reglab/statecodes huggingface dataset:
Ohio Administrative Code › Title 3901 - Department of Insurance › Chapter 3901-3 - Acquisitions and Mergers; Insurance Holding Company Systems › Section 3901-3-10 - Licensing of managing general agents

Current through all regulations passed and filed through July 1, 2024
(A) Authority
This rule is issued by the superintendent of insurance pursuant
				to section 3901.041 and
				3905.79 of the Revised Code.
(B) Purpose
Section
				3905.72 of the Revised Code sets
				out the requirements for licensing of managing general agents. The purpose of
				this rule is to establish the procedures to be used in the licensing of
				managing general agents.
(C) Application
(1) Every person who seeks a license as a
			 managing general agent under section
			 3905.71 to
			 3905.79 of the Revised Code
			 shall make application in writing to the superintendent of insurance on a form
			 provided by the superintendent.
(2) In addition to the information required
			 by section 3905.72(B)(1) to (6) of the Revised Code the application form shall
			 also contain:
(a) Questions to determine if
			 the applicant has had any criminal or administrative action taken against the
			 applicant;
(b) Questions to
			 determine if the applicant has ever been involved with an entity which was
			 placed in bankruptcy, conservatorship, or similar supervision;
(c) Any other information required by the
			 superintendent.
(3)
			 When the applicant applies for a license the applicant shall provide a list,
			 including addresses, of all the applicant's agents, producers, or subproducers,
			 which shall be kept current by filing notice of any changes within thirty days
			 of the end of each calendar quarter.
(4) The application fee of twenty dollars
			 shall be submitted with the application.
Ohio Administrative Code › Title 3901 - Department of Insurance › Chapter 3901-3 - Acquisitions and Mergers; Insurance Holding Company Systems › Section 3901-3-12 - Derivative use plan

Current through all regulations passed and filed through July 1, 2024
(A)
								 Purpose
The purpose of this rule is to
				establish the content of the derivative use plans to be filed with the
				superintendent as required by sections
				3906.12,
				3907.14, and
				3925.08 of the Revised
				Code.
(B)
								 Authority
This rule is promulgated pursuant to
				the authority vested in the superintendent under sections
				3901.041,
				3906.12,
				3907.14 and
				3925.08 of the Revised
				Code.
(C)
								 Derivative use plan
(1)
									 The insurer
			 shall submit a derivative use plan, or amendment thereto, to the
			 superintendent. The derivative use plan or the amendment thereto will be
			 referred to as "the plan" hereinafter. The filing shall include a certified
			 copy of the authorization by the insurer's board of directors, or a committee
			 thereof charged with the responsibility for supervising investments, pursuant
			 to sections 3906.12,
			 3907.14 and
			 3925.08 of the Revised Code.
			 When submitting its plan, the insurer shall also provide to the
			 superintendent:
(a)
										 In the event the plan is adopted by a committee of the
			 insurer's board of directors, information with respect to the composition, in
			 terms of title and position, of such committee; and
(b)
										 The name and
			 title of the senior most investment person responsible for derivative
			 transactions; a description of his or her duties and responsibilities, as well
			 as a curriculum vitae or equivalent document. Such information shall be updated
			 and provided to the superintendent as changes occur.
Ohio Administrative Code › Title 3901 - Department of Insurance › Chapter 3901-3 - Acquisitions and Mergers; Insurance Holding Company Systems › Section 3901-3-13 - Health insurance reserves

Current through all regulations passed and filed through July 1, 2024
(A)
								Purpose
The purpose of this rule is to
				establish the minimum reserve standards for all individual and group health
				insurance coverages, including single premium credit disability insurance. All
				other credit insurance is not subject to this rule.
(B)
								Authority
This rule is promulgated pursuant to
				the authority vested in the superintendent under section
				3901.041
				and division (Q) of section
				3903.723
				of the Revised Code.
(C)
								Scope
(1)
									These standards
			 establish a minimum reserve standard for all individual and group health
			 insurance coverages, including single premium credit disability insurance. When
			 an insurer determines that adequacy of its health insurance reserves requires
			 reserves in excess of the minimum standards specified herein, such increased
			 reserves shall be held and shall be considered the minimum reserves for that
			 insurer.
(2)
									With respect to any block of contracts, or with respect
			 to an insurer's health business as a whole, a prospective gross premium
			 valuation is the ultimate test of reserve adequacy as of a given valuation
			 date. Such a gross premium valuation will take into account, for contracts in
			 force, in a claims status, or in a continuation of benefits status on the
			 valuation date, the present value as of the valuation date of: all expected
			 benefits unpaid, all expected expenses unpaid, and all unearned or expected
			 premiums, adjusted for future premium increases reasonably expected to be put
			 into effect.
(3)
									Such a gross premium valuation is to be performed
			 whenever a significant doubt exists as to reserve adequacy with respect to any
			 major block of contracts, or with respect to the insurer's health business as a
			 whole. In the event inadequacy is found to exist, immediate loss recognition
			 shall be made and the reserves restored to adequacy. Adequate reserves
			 (inclusive of claim, premium and contract reserves, if any) shall be held with
			 respect to all contracts, regardless of whether contract reserves are required
			 for such contracts under these standards.
(4)
									Whenever minimum
			 reserves, as defined in these standards, exceed reserve requirements as
			 determined by a prospective gross premium valuation, such minimum reserves
			 remain the minimum requirement under these standards.
(5)
									This rule sets
			 forth minimum standards for three categories of health insurance reserves:
			 claim reserves, premium reserves and contract reserves. Adequacy of an
			 insurer's health insurance reserves is to be determined on the basis of all
			 three categories combined. However, these standards emphasize the importance of
			 determining appropriate reserves for each of these categories
			 separately.
Ohio Administrative Code › Title 3901 - Department of Insurance › Chapter 3901-3 - Acquisitions and Mergers; Insurance Holding Company Systems › Section 3901-3-14 - Life risk based capital instructions

