or liquidation under Chapter 3903. of the Revised Code.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3913 | Changes in Corporate Organization or Status › Section 3913.36 | Time Limit for Challenges.

Effective:
September 16, 1997
Latest Legislation:
House Bill 370 - 122nd General Assembly
Any action challenging the validity of, or arising out of, actions taken or proposed to be taken in connection with a reorganization under sections 3913.25 to 3913.38 of the Revised Code shall be commenced no later than thirty days after the effective date of the reorganization.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3913 | Changes in Corporate Organization or Status › Section 3913.37 | Rules.

Effective:
September 16, 1997
Latest Legislation:
House Bill 370 - 122nd General Assembly
The superintendent of insurance may adopt rules in accordance with Chapter 119. of the Revised Code to carry out the purposes of sections 3913.25 to 3913.38 of the Revised Code.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3913 | Changes in Corporate Organization or Status › Section 3913.38 | Attorney General May Review Transactions Involving Nonprofit Health Care Entities.

Effective:
September 16, 1997
Latest Legislation:
House Bill 370 - 122nd General Assembly
The attorney general may, under authority granted under common law and sections 109.23, 109.24, 109.34, and 109.35 of the Revised Code, review any transaction, as defined in section 109.34 of the Revised Code, involving nonprofit health care entities. Nothing in section 3901.043 or sections 3913.25 to 3913.37 of the Revised Code shall be construed to limit the independent authority of the attorney general to protect and preserve charitable assets and charitable trusts of such entities. In addition, nothing in this section shall be construed to limit or expand any other common law or statutory authority of the attorney general.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3915 | Life Insurance Policy Provisions › Section 3915.02 | Application of Law.

Effective:
September 13, 2004
Latest Legislation:
Senate Bill 187 - 125th General Assembly
This chapter does not apply to annuities except as provided in sections 3915.051, 3915.073, 3915.14, and 3915.21 to 3915.24 of the Revised Code, industrial policies except as provided in sections 3915.07 and 3915.071 of the Revised Code, fraternal benefit societies, corporations or associations operating on the assessment plan, or corporations or associations which have been organized under sections 3919.01 to 3919.19 of the Revised Code, except corporations and associations which, as of September 28, 1933, have amended their articles of incorporation under section 3919.13 of the Revised Code.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3915 | Life Insurance Policy Provisions › Section 3915.03 | Unauthorized Policies Not to Be Issued.

Effective:
October 23, 1991
Latest Legislation:
House Bill 16 - 119th General Assembly
No policy of life insurance shall be issued or delivered in this state, and no policy of life insurance of a life insurance company organized under the laws of this state shall be issued, unless it meets the requirements of this chapter.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3915 | Life Insurance Policy Provisions › Section 3915.04 | Preliminary Term Insurance.

Effective:
September 4, 2014
Latest Legislation:
Senate Bill 140 - 130th General Assembly
Life insurance policies may provide for not more than one year preliminary term insurance by incorporation therein of the following clause immediately preceding the "change of beneficiary" clause:
"The first year's insurance under this policy is term insurance."
If the premium charged for term insurance under a limited payment life or endowment preliminary term policy, providing for the payment of all premiums thereon in less than twenty years from the date of the policy, exceeds that charged for like insurance under whole life preliminary term policies of the same company, the reserve thereon at the end of any year, including the first, shall not be less than the reserve on a whole life preliminary term policy issued in the same year and at the same age together with an amount equivalent to the accumulation of a net level premium sufficient to provide for a pure endowment at the end of the premium-payment period equal to the difference between the value at the end of such period of such a whole life preliminary term policy and the full reserve at such time of such limited payment life or endowment policy. This section does not apply to any policy issued under section 3915.07 of the Revised Code on or after the operative date for such policy as authorized by division (H) of such section.
This section is applicable to any preliminary term policies, except in the case of life insurance policies and annuity and pure endowment contracts issued between July 17, 1947, and November 5, 1959, that are subject to valuation under section 3903.723 of the Revised Code.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3915 | Life Insurance Policy Provisions › Section 3915.052 | Interest Payable on Policy Proceeds.

