reglab/statecodes huggingface dataset:
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3909 | Foreign Life Insurance Companies › Section 3909.17 | Interest on Securities and Their Exchange.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
Sections 3909.01 to 3909.17, inclusive, of the Revised Code do not prevent a company, partnership, or association mentioned in such sections from collecting the interest on any securities deposited by it, so long as it continues solvent and complies with such sections, nor do such sections prevent any such company, partnership, or association from exchanging them for other securities of equal value of the kind named in such sections, with the officers having them in trust.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3911 | Domestic and Foreign Life Insurance Companies › Section 3911.01 | Authorized Types of Business.

Effective:
March 20, 1972
Latest Legislation:
Senate Bill 444 - 109th General Assembly
No life insurance company, organized under the laws of this state, shall undertake any business or risk except as provided in this section, and no company, partnership, or association, organized or incorporated by act of congress, or under the laws of this or any other state of the United States, or by any foreign government, transacting the business of life insurance in this state, shall be permitted to take any kind of risks, except those connected with the making of insurance on life or against accidents to persons, sickness, or temporary or permanent physical disability, and with the granting, purchasing, and disposing of annuities. A life insurance company may also assume reinsurance of medical payments, accidental death, dismemberment, or disability coverages written by any insurance company other than life as supplementary coverages to any policy of liability insurance as described in division (A) of section 3923.20 of the Revised Code. The business of life insurance, or life and accident insurance, in this state, shall not be in any way transacted by any company, partnership, or association which in this state, or in any other state or country, makes insurance on marine, fire, inland, or any other risk, or does a banking or any other kind of business in connection with insurance.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3911 | Domestic and Foreign Life Insurance Companies › Section 3911.012 | Reserves for Line of Sickness and Accident Insurance.

Effective:
August 8, 1991
Latest Legislation:
Senate Bill 137 - 119th General Assembly
(A) Each life insurance company authorized to transact business in this state shall maintain reserves, with respect to any line of sickness and accident insurance that it writes, 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 3911 | Domestic and Foreign Life Insurance Companies › Section 3911.02 | Annual Statements to Superintendent of Insurance.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
Every life insurance company doing business in this state, and issuing policies on both the participating and nonparticipating plans, shall file with the superintendent of insurance separate annual statements of profits and losses with reference to each of such kinds of insurance.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3911 | Domestic and Foreign Life Insurance Companies › Section 3911.021 | Report on Measures to Detect Stranger-Originated Insurance.