Current through all regulations passed and filed through July 1, 2024
(A)
								 Purpose
The purpose of this rule if to adopt
				the national association of insurance commissioners' 2009 instructions for the
				completion of the life risk based capital report.
(B)
								 Authority
This rule is promulgated pursuant to
				the authority vested in the superintendent under section
				3901.041 and division (M) of
				section 3903.81 of the Revised
				Code.
(C)
								 Scope
This rule applies to all domestic life
				insurance companies required to report their risk based capital with the
				superintendent of insurance pursuant to section
				3903.82 of the Revised
				Code.
(D)
								 Instructions
In preparing a report of its risk
				based capital for filing with the superintendent of insurance each domestic
				life company shall comply with the 2009 instructions adopted by the national
				association of insurance commissioners which are set forth in appendix A of
				this rule.
(E)
								 Severability
If any paragraph, term or provision of
				the rule is adjudged invalid for any reason, such judgment shall not affect,
				impair or invalidate any other paragraph, term or provisions of this rule, and
				remaining paragraphs, term and provisions shall be and shall continue in full
				force and effect.
Replaces: 3901-3-14
Click to
				view Appendix
Ohio Administrative Code › Title 3901 - Department of Insurance › Chapter 3901-3 - Acquisitions and Mergers; Insurance Holding Company Systems › Section 3901-3-15 - Property and casualty risk based capital instructions

Current through all regulations passed and filed through July 1, 2024
(A)
								 Purpose
The purpose of this rule is to adopt
				the national association of insurance commissioners' 2009 instructions for the
				completion of the property and casualty risk based capital report.
(B)
								 Authority
This rule is promulgated pursuant to
				the authority vested in the superintendent under section
				3901.041 and division (M) of
				section 3903.81 of the Revised
				Code.
(C)
								 Scope
This rule applies to all domestic
				property and casualty insurance companies required to report their risk based
				capital with the superintendent of insurance pursuant to section
				3903.82 of the Revised
				Code.
(D)
								 Instructions
In preparing a report of its risk based
				capital for filing with the superintendent of insurance each domestic property
				and casualty company shall comply with the 2009 instructions adopted by the
				national association of insurance commissioners which are set out as appendix A
				of the rule.
(E)
								 Severability
If any paragraph, term or provision of
				this rule is adjudged invalid for any reason such judgment shall not affect,
				impair or invalidate any other paragraph, term or provisions of this rule, and
				remaining paragraphs, terms and provisions shall be and shall continue in full
				force and effect.
Replaces: 3901-3-15
Click to
				view Appendix
Ohio Administrative Code › Title 3901 - Department of Insurance › Chapter 3901-3 - Acquisitions and Mergers; Insurance Holding Company Systems › Section 3901-3-16 - Credit for reinsurance

Current through all regulations passed and filed through July 1, 2024
(A) Purpose
The purpose of this rule is to set out procedural requirements
				which the superintendent deems necessary to carry out the provisions of
				sections
				3901.61
				to 3901.65 of the Revised
				Code, credit for reinsurance ceded. The information and procedures set out in
				this rule are necessary for the protection of ceding insurers domiciled in this
				state.
(B) Authority
This rule is promulgated pursuant to the authority vested in
				the superintendent under sections
				3901.041
				and
				3901.65 of the Revised
				Code.
(C) Credit for
			 reinsurance when reinsurer licensed in this state
Pursuant to division (A)(1) of section
				3901.62
				of the Revised Code the superintendent shall allow credit for reinsurance ceded
				by a domestic insurer to assuming insurers which were licensed in this state as
				of the date of the ceding insurer's statutory financial statement.
(D) Credit for reinsurance when a
			 reinsurer is accredited in this state
(1)
			 Pursuant to division (A)(2) of section
			 3901.62
			 of the Revised Code the superintendent shall allow credit for reinsurance ceded
			 by a domestic insurer to an assuming insurer that is accredited as a reinsurer
			 in this state as of the date on which statutory financial statement credit for
			 reinsurance is claimed. An accredited reinsurer must:
(a) File a properly executed form AR-1
			 (attached as an appendix to this rule) as evidence of its submission to this
			 state's jurisdiction and to this state's authority to examine its books and
			 records;
(b) File with the
			 superintendent a certified copy of a certificate of authority or other
			 acceptable evidence that it is licensed to transact insurance or reinsurance in
			 at least one state, or, in the case of a United States branch of an alien
			 assuming insurer, is entered through and licensed to transact insurance or
			 reinsurance in at least one state;
(c) File annually with the superintendent a
			 copy of its annual statement filed with the insurance department of its state
			 of domicile or, in the case of an alien assuming insurer, with the state
			 through which it is entered and in which it is licensed to transact insurance
			 or reinsurance, and a copy of its most recent audited financial statement;
			 and
(d) Maintain a surplus as
			 regards policyholders in an amount not less than twenty million dollars, or
			 obtain the affirmative approval of the superintendent upon a finding that it
			 has adequate financial capacity to meet its reinsurance obligations and is
			 otherwise qualified to assume reinsurance from domestic insurers.
Ohio Administrative Code › Title 3901 - Department of Insurance › Chapter 3901-3 - Acquisitions and Mergers; Insurance Holding Company Systems › Section 3901-3-18 - NAIC manuals