Effective:
October 8, 1992
Latest Legislation:
House Bill 427 - 119th General Assembly
(A) On and after January 1, 1993, any life insurance company authorized to do business in this state shall pay interest, in accordance with division (B) of this section and subject to division (C) of this section, on any proceeds that become due pursuant to the terms of a life insurance policy other than a credit life insurance policy.
(B) The interest payable pursuant to division (A) of this section shall be computed from the date of the death of the insured to the date of the payment of the proceeds and shall be at whichever of the following rates is greater:
(1) The annual short-term applicable federal rate for purposes of section 1274(d) of the Internal Revenue Code, as defined in section 5747.01 of the Revised Code, in effect for the month in which the insured died;
(2) The current rate of interest on proceeds left on deposit with the company under an interest settlement option contained in the life insurance policy.
(C) Division (A) of this section does not require, and shall not be construed as requiring, the payment of interest unless the insured was a resident of this state on the date of his death and unless the beneficiary under the life insurance policy elects in writing to receive, or a written election has been made for the beneficiary to receive, the proceeds of the policy by means of a lump sum payment.
(D) Nothing in this section allows, or shall be construed as allowing, any insurance company to withhold the payment to any beneficiary of death proceeds under a life insurance policy for a period that is inconsistent with division (K) of section 3915.05 of the Revised Code or is longer than reasonably necessary to transmit the death proceeds.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3915 | Life Insurance Policy Provisions › Section 3915.053 | Policy of Military Reservist Not to Lapse for Nonpayment of Premiums.

Effective:
January 1, 2021
Latest Legislation:
House Bill 339 - 133rd General Assembly
(A)(1) Except as provided in division (A)(2) of this section, this section shall apply to any individual life insurance policy insuring the life of a reservist, as defined in section 3923.381 of the Revised Code, who is on active duty pursuant to an executive order of the president of the United States, an act of the congress of the United States, or section 5919.29 or 5923.21 of the Revised Code, if the life insurance policy meets both of the following conditions:
(a) The policy has been in force for at least one hundred eighty days.
(b) The policy has been brought within the "Servicemembers Civil Relief Act," 117 Stat. 2835 (2003), 50 U.S.C. App. 541, et seq.
(2) This section does not apply to any policy that was canceled or that had lapsed for the nonpayment of premiums prior to the commencement of the insured's period of military service.
(B) An individual life insurance policy described in division (A) of this section shall not lapse or be forfeited for the nonpayment of premiums during a reservist's period of military service or during the two-year period subsequent to the end of the reservist's period of military service.
(C) This section does not limit a life insurance company's enforcement of provisions in the insured's policy relating to naval or military service in time of war.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3915 | Life Insurance Policy Provisions › Section 3915.06 | Nonforfeiture Benefit and Cash Value.

Effective:
August 25, 1983
Latest Legislation:
House Bill 20 - 115th General Assembly
The nonforfeiture benefit referred to in division (H) of section 3915.05 of the Revised Code shall be available to the owner of the policy in the event of default in premium payments after premiums have been paid for three years, and such benefit shall be a stipulated form of insurance, the net value of which shall be at least equal to the reserve at the date of default on the policy and on any dividend additions thereto, less a sum not more than two and one half per cent of the amount insured by the policy and of any existing dividend additions thereto, and less any existing indebtedness to the company on the policy. The policy shall specify the mortality table and rate of interest adopted for computing such reserves, and shall stipulate that it may be surrendered to the company at its home office within one month from date of default for a specified cash value at least equal to the sum which would otherwise be available for the purchase of insurance. The policy may stipulate that the company may defer payment for not more than six months after the application therefor is made.
This section does not apply to term insurance of twenty years or less, nor to policies issued pursuant to section 3915.07 or 3915.071 of the Revised Code on or after their respective operative dates for such policies.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3915 | Life Insurance Policy Provisions › Section 3915.08 | Loan, Reserve, and Cash Surrender Value.