Effective:
September 11, 2008
Latest Legislation:
House Bill 404 - 127th General Assembly
Any insurance company that issues life insurance policies in this state shall file electronically, in a format prescribed by the superintendent of insurance, on or before June first of each year, a description of the measures taken by the insurance company to detect and prevent stranger-originated life insurance. The description shall be attested to by an officer of the company. The reports shall be maintained by the superintendent as confidential and not a matter of public record.
As used in this section, "stranger-originated life insurance" has the same meaning as in section 3916.01 of the Revised Code.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3911 | Domestic and Foreign Life Insurance Companies › Section 3911.03 | Copies of Applications and Documents.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
Every person holding a policy of insurance issued by a company on the life of any person is entitled to be furnished by the company with a copy of any application or document held by it, either written or printed, upon which such policy was issued, or which may affect its validity. Upon demand made for such copy by the holder of a policy, or by any person upon whose life it was so issued, the company shall make and forthwith furnish to such holder or person a certified copy of all such applications or friends' certificates, under the hand of the president, secretary, or other proper officer of the company and under its seal.
If such company neglects or fails for thirty days from the time of such demand to furnish to such person a copy of all papers mentioned in this section, it thereafter is forever barred from setting up, by way of defense to a suit on the policy of insurance, any error or incorrectness, or fraud or misrepresentation of the person making such papers, or any mistake therein. Such application or other document shall thereafter be considered as true and correct in all respects, so far as it affects any claim under such policy, or fund secured thereby.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3911 | Domestic and Foreign Life Insurance Companies › Section 3911.04 | Copies of Applications to Accompany Policies Issued.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
Every life insurance company doing business in this state shall return with, and as part of any policy issued by it, to any person taking such policy, a complete copy of each application or other document held by it which is intended in any manner to affect the force or validity of such policy. A company which neglects to do so is estopped from denying the truth of any such application or other document, so long as it is in default for such copy. In case such company neglects for thirty days after demand made therefor, to furnish such copies, it is forever barred from setting up as a defense to any suit on the policy, any incorrectness or want of truth of such application or other document.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3911 | Domestic and Foreign Life Insurance Companies › Section 3911.05 | Language of Application.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
No life insurance company doing business in this state shall take any application, medical certificate, or other document, for insurance upon the life of any person, in cipher or by character of any sort other than ordinary written or printed language. Any application, medical certificate, or other document taken in violation of this section is void as against any person claiming under a policy of insurance issued thereon.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3911 | Domestic and Foreign Life Insurance Companies › Section 3911.06 | False Answer.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
No answer to any interrogatory made by an applicant in his application for a policy shall bar the right to recover upon any policy issued thereon, or be used in evidence at any trial to recover upon such policy, unless it is clearly proved that such answer is willfully false, that it was fraudulently made, that it is material, and that it induced the company to issue the policy, that but for such answer the policy would not have been issued, and that the agent or company had no knowledge of the falsity or fraud of such answer.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3911 | Domestic and Foreign Life Insurance Companies › Section 3911.07 | Defenses Limited.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
After having received three annual premiums on a policy issued on the life of any person in this state, all companies are estopped from defending upon any ground other than fraud against any claim arising upon such policy by reason of errors, omissions, or misstatements of the insured in an application made by him on which the policy was issued, except as to age.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3911 | Domestic and Foreign Life Insurance Companies › Section 3911.08 | Minor's Contract for Insurance.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
In respect to insurance issued upon the life of any minor, regardless of the age of the minor at the date of the issuance of said insurance, for the benefit of such minor, or for the benefit of the father, mother, husband, wife, child, brother, or sister of such minor, the insured is not, by reason only of such minority, incompetent to contract for such insurance, or for the surrender of such insurance, or to give a valid discharge for any benefit accruing, or for money payable under the contract, or to contract for the payment of a policy loan, or to contract for any policy change, provided he is fifteen years of age or older on the date he enters into any such contract or gives any such discharge.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3911 | Domestic and Foreign Life Insurance Companies › Section 3911.09 | Beneficiaries.

Effective:
July 8, 1992
Latest Legislation:
House Bill 507 - 119th General Assembly
(A) Any person may procure, authorize procurement of, or effect an insurance on the person's life, for any definite period of time or for the term of the person's natural life, to inure to the benefit of the person's spouse and children, or either, or other persons dependent upon such person, or an institution or entity described in division (B)(1) of this section, or any creditor the person causes to be appointed and provided for in the policy.
(B)(1) Any religious, charitable, scientific, literary, educational, or other institution or entity that is described in section 170, 501(c)(3), 2055, or 2522 of the "Internal Revenue Code of 1986," 100 Stat. 2085, 26 U.S.C.A. 170, 501, 2055, 2522, as amended, may be the owner of, or may be designated beneficiary in, any policy of life insurance issued upon the life or lives of one or more individuals. Any such institution or entity has an insurable interest in the life of each insured and is entitled to enforce all rights and collect all benefits to which it is entitled pursuant to the policy.
(2) With respect to any policy of life insurance delivered or issued for delivery in this state before the effective date of this amendment and in which any institution or entity described in division (B)(1) of this section has been designated owner of or beneficiary, the institution or entity has an insurable interest in the life of each insured and is entitled to enforce all rights and collect all benefits to which it is entitled pursuant to the policy.
(3) With respect to any transfer of ownership or designation of beneficiary executed before the effective date of this amendment and in which any institution or entity described in division (B)(1) of this section has been designated owner or beneficiary, the institution or entity has an insurable interest in the life of each insured and is entitled to enforce all rights and collect all benefits to which it is entitled pursuant to the policy under which the transfer or designation was executed.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3911 | Domestic and Foreign Life Insurance Companies › Section 3911.10 | Exemption of Proceeds From Claims of Creditors.