Current through all regulations passed and filed through July 1, 2024
(A) Purpose
The purpose of this rule is to adopt the forms, instructions
				and manuals prescribed by the "National Association of Insurance Commissioners"
				for the preparation and filing of statutory financial statements and other
				financial information.
(B)
			 Authority
This rule is promulgated pursuant to the authority vested in
				the superintendent under sections
				3901.041,
				3901.07,
				3901.77,
				1739.09 and
				1751.47 of the Revised
				Code.
(C) Definition
For purposes of this rule, "Insurer" means property and
				casualty insurance companies, life insurance companies, fraternal benefit
				associations, title insurance companies, health insuring corporations and
				multiple employer welfare associations.
(D) Scope
This rule applies to all domestic insurers and the Ohio
				department of insurance.
(E)
			 Financial examinations and analysis
The Ohio department of insurance shall employ the most current
				version of "Valuation of Securities Manual", the "Purpose and Procedures Manual
				of the Securities Valuation Office", the "Accounting Practices and Procedures
				Manual," The 
									"Financial Condition Examiners Handbook," the
				"Financial Analysis Handbook," the "annual statement blanks" and the
				"annual statement instructions" published by the "National Association of
				Insurance Commissioners" in discharging its duty to examine and analyze the
				financial condition of insurers authorized to conduct business in the state of
				Ohio.
(F) Preparation of
			 financial statements
All domestic insurers shall employ the most current version of
				the "Valuation of Securities Manual", the "Purpose and Procedures Manual of the
				Securities Valuation Office", the "Accounting Practices and Procedures Manual"
				and the "annual statement instructions" published by the "National Association
				of Insurance Commissioners" for the purpose of preparing and filing quarterly
				and annual statements with the Ohio department of insurance and other financial
				information.
(G)
			 Severability
If any paragraph, term or provision of this rule is adjudged
				invalid for any reason, the judgment shall not affect, impair or invalidate any
				other paragraph, term or provision of this rule, but the remaining paragraphs,
				terms and provisions shall be and continue in full force and effect.
Ohio Administrative Code › Title 3901 - Department of Insurance › Chapter 3901-3 - Acquisitions and Mergers; Insurance Holding Company Systems › Section 3901-3-19 - Corporate governance annual disclosure

Current through all regulations passed and filed through July 1, 2024
(A) Purpose
The purpose of this rule is to establish the procedures for
				filing, and the required content of, the corporate governance annual
				disclosure, deemed necessary by the superintendent pursuant to sections
				3901.072
				to
				3901.078 of the Revised
				Code.
(B) Authority
This rule is promulgated pursuant to the authority vested in
				the superintendent under sections
				3901.041
				and 
									
										3901.077
									 of the
				Revised Code.
(C)
			 Definitions
(1) "Board" means board of
			 directors of an insurer or an insurance group.
(2) "CGAD" means a corporate governance
			 annual disclosure.
(3) "Insurance
			 Group" has the same meaning as defined in division (B)(2) of section
			 3901.072
			 of the Revised Code.
(4) "Insurer"
			 has the same meaning as defined in division (B)(3) of section
			 3901.072
			 of the Revised Code.
(5) "NAIC"
			 means the national association of insurance commissioners.
(6) "SEC" means the United States securities
			 and exchange commission.
(7)
			 "Senior Management" means any corporate officer responsible for reporting
			 information to the board at regular intervals or providing this information to
			 shareholders or regulators, and shall include, for example and without
			 limitation, the chief executive officer (CEO), chief financial officer, chief
			 operations officer, chief procurement officer, chief legal officer, chief
			 information officer, chief technology officer, chief revenue officer, chief
			 visionary officer, or any other "C" level executive.
Ohio Administrative Code › Title 3901 - Department of Insurance › Chapter 3901-4 - Long-Term Care Insurance › Section 3901-4-01 - Long-term care insurance