Effective:
November 5, 1959
Latest Legislation:
Senate Bill 428 - 103rd General Assembly
Except in the case of policies to which the second paragraph of this section applies, the loan value referred to in division (G) of section 3915.05 of the Revised Code shall be the reserve at the end of the current policy year on the policy and on any dividend additions thereto, less a sum of not more than two and one-half per cent of the amount insured by the policy and of any dividend additions thereto. The policy shall specify the mortality table and rate of interest adopted for computing such reserve and may further provide that such loan may be deferred for not more than six months after the application therefor is made.
In the case of policies issued pursuant to section 3915.07 of the Revised Code on or after the operative date for such policies as authorized by division (H) of said section, the loan value referred to in division (G) of section 3915.05 of the Revised Code shall be the cash surrender value at the end of the current policy year as required by section 3915.07 of the Revised Code. The company shall reserve the right to defer such loan, except when made to pay premiums, for six months after application therefor is made.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3915 | Life Insurance Policy Provisions › Section 3915.09 | Provisions Prohibited.

Effective:
March 22, 1973
Latest Legislation:
House Bill 1 - 110th General Assembly
No policy of life insurance shall be issued or delivered in this state, or be issued by a life insurance company organized under the laws of this state, if it contains any of the following:
(A) A provision for forfeiture of the policy for failure to repay any loan on the policy or to pay interest on such loan while the total indebtedness on the policy is less than its loan value; or any provision for forfeiture for failure to repay any such loan or to pay interest thereon, unless such provision contains a stipulation that no such forfeiture shall occur until at least one month after notice has been mailed by the company to the last known address of the insured and of the assignee;
(B) A provision limiting to less than five years the time within which any action at law or in equity may be commenced after the cause of action accrues;
(C) A provision for any mode of settlement at maturity of less value than the amount insured on the face of the policy plus dividend additions, less any indebtedness to the company on the policy, and less any premium that may by the terms of the policy be deducted;
(D) In a policy form filed under section 3915.14 of the Revised Code after September 16, 1970, a provision that the policy will be eligible to participate in any future distributions of earnings, profits, or surplus of the company which are not allocated to all participating policies by reasonable and nondiscriminatory standards;
(E) A provision that the policy will be eligible to receive a preferential benefit or advantage which will not be available to policies purchased from the company at future dates or under other circumstances, the effect of which is to discriminate against those future policies;
(F) Any provision which is prohibited by a rule adopted by the superintendent of insurance to clarify, construe, or implement any of the prohibitions of divisions (A) to (E), inclusive, of this section.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3915 | Life Insurance Policy Provisions › Section 3915.10 | Time Extension for Premium Payments.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
A life insurance company may enter into subsequent agreements in writing with the insured, which need not be attached to the policy, to extend the time for the payment of any premium, or part thereof, upon the condition that failure to comply with the terms of such agreement shall lapse the policy. Subject to any lien that may be created to secure any indebtedness contracted by the insured in consideration of such extension, said agreement shall not impair any right existing under the policy.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3915 | Life Insurance Policy Provisions › Section 3915.11 | Interest Added to Principal Debt.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
In ascertaining the indebtedness due upon policy or premium loans, the interest, if not paid when due, shall be added to the principal of such loans and shall bear interest at the rate specified in the note or loan agreement.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3915 | Life Insurance Policy Provisions › Section 3915.12 | Exchange, Alteration, or Conversion of Policy.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
Any life insurance company, at the request of the policyholder, may exchange, alter, or convert any policy of life or endowment insurance or any annuity issued by it for or into a policy of another plan of insurance or annuity as of a date not prior to the effective date of the original policy or annuity. If such newly written policy or annuity is issued as of a date prior to the date of the application for exchange, alteration, or conversion, the amount of insurance or annuity thereunder shall not exceed, on the changed plan, whichever is the greater of the two following amounts:
(A) The amount that the premium paid for the original policy or annuity would have purchased, at the age of the insured on the effective date of said original policy or annuity, on the plan of the newly written policy or annuity;
(B) The amount of the original policy or annuity.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3915 | Life Insurance Policy Provisions › Section 3915.13 | Back-Dating Policies.