Effective:
July 8, 1992
Latest Legislation:
House Bill 507 - 119th General Assembly
All contracts of life or endowment insurance or annuities upon the life of any person, or any interest therein, which may hereafter mature and which have been taken out for the benefit of, or made payable by change of beneficiary, transfer, or assignment to, the spouse or children, or any persons dependent upon such person, or an institution or entity described in division (B)(1) of section 3911.09 of the Revised Code, or any creditor, or to a trustee for the benefit of such spouse, children, dependent persons, institution or entity, or creditor, shall be held, together with the proceeds or avails of such contracts, subject to a change of beneficiary if desired, free from all claims of the creditors of such insured person or annuitant. Subject to the statute of limitations, the amount of any premium upon such contracts, endowments, or annuities, paid in fraud of creditors, with interest thereon, shall inure to their benefit from the proceeds of the contracts, but the company issuing any such contract is discharged of all liability thereon by the payment of its proceeds in accordance with its terms, unless, before such payment, written notice is given to it by a creditor, specifying the amount of the claim and the premiums which the creditor alleges have been fraudulently paid.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3911 | Domestic and Foreign Life Insurance Companies › Section 3911.11 | Married Person May Insure Life of Spouse.

Effective:
August 31, 1976
Latest Legislation:
Senate Bill 425 - 111th General Assembly
A married person may individually and in such person's own name, or in the name of a third person with assent as the third person's trustee, cause the life of the person's spouse to be insured for such person's sole use, for any definite period or for the term of the natural life of such spouse, and, if any person obtaining such insurance survives such period or term, the amount of insurance becoming due and payable by the terms of the insurance shall be payable to such person, free from the claims of the representatives of the spouse or any creditors of the spouse.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3911 | Domestic and Foreign Life Insurance Companies › Section 3911.12 | Policy Assigned to a Married Person.

Effective:
October 16, 1980
Latest Legislation:
House Bill 736 - 113th General Assembly
A policy of insurance on the life of any person, or any interest therein, assigned, transferred, or made payable to a married person, or to any person, firm, or corporation in trust for such married person or for such married person's benefit, whether such transfer is made by the spouse of such married person or by another person, shall inure to the benefit of such married person independently of the spouse of such married person or the creditors of the spouse, or of the person effecting or transferring the policy or such person's creditors.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3911 | Domestic and Foreign Life Insurance Companies › Section 3911.13 | Beneficiary in Case of Death of Spouse.

Effective:
August 31, 1976
Latest Legislation:
Senate Bill 425 - 111th General Assembly
The amount of the insurance provided for in sections 3911.09 to 3911.12 of the Revised Code, may be made payable, in case of death of the spouse before the period at which it becomes due, to his, her, or their children, in being at the date of the policy or born thereafter, for their use, or to their guardian if they are under age, or to any person, firm, or corporation in trust for them for their benefit, as provided in the policy of insurance. If there are no children or other designated beneficiary or assignee, upon the death of the spouse, such policy shall revert to and become the property of the party whose life is insured, unless it has been transferred.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3911 | Domestic and Foreign Life Insurance Companies › Section 3911.14 | Proceeds of Policy.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
Any life insurance company, organized or licensed to do business under the laws of this state, may hold the proceeds of any life or endowment insurance or annuity contract issued by it upon such terms and restrictions as to revocation by the insured and control by beneficiaries, with such exemptions from legal process and the claims of creditors of beneficiaries other than the insured, and upon such other terms and conditions, irrespective of the time and manner of payment of said proceeds, as have been agreed to in writing by such company and the insured or beneficiary. Such insurance company is not required to segregate funds so held but may hold them as a part of its general corporate assets. Any life or endowment insurance or annuity contract issued by a domestic, foreign, or alien company may provide that the proceeds thereof or payments thereunder shall not be subject to transfer, anticipation, commutation, or encumbrances by any beneficiary, and shall not be subject to the claims of creditors of any beneficiary other than the insured or any legal process against any beneficiary other than the insured; if said contract so provides, the benefits accruing thereunder to such beneficiary other than the insured shall not be transferable nor subject to commutation, encumbrance, or legal process.
This section does not impair or affect the rights of creditors under section 3911.10 of the Revised Code.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3911 | Domestic and Foreign Life Insurance Companies › Section 3911.15 | Policy to Defraud Creditors.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
If a policy of life insurance is procured by a person with intent to defraud his creditors, an amount equal to the premium paid thereon, with interest, shall inure to the benefit of his creditors, subject to the statute of limitations.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3911 | Domestic and Foreign Life Insurance Companies › Section 3911.16 | Discrimination Against Persons of African Descent Prohibited.