Current through all regulations passed and filed through July 1, 2024
(A) Purpose
The purpose of this rule is to implement
	 sections 3923.41 to
	 3923.49 of the Revised Code to
	 promote the public interest, to promote the availability of long-term care
	 insurance coverage, to protect applicants for long-term care insurance, as
	 defined, from unfair or deceptive sales or enrollment practices, to facilitate
	 public understanding and comparison of long-term care insurance coverages, and
	 to facilitate flexibility and innovation in the development of long-term care
	 insurance.
(B)
  Authority
This regulation is promulgated pursuant to the
	 authority vested in the superintendent under sections
	 3901.041,
	 3923.44 and
	 3923.47 of the Revised
	 Code.
(C)
  Applicability
Except as otherwise specifically provided, this
	 rule applies to all long-term care insurance policies, including qualified
	 long-term care contracts and life insurance policies that accelerate benefits
	 for long-term care delivered or issued for delivery in this state on or after
	 the effective date by insurers; fraternal benefit societies; nonprofit health,
	 hospital and medical service corporations; prepaid health plans; health
	 maintenance organizations and all similar organizations.
Additionally, this rule is intended to apply to policies having
	 indemnity benefits that are triggered by activities of daily living and sold as
	 disability income insurance, if:
(1)
  The benefits of the disability income policy are dependent upon or vary in
  amount based on the receipt of long-term care services;
(2) The disability income policy is
  advertised, marketed or offered as insurance for long-term care services;
  or
(3) Benefits under the policy may
  commence after the policyholder has reached social security's normal retirement
  age unless benefits are designed to replace lost income or pay for specific
  expenses other than long-term care services.
Ohio Administrative Code › Title 3901 - Department of Insurance › Chapter 3901-4 - Long-Term Care Insurance › Section 3901-4-03 - Retention of long-term care insurance education records

Current through all regulations passed and filed through July 1, 2024
(A)
								Purpose
The purpose of this rule is to
				establish a record retention requirement for insurers that are to maintain
				records of their agents' initial training and continuing education concerning
				long-term care insurance under section
				3923.443 of the Revised
				Code.
(B)
								Authority
This rule is promulgated pursuant to
				the authority stated in sections
				3901.041,
				3923.44, and
				3923.47 of the Revised
				Code.
(C)
								Pursuant to section
			 3923.443 of the Revised Code, an
			 insurer is required to obtain and maintain records that its agents have
			 completed the initial training and continuing education requirements concerning
			 long-term care insurance and partnership program policies. The superintendent
			 may audit an insurer's records annually to verify compliance. Records required
			 under section 3923.443 of the Revised Code or
			 this rule must be maintained for not less than four years from the date of the
			 particular initial training or continuing education.
(D)
								Severability
If any portion of this rule or the
				application thereof to any person or circumstance is held invalid, the
				invalidity does not affect other provisions or applications of the rule or
				related rules which can be given effect without the invalid portion or
				application, and to this end the provisions of this rule are
				severable.
Replaces: 3901-4-03
Ohio Administrative Code › Title 3901 - Department of Insurance › Chapter 3901-5 - Agents, Licensing, Continuing Education › Section 3901-5-01 - Agent continuing education

Current through all regulations passed and filed through July 1, 2024
(A) Purpose
The purpose of this rule is to establish continuing education
				(CE) requirements, standards and procedures for insurance agents.
(B) Authority
This rule is promulgated pursuant to the authority vested in
				the superintendent under sections
				3901.041,
				3901.20,
				3905.16,
				3905.486, and
				3905.95 of the Revised
				Code.
(C) License renewal
			 period and CE transcripts
(1) The
			  license renewal period shall be
			 set forth in rule
			 3901-5-09
			 of the Administrative Code.
(2)
			 On-going renewal periods for major line and title
			 agents shall be the last day of an agent's birth month every two years
			 thereafter.
(3) The superintendent
			 shall send a renewal notice to each agent at least one month prior to the
			 agent's license expiration date. The renewal notice shall indicate if the
			 resident agent has completed the required number of CE hours for that renewal
			 period as of the date of the renewal notice.
(4) The superintendent shall post continuing
			 education transcripts on the department's website.
(5) If the CE transcript or renewal notice
			 indicates that a resident agent has not completed the required number of CE
			 hours for that renewal period, it is the agent's responsibility to prove
			 compliance with this rule and only request renewal of their license when they
			 have successfully completed the required number of CE hours.
(6) If the agent is seeking an extension or
			 the inactivation, surrender, reinstatement, reactivation or late renewal of a
			 license, the agent must complete the necessary form as required by the
			 superintendent.
(7) An agent's
			 failure to receive a renewal notice does not relieve the agent of the
			 responsibility to timely complete the CE requirements or to timely renew the
			 license.
(8) Credits must be earned
			 by the agent and posted to the agent's record by the continuing education
			 provider or the superintendent.
Ohio Administrative Code › Title 3901 - Department of Insurance › Chapter 3901-5 - Agents, Licensing, Continuing Education › Section 3901-5-02 - Continuing education provider

Current through all regulations passed and filed through July 1, 2024
(A) Purpose
The purpose of this rule is to establish the procedure employed
				by the Ohio department of insurance in reviewing the application of entities
				described in divisions (C)(1) to (C)(5) of section
				3905.484 of the Revised Code to
				be a provider of insurance continuing education courses.
(B) Authority
This rule is promulgated pursuant to the authority vested in
				the superintendent under sections
				3901.041,
				3905.481,
				3905.484 and
				3905.486 of the Revised
				Code.
(C) Definitions
(1) "Authorized Provider Official" is the
			 person designated by a provider as the individual responsible for the conduct
			 of a continuing education course and that course's instructors, monitors, and
			 the employees of the provider.
(2)
			 "Provider" is any person or business entity permitted to offer continuing
			 education courses pursuant to divisions (C)(1) to (C)(5) of section
			 3905.484 of the Revised
			 Code.
Ohio Administrative Code › Title 3901 - Department of Insurance › Chapter 3901-5 - Agents, Licensing, Continuing Education › Section 3901-5-06 - Agent education fees