Effective:
January 1, 2021
Latest Legislation:
House Bill 339 - 133rd General Assembly
No life insurance company nor any of its agents shall knowingly make, issue, or deliver in this state any policy or contract of life insurance which purports to be issued or to take effect as of a date more than six months before the application therefor was made, if thereby the premium on such policy or contract is reduced below the premium which would be payable thereon, as determined by the nearest birthday of the insured at the time when such application was made. In determining the date when an application was made, under this section the date of execution of the application or the date of medical examination, where such examination is required, whichever is later, shall govern.
This section does not prohibit the exchange, alteration, or conversion of any policy of life or endowment insurance or any annuity in the manner provided by section 3915.12 of the Revised Code, nor does it invalidate any contract made in violation of this section.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3915 | Life Insurance Policy Provisions › Section 3915.14 | Filing of Forms of Policies.

Effective:
September 13, 2004
Latest Legislation:
Senate Bill 187 - 125th General Assembly
(A) No policy of life insurance, nor any indorsement, rider, or application which becomes or is designed to become a part of any such policy, shall be delivered, issued for delivery, or used in this state, or be issued by a life insurance company organized under the laws of this state, until thirty days after the form of said policy, indorsement, rider, or application has been filed with the superintendent of insurance, unless within that time the superintendent gives the insurance company written approval for the use of the form.
(B) No individual or group annuity policy or contract, including, but not limited to, a guaranteed investment contract, deposit administration contract, funding agreement, structured settlement agreement, or similar types, excluding those required to be filed with the superintendent pursuant to section 3911.011 of the Revised Code, and no certificate, endorsement, rider, or application which becomes or is designed to become a part of any such policy, contract, or agreement, shall be delivered, issued for delivery, or used in this state, or be issued by a life insurance company organized under the laws of this state, until thirty days after the form of said policy, contract, agreement, certificate, endorsement, rider, or application has been filed with the superintendent, unless within that time the superintendent gives the insurance company written approval for the use of the form.
(C) When the superintendent finds within such thirty-day period that the form filed contains any language that is prohibited by any law of this state, including any rule of the superintendent, or is inconsistent, ambiguous, misleading, deceptive, or likely to mislead an applicant or policyholder, the superintendent shall give written notice of such finding to the insurance company that filed the form, and thereafter the insurance company shall not deliver, issue for delivery, or use the form.
The superintendent's action is subject to review by any court of competent jurisdiction, subject to Chapter 119. of the Revised Code.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3915 | Life Insurance Policy Provisions › Section 3915.141 | Filing of Form of Indorsement or Rider Providing Accelerated Benefits.

Effective:
October 23, 1991
Latest Legislation:
House Bill 16 - 119th General Assembly
In the case of an indorsement or rider that provides accelerated benefits in accordance with sections 3915.21 to 3915.24 of the Revised Code, the filing of the form of the indorsement or rider as required by section 3915.14 of the Revised Code shall include the form number of the policy or contract with which the indorsement or rider may be used.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3915 | Life Insurance Policy Provisions › Section 3915.15 | Provisions of Policies of Foreign Companies.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
The policies of a life insurance company, not organized under the laws of this state, may contain any provision which the law of the state, territory, district, or country under which the company is organized prescribes shall be in such policies when they are issued in this state, and the policies of a life insurance company organized under the laws of this state, when issued or delivered in any other state, territory, district, or country, may contain any provision required by the laws of the state, territory, district, or country in which such policies are issued.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3915 | Life Insurance Policy Provisions › Section 3915.21 | Accelerated Benefits Definitions.