Effective:
May 4, 2004
Latest Legislation:
Senate Bill 97 - 125th General Assembly
No life insurance company organized or doing business within this state shall:
(A) Make any distinction or discrimination on the basis of race as to premiums or rates charged for life insurance policies;
(B) Demand or require greater premiums from persons who are of different races and who are of the same age, sex, general condition of health, and hope of longevity;
(C) Make or require any rebate, diminution, or discount on the basis of race upon the sum to be paid on a life insurance policy in case of the death of the person insured;
(D) Insert in the policy on the basis of race any condition or stipulation by which a person binds self, or the person's heirs, executors, administrators, or assigns, to accept any sum less than the full value or amount of the policy in case of a claim accruing thereon by reason of the death of the person insured.
Any stipulation or condition described in division (D) of this section so made or inserted is void.
If a life insurance company denies an applicant life insurance and the applicant believes that the denial was on the basis of race, the insurance company shall provide, upon the request of the applicant, the specific reason or reasons for the denial, as provided in section 3904.10 of the Revised Code, as well as an affirmation that the denial was not on the basis of race.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3911 | Domestic and Foreign Life Insurance Companies › Section 3911.17 | Prohibition Against Discrimination.

Effective:
May 4, 2004
Latest Legislation:
Senate Bill 97 - 125th General Assembly
No life insurance company organized or doing business in this state, or an officer or agent thereof, shall violate any law relating to discrimination by demanding or receiving different premiums on the basis of race, by allowing a discount or rebate on the basis of race upon a premium paid or to be paid bypersons who are of the same age, sex, general condition of health, and hope of longevity, by making or requiring a rebate, diminution, or discount from the sum to be paid upon a policy on the basis of race, or by failing to furnish information required under section 3904.10 or 3911.16 of the Revised Code.
This section does not require a life insurance company, or an agent thereof, to take or receive an application for insurance from any person.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3911 | Domestic and Foreign Life Insurance Companies › Section 3911.18 | Discriminations by Agent of Life Insurance Company Prohibited.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
No person, for himself or as officer, agent, solicitor, employee, or representative of a life insurance company doing business in this state, shall make or permit a distinction or discrimination in favor of individuals between any insured persons of the same class and of equal expectation of life in the amount or payment of premiums or in rates charged for policies of life or endowment insurance, or in the dividends or other benefits payable thereon, or in any other of the terms and conditions of the contracts which such company makes. No such person shall pay, allow, or give, or offer to pay, allow, or give, directly or indirectly, as inducement to insurance, or knowingly receive as such inducement to insurance, any rebate of premium payable on the policy, or any special favor or advantage in the dividends or other benefits to accrue thereon, or any special advantage in the date of a policy or date of the issue thereof, or any valuable consideration or other inducement. No such person shall give, receive, sell, or purchase, or offer to give, receive, sell, or purchase, as inducements to insurance or in connection therewith any stock, bonds, or other obligations or securities of any insurance company or other corporation, association, partnership, or individual, or any dividends or profits to accrue thereon, or any paid employment or contract for services of any kind or anything of value.
The fines which are levied and collected for the violation of this section shall be paid to the county treasurer for the use of the schools as provided in sections 3315.31 and 3315.32 of the Revised Code. This section does not forbid a company, transacting industrial insurance on a weekly payment plan, from returning to policyholders who have made premium payments for a period of at least one year, directly to the company at its home or district offices, a percentage of the premium which the company would have paid for the weekly collection of such premium.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3911 | Domestic and Foreign Life Insurance Companies › Section 3911.19 | Premium Discriminations.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
No life insurance company doing business in this state shall make or permit any distinction or discrimination in favor of individuals between any insured persons of the same class and equal expectation of life in the amount or payment of premiums, or in rates charged for policies of life or endowment insurance, or in the dividends or other benefits payable thereon, or in any other of the terms and conditions of the contracts it makes. No such company, or any agent thereof, shall make any contract of insurance, or agreement as to such contract, other than one that is plainly expressed in the policy issued thereon.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3911 | Domestic and Foreign Life Insurance Companies › Section 3911.21 | Revocation of License for Discrimination.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
The superintendent of insurance, upon conviction of any life insurance company, or of any agent thereof, for violation of sections 3911.19 or 3911.20 of the Revised Code, or upon his being satisfied of the violation of either of said sections and after reasonable notice to the accused of the time and place of hearing, shall revoke the license of such company or agent, and no license shall be granted to such company or agent for a period of three years after such revocation.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3911 | Domestic and Foreign Life Insurance Companies › Section 3911.22 | Solicitor Is Agent of Company.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
Any person who solicits an application for insurance upon the life of another person shall, in any controversy between the insured or his beneficiary and the company issuing a policy upon such application, be considered the agent of the company and not the agent of the insured.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3911 | Domestic and Foreign Life Insurance Companies › Section 3911.23 | Misrepresentation Prohibited.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
No life insurance company doing business in this state, and no officer, director, representative, or other agent thereof, or any other person, firm, partnership, association, or corporation, shall knowingly make, issue, or circulate, or cause or knowingly permit to be made, issued, or circulated, any estimate, illustration, circular, or statement of any sort which misrepresents the terms of any policy issued or to be issued by it or any other company, or the benefits or advantages promised thereby, or makes any misleading estimate of the dividends or shares of surplus to be received thereon; nor shall such organization or person use any name or title of any policy or class of policies which misrepresents the true nature thereof.
No such life insurance company or officer, director, or agent thereof, or any other person, firm, partnership, association, corporation, or representative shall make any misrepresentation or incomplete comparison, oral or written, to any person insured in any company for the purpose of inducing or tending to induce a policyholder in any company to lapse, forfeit, change, or surrender his life insurance whether it is of a temporary or a permanent plan.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3911 | Domestic and Foreign Life Insurance Companies › Section 3911.24 | Revocation of License for Misrepresentation.