Current through all regulations passed and filed through July 1, 2024
(A) Purpose
The purpose of this rule is to establish the fees to be
				charged for certain services and transactions for the pre-licensing and the
				continuing education programs.
(B)
			 Authority
This rule is promulgated pursuant to authority vested in the
				superintendent under sections
				3901.041,
				3901.043 and
				3905.481 to
				3905.486 of the Revised
				Code.
(C) All fees in this rule are
			 non-refundable and non-transferable
(D) Continuing education provider and course
			 initial and renewal application fees
(1) Every
			 continuing education provider shall pay the fee established in paragraph
			 
									(D)(2)
			 of this rule. The fee is due with the submission of the provider application.
			 Course fees, where applicable, shall be submitted with the course application.
(2) The applicant shall select one
			 of the fee options listed below. If the status of the provider changes during
			 the year and a different fee is due, the new fee will be in addition to the
			 previous payments with no credit for the prior payments.
(a) Flat fee provider. The fee is one
			 thousand dollars per year, which covers the provider application fee and course
			 application fees for all course applications submitted during the calendar
			 year.
(b) Individual fee provider.
			 The fee is one hundred dollars for submission of the provider application, plus
			 forty dollars for each course application.
(c) Limited fee provider. The fee is
			 twenty-five dollars for submission of the provider application, plus
			 twenty-five dollars for each course application. A provider electing this
			 status is limited to offering no more than three courses of no more than three
			 credit hours each, during the calendar year.
Ohio Administrative Code › Title 3901 - Department of Insurance › Chapter 3901-5 - Agents, Licensing, Continuing Education › Section 3901-5-09 - Agent licensing and appointments

Current through all regulations passed and filed through July 1, 2024
(A) Purpose
The purpose of this rule is to set forth procedures and
				requirements for the licensing and appointment of insurance agents in this
				state; and to identify lines of authority eligible for limited lines
				licenses.
(B) Authority
This rule is promulgated pursuant to the authority vested in
				the superintendent under sections
				3901.041,
				3905.04,
				3905.12,
				3905.20 and
				3905.95 of the Revised
				Code.
(C) Definitions
For purposes of this rule:
(1) "Insurer" and "insurance company" shall
			 have the same meaning in this rule as "insurer" does in section
			 3901.32 of the Revised
			 Code.
(2) "Clearance letter" is the
			 certification to another state of an agent's license status when moving out of
			 Ohio.
Ohio Administrative Code › Title 3901 - Department of Insurance › Chapter 3901-5 - Agents, Licensing, Continuing Education › Section 3901-5-11 - Use of senior-specific certifications and professional designations in the marketing, solicitation, negotiation, sale, or purchase of a life or health insurance policy or annuity

Current through all regulations passed and filed through July 1, 2024
(A) Purpose
The purpose of this rule is to set forth standards to protect
				consumers from dishonest, unfair, deceptive,
				misleading, and fraudulent trade practices with respect to the use of
				senior-specific certifications and professional designations in the marketing,
				solicitation, negotiation, sale, or purchase of,
				or advice made in connection with, life or health insurance, or an annuity
				product.
(B) Authority
This rule is 
									promulgated pursuant to the
				 authority
				vested in the superintendent under sections
				3901.041,
				
										3901.21,
				3901.212,
				3905.0611, and
				3905.28 of the Revised
				Code.
(C) Application and
			 scope
This rule 
									applies to any marketing, solicitation,
				negotiation, or sale or purchase of, or advice made in connection with, a life
				or health insurance policy, or annuity product by an insurance agent in this
				state.
Nothing in this rule 
									limits the superintendent's
				authority to enforce existing provisions of law.
(D) Definitions
(1)
									
									"Agent" or "insurance
			 agent" means any person who, in order to sell, solicit, or negotiate life and health insurance and
			 annuities, is required to be licensed under the laws of this state.
(2) "Financial services regulatory agency"
			 
									means an agency that regulates insurers,
			 insurance agents, broker-dealers, investment advisers, or investment companies
			 as that term is defined
			 
									in the
			 "Investment Company Act of 1940,"15
			 U.S.C. 80a-3, as amended.
(3) "Health insurance"
			 
									means any policy of individual or group sickness
			 and accident insurance, long term care insurance, medicare advantage, medicare
			 supplement, and medicare part D.
Ohio Administrative Code › Title 3901 - Department of Insurance › Chapter 3901-5 - Agents, Licensing, Continuing Education › Section 3901-5-12 - Misconduct by insurance license applicants and licensees

Current through all regulations passed and filed through July 1, 2024
(A) Purpose
The purpose of this rule is to implement statutes setting forth
				standards of conduct and responsibility applicable to insurance license
				applicants, licensees, and/or companies licensed or authorized to transact the
				business of insurance by the superintendent of insurance.
(B) Authority
This rule is promulgated pursuant to the authority vested in
				the superintendent under sections
				3901.041,
				3901.21, and
				3905.01 to
				3905.14 of the Revised
				Code.
(C)
								