Effective:
October 23, 1991
Latest Legislation:
House Bill 16 - 119th General Assembly
As used in sections 3915.21 to 3915.24 of the Revised Code:
(A) "Accelerated benefits" means the benefits that are payable under a policy and that meet all of the following criteria:
(1) The benefits are payable to the policyholder or certificate holder during the lifetime of the insured and upon the occurrence of a qualifying event.
(2) The benefits are payable in amounts that are fixed at the time of the acceleration of the benefits.
(3) The benefits reduce the death benefit otherwise payable under the policy.
(B) "Policy" means any policy, rider, indorsement, annuity contract, or endowment contract delivered or issued for delivery in this state by a life insurance company.
(C) "Qualifying event" means the occurrence of any of the following:
(1) A medical condition that drastically reduces the potential life span of the insured to a period of time that is within the period of time specified in the policy;
(2) A medical condition that requires the use of extensive or extraordinary medical care or treatment, including a major organ transplant or the continuous use of artificial life support systems, without which the insured would likely die;
(3) A condition that normally results in continuous confinement in an eligible institution, as defined in the policy, if the insured is expected to remain in the institution for the remainder of his life;
(4) A medical condition that, in the absence of extensive or extraordinary medical care or treatment, would drastically reduce the potential life span of the insured. Such conditions may include any of the following:
(a) Coronary artery disease that results in an acute infarction or that requires surgery;
(b) Permanent neurological deficit resulting from cerebral vascular accident;
(c) End stage renal failure;
(d) Acquired immunodeficiency syndrome;
(e) Any other medical condition that the superintendent of insurance may approve for a particular policy filing.
(5) Any other qualifying event that the superintendent may approve for a particular policy filing.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3915 | Life Insurance Policy Provisions › Section 3915.22 | Application of Chapter.

Effective:
October 23, 1991
Latest Legislation:
House Bill 16 - 119th General Assembly
(A) Except as provided in division (B) of this section, every policy that provides accelerated benefits and that is issued or delivered in this state on or after the effective date of this section is subject to this chapter.
(B) Sections 3915.21 to 3915.24 of the Revised Code do not apply to any policy that provides accelerated benefits for the sole purpose of providing directly or supplementing long-term care insurance as defined in section 3923.41 of the Revised Code.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3915 | Life Insurance Policy Provisions › Section 3915.23 | Accelerated Benefits Calculated on Mortality Risks.

Effective:
October 23, 1991
Latest Legislation:
House Bill 16 - 119th General Assembly
The accelerated benefits provided by any policy subject to this chapter are life insurance benefits and are calculated primarily on the basis of mortality risks rather than morbidity risks.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3915 | Life Insurance Policy Provisions › Section 3915.24 | Rules.

Effective:
October 23, 1991
Latest Legislation:
House Bill 16 - 119th General Assembly
Within six months after the effective date of this section, the superintendent of insurance shall adopt rules in accordance with Chapter 119. of the Revised Code to carry out the purposes of sections 3915.21 to 3915.24 of the Revised Code. The rules shall include criteria for the payment of accelerated benefits, disclosure requirements, and actuarial standards.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3916 | Viatical Settlements Model Act › Section 3916.02 | Viatical Settlement Provider or Broker License.

Effective:
December 10, 2008
Latest Legislation:
House Bill 404 - 127th General Assembly
(A) Notwithstanding division (C) of this section, no person shall operate in this state as a viatical settlement provider or viatical settlement broker without first having obtained a license from the superintendent of insurance and, if the owner of the policy to be viaticated is not a resident of this state, from the comparable official of the state of residence of the owner if that state issues licenses for viatical settlement providers or viatical settlement brokers.
(B)(1) If there is more than one owner on a single policy and the owners are residents of different states, the viatical settlement contract shall be governed by the law of the state in which the owner having the largest percentage ownership of the policy resides or, if the owners hold equal ownership, the state of residence of one owner agreed upon in writing by all owners.
(2) If the viator is a resident of this state, all agreements to be signed by the viator shall provide exclusive jurisdiction to courts of this state and the laws of this state shall govern the agreements. Nothing in the agreements shall abrogate the viator's right to a trial by jury.
(C)(1) A person who represents the viator and is not compensated directly or indirectly by the viatical settlement provider or viatical settlement purchaser, who is licensed as an attorney, certified public accountant, or financial planner accredited by a nationally recognized accreditation agency may negotiate viatical settlement contracts on behalf of a viator without obtaining a license pursuant to division (A) of this section.
(2) An individual insurance agent, in good standing, who has been licensed as a resident or nonresident insurance agent with a life line of authority in this state for at least five years may operate as a viatical settlement broker without obtaining a license pursuant to division (A) of this section if the viatical settlement broker activities of the insurance agent are incidental to the insurance agent's insurance business activities.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3916 | Viatical Settlements Model Act › Section 3916.031 | Licensed Broker Business to Maintain Licensed Individual.