Effective:
January 1, 2021
Latest Legislation:
House Bill 339 - 133rd General Assembly
Upon the conviction of any person, firm, association, or life insurance company for violating section 3911.23 of the Revised Code, the superintendent of insurance shall revoke the license of such person, firm, association, or life insurance company for not less than one year.
The superintendent, when the superintendent has good reason to believe that any company or association writing life insurance in this state, on any plan, is knowingly permitting any of its agents or representatives to violate section 3911.23 of the Revised Code, shall give such company or association notice of a hearing in accordance with Chapter 119. of the Revised Code, upon the charge of knowingly permitting said section to be violated, and, if the superintendent finds said company or association guilty of the offense, the superintendent shall revoke its license.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3911 | Domestic and Foreign Life Insurance Companies › Section 3911.99 | Penalty.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
(A) Whoever violates section 3911.17 of the Revised Code shall be fined not less than one hundred nor more than two hundred dollars.
(B) Whoever violates section 3911.18 of the Revised Code shall be fined not less than one hundred nor more than five hundred dollars or imprisoned not more than thirty days, or both; in addition such person shall pay the costs of the prosecution.
(C) Whoever violates section 3911.20 of the Revised Code shall be fined not more than five hundred dollars or imprisoned not more than thirty days, or both; in addition such person shall pay the costs of the prosecution.
(D) Whoever violates section 3911.23 of the Revised Code shall be fined not less than one hundred nor more than five hundred dollars and may be imprisoned not more than six months.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3913 | Changes in Corporate Organization or Status › Section 3913.02 | Acquisition of Stock.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
If a domestic stock life insurance corporation determines to become a mutual life insurance corporation, it may, in carrying out any plan to that end under section 3913.01 of the Revised Code, acquire any shares of its own stock by gift, bequest, or purchase. Until all of such shares are acquired, any shares so acquired, or acquired pursuant to section 3913.03 of the Revised Code, shall be acquired in trust for the corporation as provided in section 3913.04 of the Revised Code, and shall be assigned and transferred on the books of the corporation to not less than three nor more than five trustees. Such shares shall be held by them in trust and be voted by such trustees at all corporate meetings at which stockholders have the right to vote, until all of the capital stock of such corporation is acquired, at which time the entire capital stock shall be retired and canceled and the corporation shall become, thereupon, a mutual life insurance corporation without capital stock.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3913 | Changes in Corporate Organization or Status › Section 3913.04 | Appointment of Trustees - Deposit Retained by Superintendent of Insurance.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
The trustees provided for in section 3913.02 of the Revised Code shall be appointed and vacancies shall be filled by the superintendent of insurance. Such trustees shall be qualified directors of the corporation at the time of such appointment and shall continue as such trustees until the purpose of the trust is accomplished or abandoned, unless they are removed for cause by the superintendent. Said trustees shall file with the superintendent a verified acceptance of their appointment and a declaration that they will faithfully discharge their duties as trustess. Such trustees shall give and file with the superintendent bonds in such an amount as under the circumstances the superintendent deems proper, with sureties thereon approved by the superintendent. All dividends and other sums received by said trustees on the shares of stock held by them shall be immediately repaid to said corporation. The necessary expenses of executing the trust shall be paid by the corporation. All shares held by such trustees are considered as admitted assets of such corporation at their par value.
Neither the retirement of the corporation's capital stock nor the amendment of its articles of incorporation shall affect existing suits, rights, or contracts of such corporation. The deposit of one hundred thousand dollars in securities or mortgages made by such corporation pursuant to section 3907.07 of the Revised Code, shall be retained by the superintendent in trust for the benefit and security of all of the members and policyholders of such corporation.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3913 | Changes in Corporate Organization or Status › Section 3913.05 | Officers and Directors.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
When a domestic stock life insurance corporation has become converted into a mutual life insurance corporation, the officers and directors or trustees of the original corporation shall remain as the officers and directors or trustees of the newly converted corporation until the next annual meeting for the election of officers and directors or trustees, when their successors shall be elected in the manner provided in the articles of incorporation and code of regulations previously adopted by said corporation.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3913 | Changes in Corporate Organization or Status › Section 3913.06 | Board of Directors or Trustees - Corporate Powers.