								The
			 following conduct by individuals 
								warrants
			 suspension, revocation, or refusal to issue or renew an insurance license,
			 assessment of a civil penalty, or imposition of any other sanctions authorized
			 under Title 39 of the Revised Code:
Whenever it is shown, in accordance with the Revised Code, that
				an individual has solicited, procured, or placed additional or replacement
				health or sickness and accident insurance coverage where he or she knew or
				should have known that the insured or potential insured:
(1) Was and would continue to be covered by
			 substantially duplicative insurance coverage, where the additional coverage
			 will either not pay additional benefits to those offered by the existing
			 coverage or will provide minimal benefits in relation to the cost to that
			 individual of maintaining such coverage; or
(2) Would not be entitled to the benefits of
			 that coverage, because of existing health conditions, where the agent had
			 caused that individual to believe that he or she would be entitled to such
			 benefits; or
(3) Intended to
			 replace existing insurance coverage but would not be entitled to receive
			 benefits from the replacing insurance coverage until he or she had completed
			 some waiting period, which the agent had not disclosed to the insured or
			 potential insured.
Ohio Administrative Code › Title 3901 - Department of Insurance › Chapter 3901-6 - Life Insurance › Section 3901-6-01 - Solicitation of life insurance and/or annuity contracts

Current through all regulations passed and filed through July 1, 2024
(A) Purpose
The purpose of this rule is to
				
									set forth standards and protect consumers by
				establishing certain requirements and prohibiting certain practices related to
				the solicitation and sale of life insurance and annuity
				contracts.
(B)
								Authority
This rule is promulgated pursuant to
				the authority vested in the superintendent under sections
				3901.041,
				3901.21, and
				3901.212 of the Revised
				Code.
(C) Applicability
This rule applies to all  life insurance and annuity products
				solicited, marketed, or sold in this state.
(D) Prohibition of
			 misleading policies
In reviewing policies for approval or disapproval, the
				superintendent may 
									consider the titles, terms
				and text of 
									that policy
									and request and review the
				following materials and data :
(1) Any and all
			 advertisements, estimates, comparisons, illustrations, circulars, statements,
			 notices, brochures, pamphlets, letters, posters, announcements, articles,
			 projections, literature, pictures, reports, books, newspapers, magazines,
			 records, films or other 
									material of any nature whatsoever made, issued,
			 circulated, published, disseminated, delivered, used, referred to or placed
			 before the public in any manner  in connection with 
									or in conjunction with that policy; and
(2) Any and all oral statements,
			 assertions, or representations, the sales
			 techniques or procedures, and the training,
			 study, or learning devices or programs made,
			 used, followed, or employed by the officers,
			 agents, employees, or representatives of the
			 insurance company.
Ohio Administrative Code › Title 3901 - Department of Insurance › Chapter 3901-6 - Life Insurance › Section 3901-6-02 - Correlated sales of life insurance and mutual funds or other securities

Current through all regulations passed and filed through July 1, 2024
(A)
								Purpose
The purpose of this rule is to
				establish minimum standards for the form of proposals and statements used to
				solicit, service, or collect premiums for life insurance which is sold as part
				of a mutual fund or other security.
(B)
								Authority
This rule is promulgated pursuant to
				the authority invested in the superintendent under sections
				3901.041,
				3901.21, and
				3901.212 of the Revised
				Code.
(C)
								Applicability
This rule applies to:
(1)
									Acts and
			 practices in the advertising promotion, solicitation, negotiation of, or
			 effecting the sale of:
(a)
										A life insurance policy or annuity contract that is
			 part of the sales of shares of a mutual fund or other security,
			 or
(b)
										A contract that assumes or requires the purchase of a
			 life insurance policy as part of the sale of shares of a mutual fund or other
			 security.
Ohio Administrative Code › Title 3901 - Department of Insurance › Chapter 3901-6 - Life Insurance › Section 3901-6-03 - Life insurance disclosure

Current through all regulations passed and filed through July 1, 2024
(A) Purpose
The purpose of this rule is to assist
				consumers by requiring insurers to deliver information about life insurance
				policies that will better allow those consumers to select the most appropriate
				policy for their needs, improve their understanding of the policy's basic
				features, and improve the consumer's ability to evaluate the relative costs of
				different policies.
(B) Authority
This rule is promulgated pursuant to the authority vested in
				the superintendent under sections
				3901.041,
									 3901.21, 3901.212, and 3905.28 of the Revised Code.
(C) Scope
(1) Except for the exemptions specified in
			 paragraph (C)(2) of this rule, this rule 
									applies to any solicitation,
			 negotiation or procurement of life insurance occurring within this state
									by any issuer of life insurance contracts including
			 fraternal benefit societies.
(2)
			 Unless specifically included, this rule 
									does not apply
			 to:
(a) Annuities;
(b) Credit life insurance;
(c) Group life insurance;
(d) Life insurance policies issued in
			 connection with pension and welfare plans as defined by and
			  subject to the federal Employee
			 Retirement Income Security Act of 1974 (ERISA),
			 29 U.S.C. section
			 1001 et seq. as amended; or
(e) Variable life insurance under which the
			 amount or duration of the life insurance varies according to the investment
			 experience of a separate account.
Ohio Administrative Code › Title 3901 - Department of Insurance › Chapter 3901-6 - Life Insurance › Section 3901-6-04 - Life insurance illustrations