Effective:
September 11, 2008
Latest Legislation:
House Bill 404 - 127th General Assembly
Any corporation, partnership, or other business that is licensed as a viatical settlement broker shall maintain at least one designated individual who is individually licensed as a viatical settlement broker to be responsible for the licensee's compliance with this chapter.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3916 | Viatical Settlements Model Act › Section 3916.04 | Broker Deemed to Represent Viator - Fiduciary Duty.

Effective:
October 5, 2001
Latest Legislation:
House Bill 551 - 123rd General Assembly
Irrespective of the manner in which the viatical settlement broker is compensated, a viatical settlement broker is deemed to represent only the viator and owes a fiduciary duty to the viator to act according to the viator's instructions and in the best interest of the viator.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3916 | Viatical Settlements Model Act › Section 3916.05 | Forms to Be Approved by Superintendent - Fees.

Effective:
September 11, 2008
Latest Legislation:
House Bill 404 - 127th General Assembly
(A) A person shall not use a viatical settlement contract form or provide a disclosure statement form to a viator in this state unless the viatical settlement contract form or the disclosure statement form is filed with and approved by the superintendent of insurance. The superintendent shall disapprove a viatical settlement contract form or a disclosure statement form if, in the superintendent's opinion, the viatical settlement contract form, the disclosure statement form, or any provision contained therein fails to meet the requirements of section 3916.06 of the Revised Code, is unreasonable, is contrary to the interests of the public, or is otherwise misleading or unfair to the viator. At the superintendent's discretion, the superintendent may require the submission of advertising material to which section 3916.17 of the Revised Code applies. If not disapproved by the superintendent, a filing made pursuant to this section shall be considered approved forty-five days after the contract form, disclosure form, or advertising material is filed.
(B) Any insurance company that issues life insurance policies in this state shall include questions in its life insurance applications that are reasonably structured to identify and prevent stranger-originated life insurance. The superintendent shall adopt rules under Chapter 119. of the Revised Code for the implementation of this section. Each insurer shall file with the superintendent copies of its amended applications for life insurance within twelve months following the effective date of the superintendent's adoption of rules pursuant to this division.
(C) The superintendent may adopt rules in accordance with Chapter 119. of the Revised Code to establish reasonable fees for any service or transaction performed by the department of insurance pursuant to division (A) of this section. Any fee collected pursuant to those rules shall be paid into the state treasury to the credit of the department of insurance operating fund created by section 3901.021 of the Revised Code.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3916 | Viatical Settlements Model Act › Section 3916.08 | Right to Rescind Contract After Receipt of Proceeds.

Effective:
October 5, 2001
Latest Legislation:
House Bill 551 - 123rd General Assembly
Each viatical settlement contract entered into in this state shall provide the viator with an unconditional right to rescind the contract for at least fifteen calendar days after the receipt of the viatical settlement proceeds. If the insured dies during the rescission period, the viatical settlement contract is deemed to have been rescinded, subject to repayment of all viatical settlement proceeds to the viatical settlement provider. If a viatical settlement contract is rescinded by the viator pursuant to this section, ownership of the insurance policy or certificate reverts to the viator or to the viator's estate if the viator is deceased, irrespective of any transfer of ownership of the policy or certificate by the viator, viatical settlement provider, or any other person.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3916 | Viatical Settlements Model Act › Section 3916.09 | Independent Escrow Agent.