Effective:
January 1, 1974
Latest Legislation:
Senate Bill 1 - 110th General Assembly
The corporate powers of a mutual life insurance corporation shall be exercised by, and its business and affairs shall be controlled by, a board of directors or trustees composed of not less than three nor more than twenty-one natural persons who are policyholders or members of said corporation. The members of such board shall be at least eighteen years of age, and at least three members must be residents and citizens of this state.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3913 | Changes in Corporate Organization or Status › Section 3913.07 | Term of Directors or Trustees.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
In order to secure continuity of membership in its board of directors or trustees, the articles of incorporation of any mutual life insurance corporation may provide for division of the board into not more than three classes, as nearly equal in number as possible, and may fix the term of office for each class.
Unless such provision is made in the articles of incorporation, all directors and trustees shall be elected annually.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3913 | Changes in Corporate Organization or Status › Section 3913.08 | Meetings.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
Meetings of the board of directors or trustees of any mutual life insurance corporation shall be upon such notice as the code of regulations prescribes. Attendance of a director or trustee at any meeting constitutes a waiver of notice of such meeting, except when a director or trustee attends the meeting for the express purpose of objecting to the transaction of any business because the meeting is not lawfully called or convened. The notice or waiver of notice need not specify the business to be transacted at, nor the purpose of, any regular or special meeting of the board of directors or trustees.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3913 | Changes in Corporate Organization or Status › Section 3913.09 | Executive Committee.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
If the code of regulations of any mutual life insurance corporation so provides, the board of directors or trustees, by a resolution adopted by a majority of the whole board, may designate three or more of its number to constitute an executive committee, which committee shall, to the extent provided in the resolution or in the code of regulations, have and exercise, during the interim between the meetings of the board, all of the authority of the board in the management of the corporation.
The designation of such committee shall not relieve the board, or any member thereof, of any responsibility imposed by law.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3913 | Changes in Corporate Organization or Status › Section 3913.10 | Code of Regulations.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
The code of regulations of any mutual life insurance corporation shall provide that each policyholder of the corporation shall be a member of the corporation.
As used in this section, "policyholder" means the person insured under an individual policy of life insurance, and the person to whom any annuity or pure endowment is presently or prospectively payable by the terms of an individual annuity or pure endowment contract, except where the policy or contract declares some other person to be the owner or holder thereof, in which case such owner or policyholder shall be deemed the policyholder, and except in cases of assignment. In the case of any individual policy or contract insuring two or more persons jointly or in case the policy or contract declares two or more persons to be the owner, the persons insured or declared to be the owner are considered as one policyholder. In case any such policy or contract has been assigned by an assignment absolute on its face to an assignee other than the corporation, and such assignment is filed at the principal office of the corporation, then such assignee shall be deemed a policyholder, but for the purpose of determining voting rights such assignment is not effective until thirty days after it has been filed with the corporation. Except as provided in this section an assignee of a policy or contract shall not be deemed a policyholder.
Such code of regulations shall provide that each policyholder who is insured in the sum of at least one thousand dollars, or who is the holder of an annuity which at normal date of maturity requires the payment of one hundred dollars or more annually, and whose insurance or contract of annuity is then in force and has been in force for at least one year prior to a policyholders' meeting, shall be entitled to only one vote, irrespective of the number of policies or contracts held by him or their amount.
The power to make, alter, amend, or repeal the code of regulations is vested in the board of directors or trustees, unless it is reserved to the members by the articles of incorporation.
The code of regulations of a mutual legal reserve life insurance corporation shall provide that such corporation shall issue no policy of life insurance or annuity contract which provides for the payment of any assessment by any policyholder or member in addition to the regular premium charged for such insurance or annuity.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3913 | Changes in Corporate Organization or Status › Section 3913.12 | Consideration to Policyholders in Effecting Conversion.