Current through all regulations passed and filed through July 1, 2024
(A) Purpose
The purpose of this rule is to provide rules for life insurance
				policy illustrations that will protect consumers and foster consumer education.
				The rule provides illustration formats, prescribes standards to be followed
				when illustrations are used, and specifies the disclosures that are required in
				connection with illustrations. The goals of this rule are to ensure that
				illustrations do not mislead purchasers of life insurance and to make
				illustrations more understandable. Insurers will, as far as possible, eliminate
				the use of footnotes and caveats and define terms used in the illustration in
				language that would be understood by a typical person within the segment of the
				public to which the illustration is directed.
(B) Authority
This rule is promulgated pursuant to the authority vested in
				the superintendent under sections
				3901.041
				and
				3901.21
				of the Revised Code.
(C)
			 Scope
This rule applies to all group and individual life insurance
				policies and certificates except:
(1)
			 Variable life insurance;
(2)
			 Individual and group annuity contracts;
(3) Credit life insurance; or
(4) Life insurance policies with illustrated
			 death benefits on any individual not exceeding ten thousand dollars.
Ohio Administrative Code › Title 3901 - Department of Insurance › Chapter 3901-6 - Life Insurance › Section 3901-6-05 - Replacement of life insurance and annuities

Current through all regulations passed and filed through July 1, 2024
(A) Purpose
The purpose of this rule is to:
(1) Regulate the activities of insurers and
			 agents with respect to the replacement of existing life insurance and
			 annuities.
(2) Protect the
			 interests of life insurance and annuity purchases by establishing minimum
			 standards of conduct to be observed in replacement or financed purchase
			 transactions. It will:
(a) Assure that
			 purchasers receive information with which a decision can be made in
			 
										the
			 purchaser's own best interest;
(b) Reduce the opportunity for
			 misrepresentation and incomplete disclosure; and
(c) Establish penalties for failure to comply
			 with requirements of this rule.
Ohio Administrative Code › Title 3901 - Department of Insurance › Chapter 3901-6 - Life Insurance › Section 3901-6-06 - Accelerated death benefits

Current through all regulations passed and filed through July 1, 2024
(A) Purpose
The purpose of this rule is to regulate accelerated death
				benefit provisions of individual and group life insurance policies and to
				provide required standards of disclosure.
(B) Authority
This rule is promulgated pursuant to the authority vested in
				the superintendent under sections
				3901.041
				and
				3915.24 of the Revised
				Code.
(C) Scope
This rule shall apply to all accelerated death benefit
				provisions of individual and group life insurance policies issued or delivered
				in this state on or after the effective date of this rule. This rule shall not
				apply to long-term care insurance or products providing long-term care benefits
				that are subject to sections
				3923.41
				to
				3923.48
				of the Revised Code and any rules promulgated thereunder.
(D) Definitions
(1) "Accelerated death benefits" covered
			 under this rule are benefits payable under a life insurance contract:
(a) To a policyowner or certificateholder
			 during the lifetime of the insured, at the time of a qualifying event;
			 and
(b) Which reduce the death
			 benefit otherwise payable under the life insurance contract; and
(c) Which are payable upon the occurrence of
			 a single qualifying event in an amount fixed at the time of
			 acceleration.
Ohio Administrative Code › Title 3901 - Department of Insurance › Chapter 3901-6 - Life Insurance › Section 3901-6-10 - Valuation of life insurance policies

Current through all regulations passed and filed through July 1, 2024
(A) Purpose
(1) The purpose of this rule is to provide:
(a) Tables of select mortality factors and
			 rules for their use;
(b) Rules
			 concerning a minimum standard for the valuation of plans with nonlevel premiums
			 or benefits; and
(c) Rules
			 concerning a minimum standard for the valuation of plans with secondary
			 guarantees.
Ohio Administrative Code › Title 3901 - Department of Insurance › Chapter 3901-6 - Life Insurance › Section 3901-6-10.1 - Smoker/nonsmoker mortality tables

Current through all regulations passed and filed through July 1, 2024
(A) Purpose
The purpose of this rule is to implement sections
				3915.07,
				3915.071, and
				3903.72 of the Revised Code by
				permitting the use of mortality tables that reflect differences in mortality
				between smokers and nonsmokers in determining minimum reserve liabilities and
				minimum cash surrender values and amounts of paid-up nonforfeiture benefits for
				plans of insurance with separate premium rates for smokers and
				nonsmokers.
(B) Authority
This rule is promulgated pursuant to the authority vested in
				the superintendent under section
				3901.041 of the Revised
				Code.
(C) Definitions
(1) "Commissioners 1980 standard ordinary
			 mortality tables (1980 "CSO"), with or without ten-year select mortality
			 factors" means those tables referred to in divisions (E) and (F) of section
			 3915.071 of the Revised
			 Code.
(2) "Commissioners 1980
			 extended term insurance table (1980 "CET")" means the table referred to in
			 division (I) of section
			 3915.071 of the Revised
			 Code.
(3) "Commissioners 1958
			 standard ordinary mortality table (1958 "CSO")" means that table referred to in
			 division (E)(1) of section
			 3915.07 of the Revised
			 Code.
(4) "Commissioners 1958
			 extended term insurance table (1958 "CET")" means that table referred to in
			 division (E)(1) of section
			 3915.07 of the Revised
			 Code.
(5) "Smoker and nonsmoker
			 mortality tables" means those mortality tables with separate rates of mortality
			 for smokers and nonsmokers derived from the tables defined in paragraphs (C)(1)
			 to (C)(4) of this rule.
(6)
			 "Composite mortality tables" means those tables defined in paragraphs (C)(1) to
			 (C)(4) of this rule.
Ohio Administrative Code › Title 3901 - Department of Insurance › Chapter 3901-6 - Life Insurance › Section 3901-6-10.2 - Gender blended mortality tables