Effective:
September 11, 2008
Latest Legislation:
House Bill 404 - 127th General Assembly
(A) The viatical settlement provider shall instruct the viator to send the executed documents required to effect the change in ownership, assignment, or change in beneficiary directly to the escrow agent. Within three business days after the date the escrow agent receives the documents, or from the date the viatical settlement provider receives the documents if the viator erroneously provides the documents directly to the viatical settlement provider, the viatical settlement provider shall pay or transfer the gross amount to be paid by the viatical settlement provider to the escrow agent for deposit in a trust or escrow account set up for that purpose by the escrow agent in a regulated financial institution. Upon payment of the settlement proceeds into the escrow or trust account, the escrow agent or trustee shall deliver the original change in ownership, assignment, or change in beneficiary forms to the viatical settlement provider, a representative of the viatical settlement provider, or related provider trust. Upon the escrow agent's receipt of the acknowledgment of the properly completed transfer of ownership, assignment, or designation of beneficiary from the insurance company, the escrow agent shall pay the settlement proceeds to the viator and any other person pursuant to the viatical settlement contract and the escrow agreement. The escrow agent shall make payment within three business days of the date the escrow agent received the acknowledged forms from the insurance company. Funds are considered sent to a viator as of the date that the escrow agent either releases the funds for wire transfer to the viator or places a check for delivery to the viator via United States postal service or other nationally recognized delivery service.
(B) Failure to transfer the proceeds to the viator within the period of time disclosed pursuant to division (A)(1)(f) of section 3916.06 of the Revised Code renders the viatical settlement contract voidable by the viator for lack of consideration until the time consideration is tendered to and accepted by the viator. If a viatical settlement contract is voided by the viator pursuant to this division, ownership of the policy reverts to the viator or to the viator's estate if the viator is deceased, irrespective of any transfer of ownership of the policy by the viator, viatical settlement provider, or any other person.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3916 | Viatical Settlements Model Act › Section 3916.10 | Limiting Contact With Insured After Settlement Has Occurred.

Effective:
September 11, 2008
Latest Legislation:
House Bill 404 - 127th General Assembly
After a viatical settlement has occurred, contact with the insured for the purpose of determining the health status of the insured shall be made only by the viatical settlement provider, or the authorized representative of the viatical settlement provider. The viatical settlement provider, or authorized representative shall not contact the insured for the purpose of determining the insured's health status more than once every three months if the insured has a life expectancy of more than one year, or more than once per month if the insured has a life expectancy of one year or less. The viatical settlement provider shall explain the procedure for making these contacts at the time the viatical settlement contract is entered into.
The limitations set forth in this section do not apply to contacts made with an insured under a viaticated policy for purposes other than to determine the insured's health status.
Viatical settlement providers are responsible for the actions of their authorized representatives, for the purposes of this section except viatical settlement providers are not responsible for the actions of subsequent purchasers of a policy.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3916 | Viatical Settlements Model Act › Section 3916.13 | Permitted Disclosures.

Effective:
September 11, 2008
Latest Legislation:
House Bill 404 - 127th General Assembly
Except as otherwise permitted or required by law, a viatical settlement provider, viatical settlement broker, insurance company, insurance agent, insurance broker, information bureau, rating agency or company, or any other person with actual knowledge of a viator or an insured's identity, shall not disclose that identity, including the viator or insured's name and individual identification data, or the viator or insured's financial or medical information, unless any of the following apply:
(A) The disclosure is necessary to effect a viatical settlement, and the viator and insured have provided prior written consent to the disclosure.
(B) The disclosure is provided in response to an investigation or examination by the superintendent of insurance or by any other governmental officer or agency or pursuant to the requirements of division (C) of section 3916.18 of the Revised Code.
(C) The disclosure is a term of, or condition to, the transfer of a viaticated policy by one viatical settlement provider to another viatical settlement provider.
(D) The disclosure is necessary to permit a financing entity, related provider trust, or special purpose entity to finance the purchase of policies by a viatical settlement provider, and the viator and insured have provided prior written consent to the disclosure.
(E) The disclosure is necessary to allow the viatical settlement provider or its authorized representatives to make contacts for the purpose of determining health status.
(F) The disclosure is required to purchase stop-loss coverage or financial guaranty insurance.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3916 | Viatical Settlements Model Act › Section 3916.14 | Examination by Superintendent.