Effective:
September 24, 1986
Latest Legislation:
House Bill 892 - 116th General Assembly
(A) In effecting a conversion of a mutual life insurance company into a stock life insurance company, each policyholder is entitled to consideration in an amount equal to his equitable share of the value of the mutual company as provided for in the plan of conversion. Such consideration may be in the form of stock, either common or preferred, warrants, bonds, debentures, cash, or increased benefits. If the plan provides for consideration in the form of stock and if such equitable share of the value of the mutual company entitles a policyholder to a fractional share of stock, he shall have the option of receiving the value of such fractional share in cash or of purchasing such additional fraction as will entitle him to a full share. If the plan of conversion provides for consideration in the form of stock and if the initial issue of stock of the new company exceeds the number of shares to which the policyholders are entitled in the aggregate, each policyholder is also entitled to preemptive rights in subscribing to his proportionate number of shares of such excess.
(B) The value of the company is the value as determined by the appraisal committee pursuant to division (D) of section 3913.11 of the Revised Code, and approved by the superintendent of insurance. The equitable share of the value of the new company held by each policyholder shall be determined by the ratio which the premiums paid by the policyholder and the dividends paid or credited to him during the three year period preceding, and the reserve on his policy on, the date of the examination conducted pursuant to division (C) of section 3913.11 of the Revised Code bear to the total premiums received and dividends paid or credited by the company during the same period and the reserves on all policies, appropriate weight being given to premiums, dividends, and reserves as the company with the approval of the superintendent of insurance deems appropriate in the circumstances.
(C) Upon conversion of a mutual life insurance company to a stock life insurance company, each policyholder's ownership interest in the mutual company terminates except for the shares of the new company or other consideration in lieu thereof which said policyholder is entitled to receive and except for all other rights arising under his policy or policies of insurance.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3913 | Changes in Corporate Organization or Status › Section 3913.13 | Appeal of Policyholder Adversely Affected.

Effective:
October 3, 2023
Latest Legislation:
Senate Bill 21, House Bill 33 - 135th General Assembly
Any policyholder adversely affected by an order of the superintendent of insurance pursuant to division (F) of section 3913.11 of the Revised Code, may appeal to the court of common pleas pursuant to section 119.12 of the Revised Code.
Last updated August 7, 2023 at 2:41 PM
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3913 | Changes in Corporate Organization or Status › Section 3913.20 | Conversion to Stock Insurance Corporation Other Than Life Definitions.

Effective:
November 6, 1969
Latest Legislation:
Senate Bill 164 - 108th General Assembly
As used in sections 3913.20 to 3913.23, inclusive, of the Revised Code:
(A) "Policy" means a contract of insurance, other that life insurance issued on the mutual plan, and includes the master contract for group insurance, and also includes any policy or policies from or in continuation of which a policy in effect on the date of the examination conducted pursuant to division (C) of section 3913.21 of the Revised Code has been reissued or renewed.
(B) "Policyholder" means the person, group of persons, association, corporation, partnership, or other entity named as the insured under a mutual policy of insurance other than life issued and in force on the date of the examination conducted pursuant to division (C) of section 3913.21 of the Revised Code.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3913 | Changes in Corporate Organization or Status › Section 3913.23 | Appeal of Policyholder Adversely Affected.