Current through all regulations passed and filed through July 1, 2024
(A) Purpose
The purpose of this rule is to implement section
				3915.071 of the Revised Code by
				permitting individual life insurance policies to provide the same cash
				surrender values and paid-up nonforfeiture benefits to both men and women. No
				change in minimum valuation standards is implied by this rule.
(B)
								Authority
This rule is promulgated pursuant to
				the authority vested in the superintendent under section
				3901.041 of the Revised
				Code.
(C) Definitions
(1) "Commissioners 1980 standard ordinary
			 mortality tables" or "1980 CSO,with or without ten-year select mortality
			 factors," means those tables consisting of
			 separate rates of mortality for male and female lives referred to in division
			 (E)(1) of
			 section 3915.071 of the Revised
			 Code.
(2) "Commissioners 1980
			 standard ordinary mortality tables (M)" or
			 "1980 CSO (M),with or without ten-year
			 select mortality factors," means that mortality
			 table consisting of the rates of mortality for male lives from the 1980
			 CSO,with or without ten-year select mortality
			 factors.
(3) "Commissioners 1980
			 standard ordinary mortality tables (F) "
			 or "1980 CSO (F),with or without
			 ten-year select mortality factors," means that
			 mortality table consisting of the rates of mortality for female lives from the
			 1980 CSO with or without ten-year select mortality
			 factors.
(4) "Commissioners 1980
			 extended term insurance table," or "1980 CET," means that table consisting of
			 separate rates of mortality for male and female lives referred to in division
			 (I) of section 3915.071 of the Revised
			 Code.
(5) "Commissioners 1980
			 extended term insurance table (M)" or
			 "1980 CET (M)" means that mortality table
			 consisting of the rates of mortality for male lives from the 1980
			 CET.
(6)
			 "Commissioners 1980 extended term insurance table (F)" or "1980 CET (F)" means that mortality table consisting of the
			 rates of mortality for female lives from the 1980 CET.
(7)
			 "Commissioners 1980 standard ordinary and commissioners 1980 extended term
			 smoker and nonsmoker mortality tables" mean those tables consisting of separate
			 rates of mortality for smokers and nonsmokers derived from the 1980
			 CSO
			 and 1980
									CET mortality
			 tables by the "Society of Actuaries Task Force" on smoker/nonsmoker mortality
			 adopted by the "National Association of Insurance Commissioners" in December,
			 1983.
Ohio Administrative Code › Title 3901 - Department of Insurance › Chapter 3901-6 - Life Insurance › Section 3901-6-11 - Recognition of the 2001 CSO mortality table for use in determining minimum reserve liabilities and nonforfeiture benefits

Current through all regulations passed and filed through July 1, 2024
(A) Purpose
The purpose of this rule is to recognize, permit and prescribe
				the use of the 2001 commissioners standard ordinary (CSO) mortality table in
				accordance with sections
				3903.723
				and
				3915.071
				of the Revised Code and rule
				3901-6-10
				of the Administrative Code (valuation of life insurance
				policies).
(B) Authority
This rule is promulgated pursuant to the authority vested in
				the superintendent under sections
				3901.041,
				3903.723,
				and
				3915.071
				of the Revised Code.
(C)
			 Definitions
(1) "2001 CSO mortality table"
			 means that mortality table, consisting of separate rates of mortality for male
			 and female lives, developed by the American academy of actuaries CSO task force
			 from the valuation basic mortality table developed by the society of actuaries
			 individual life insurance valuation mortality task force, and adopted by the
			 national association of insurance commissioners (NAIC) in December 2002. The
			 2001 CSO mortality table is included in the "Proceedings of the NAIC (2nd
			 Quarter 2002)". Unless the context indicates otherwise, the "2001 CSO mortality
			 table" includes both the ultimate form of that table and the select and
			 ultimate form of that table and includes both the smoker and nonsmoker
			 mortality tables and the composite mortality tables. It also includes both the
			 age-nearest-birthday and age-last-birthday bases of the mortality
			 tables.
(2) "2001 CSO mortality
			 table (F)" means that mortality table consisting of the rates of mortality for
			 female lives from the 2001 CSO morality table.
(3) "2001 CSO mortality table (M)" means that
			 mortality table consisting of the rates of mortality for male lives from the
			 2001 CSO mortality table.
(4)
			 "Composite mortality tables" means mortality tables with rates of mortality
			 that do not distinguish between smokers and nonsmokers.
(5) "Smoker and nonsmoker mortality tables"
			 means mortality tables with separate rates of mortality for smokers and
			 nonsmokers.