Effective:
September 11, 2008
Latest Legislation:
House Bill 404 - 127th General Assembly
(A)(1) The superintendent of insurance may conduct an examination under this chapter of a licensee as often as the superintendent in the superintendent's sole discretion considers appropriate. The superintendent shall consider all of the following to determine the nature, scope, and frequency of examinations:
(a) Consumer complaints;
(b) The results of financial statement analyses and ratios;
(c) Any changes in ownership, officers, or directors;
(d) Any report of independent certified public accountants;
(e) Any other criteria the superintendent determines to be appropriate.
(2) For the purposes of completing an examination of a licensee under this chapter, the superintendent may examine or investigate any person, or the business of any person, insofar as the examination or investigation, in the sole discretion of the superintendent, is necessary or material to the examination of the licensee.
(3) In lieu of an examination under this chapter of any foreign or alien licensee licensed under this chapter, the superintendent, at the superintendent's discretion, may accept an examination report on the licensee as prepared by the official of the licensee's state of domicile or port-of-entry state who is comparable to the superintendent. As far as is practical, the superintendent shall cooperate with that official for any examination of a foreign or alien licensee.
(B) The licensee or applicant shall pay to the superintendent all costs, assessments, forfeitures, or fines incurred in conducting an examination under this section. The superintendent shall deposit the money into the state treasury to the credit of the department of insurance operating fund created by section 3901.021 of the Revised Code.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3916 | Viatical Settlements Model Act › Section 3916.172 | Transactions in Furtherance of Stranger-Originated Insurance Void.

Effective:
September 11, 2008
Latest Legislation:
House Bill 404 - 127th General Assembly
Any contract, agreement, arrangement, or transaction including, but not limited to, any financing agreement or arrangement identified in section 1321.72 of the Revised Code entered into for the furtherance or aid of a stranger-originated life insurance act, practice, arrangement, or agreement is void and unenforceable.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3916 | Viatical Settlements Model Act › Section 3916.173 | Trusts to Give Appearance of Insurable Interest Illegal.

Effective:
September 11, 2008
Latest Legislation:
House Bill 404 - 127th General Assembly
Trusts or other persons that are created to give the appearance of insurable interest and are used to initiate one or more policies for investors violate insurable interest laws and the prohibition against wagering on life.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3916 | Viatical Settlements Model Act › Section 3916.19 | Injunctions.

Effective:
September 11, 2008
Latest Legislation:
House Bill 404 - 127th General Assembly
(A) In addition to the penalties and other enforcement provisions contained in this chapter, if any person violates any provision of this chapter or any rule or regulation implementing any provision of this chapter, the superintendent of insurance may seek an injunction in a court of competent jurisdiction and may apply for any temporary or permanent order that the superintendent determines is necessary to restrain the person from committing the violation.
(B) Any person damaged by any act of a person in violation of any provision of this chapter may bring a civil action against the person committing the violation in a court of competent jurisdiction. A civil action brought under this division does not preclude the superintendent from exercising any regulatory, enforcement, or other authority available to the superintendent under this chapter.
(C) In addition to the penalties and other enforcement provisions contained in this chapter, any person who violates any provision of this chapter is subject to a civil penalty of up to ten thousand dollars per violation. Imposition of civil penalties described in this division shall be pursuant to an order of the superintendent issued under Chapter 119. of the Revised Code. The superintendent's order may require a person found to be in violation of this chapter to make restitution to persons aggrieved by violations of this chapter.
(D) Any transaction related to the sale or financing of an interest or investment in a viatical settlement is subject to Chapter 1707. of the Revised Code and the rules adopted thereunder. Nothing in this chapter shall preempt, supersede, or limit the application of Chapter 1707. of the Revised Code and the rules adopted thereunder.