Effective:
September 29, 2023
Latest Legislation:
Senate Bill 21, House Bill 33 - 135th General Assembly
Any policyholder adversely affected by an order of the superintendent of insurance pursuant to division (F) of section 3913.21 of the Revised Code, may appeal to the court of common pleas pursuant to section 119.12 of the Revised Code.
Last updated August 7, 2023 at 2:41 PM
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3913 | Changes in Corporate Organization or Status › Section 3913.25 | Reorganization of Mutual Insurance Company as Stock Insurance Company Definitions.

Effective:
September 16, 1997
Latest Legislation:
House Bill 370 - 122nd General Assembly
As used in sections 3913.25 to 3913.38 of the Revised Code:
(A) "Intermediate holding company" means a stock corporation that owns all of the shares of voting stock of one or more reorganized stock companies after a reorganization under sections 3913.25 to 3913.38 of the Revised Code. "Intermediate holding company" also means a stock corporation that is the parent or subsidiary of another intermediate holding company.
(B) "Mutual insurance company" means a domestic or foreign mutual life insurance company or a domestic or foreign mutual insurance company other than a mutual life insurance company.
(C) "Mutual insurance holding company" means a domestic mutual insurance holding company incorporated pursuant to a reorganization plan adopted under sections 3913.26 to 3913.28 of the Revised Code, which company is the parent company of a reorganized stock company or of an intermediate holding company.
(D) "Policyholder" has the same meaning as in section 3913.10 of the Revised Code when used with respect to a life insurance company, and has the same meaning as in section 3913.20 of the Revised Code when used with respect to an insurance company other than a life insurance company.
(E) "Reorganization plan" means a reorganization plan adopted by a mutual insurance company's board of directors in accordance with section 3913.26 of the Revised Code.
(F) "Reorganized stock company" means the domestic or foreign stock insurance company resulting from a domestic or foreign mutual insurance company's reorganization under sections 3913.25 to 3913.38 of the Revised Code.
(G) "Voting stock" means securities of any class or any ownership interest having voting power for the election of directors, trustees, or management of a person, other than securities having voting power only as a result of the occurrence of a contingency.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3913 | Changes in Corporate Organization or Status › Section 3913.29 | Amendments to Articles of Incorporation.

Effective:
September 16, 1997
Latest Legislation:
House Bill 370 - 122nd General Assembly
(A) Proposed amendments to the articles of incorporation of a mutual insurance holding company may be adopted at any members' meeting. The board of directors of a mutual insurance holding company shall provide notice of any members' meeting conducting a vote on the adoption of an amendment to the articles of incorporation in a newspaper of general circulation published in the county where the company's principal place of business is located, at least thirty days prior to the members' meeting. Where the amendment is not inconsistent with the constitution and laws of this state and of the United States, the amendment may be adopted by the affirmative vote of at least three-fifths of the members present and voting at the meeting. After adopting an amendment, the board of directors shall submit the amendment to the attorney general for examination and approval.
(B) If, upon examination, the attorney general finds that the amendments adopted at the members' meeting are in accordance with applicable sections of the Revised Code, and are not inconsistent with the constitution and laws of the United States and of this state, the attorney general shall approve of the amendment to the articles of incorporation.
(C) Upon receiving the approval of the attorney general, the amendment and a certificate of the attorney general's approval shall be filed in the office of the secretary of state, and shall thereupon be in effect. After recording the amendment, the secretary of state shall deposit a copy thereof with the superintendent of insurance.
2023 Ohio Revised Code › Title 39 | Insurance › Chapter 3913 | Changes in Corporate Organization or Status › Section 3913.30 | Continuation of Corporate Existence, Directors and Officers.

Effective:
September 16, 1997
Latest Legislation:
House Bill 370 - 122nd General Assembly
(A) Upon a reorganization plan taking effect in accordance with section 3913.28 of the Revised Code, the corporate existence of the mutual insurance company shall continue in the reorganized stock company. On the effective date of the reorganization, all of the assets, rights, franchises, and interests of the mutual insurance company in and to every species of property, whether real, personal, or mixed, and any accompanying choses in action, shall be vested in the reorganized stock company, without any deed or transfer, and the reorganized stock company shall assume all the obligations and liabilities of the mutual insurance company.
(B) Unless otherwise specified in a reorganization plan, those persons who are the directors and officers of a mutual insurance company on the effective date of the reorganization shall serve as the directors and officers of the reorganized stock company until new directors and officers are elected pursuant to the reorganized stock company's articles of incorporation and code of regulations.