Effective: September 4, 2014 Latest Legislation: Senate Bill 140 – 130th General Assembly As used in this chapter: (A) “Annual financial statement” means an insurer’s statutorily required financial statement under the insurer’s respective authorizing chapter of the Revised Code. (B) “Authorized control level risked-based capital” means authorized control level RBC as defined in sections 1753.31 […]
Effective: September 4, 2014 Latest Legislation: Senate Bill 140 – 130th General Assembly (A) This chapter, and any rules adopted under it, apply to entities organized under Chapters 1731., 1751., 3907., 3919., 3921., 3925., 3931., 3939., 3941., and 3953. of the Revised Code. (B) An insurer may apply to the superintendent for permission to make […]
Effective: September 4, 2014 Latest Legislation: Senate Bill 140 – 130th General Assembly (A)(1) Unless otherwise established in accordance with divisions (A)(2) and (3) of this section, the amount of the minimum financial security benchmark for an insurer shall be the greatest of the following: (a) The authorized control level risk-based capital applicable to the […]
Effective: September 4, 2014 Latest Legislation: Senate Bill 140 – 130th General Assembly (A) Subject to this chapter, an insurer making investments under this chapter may loan or invest its funds, and may buy, sell, hold title to, possess, occupy, pledge, convey, manage, protect, insure, and deal with its investments, property, and other assets to […]
Effective: September 4, 2014 Latest Legislation: Senate Bill 140 – 130th General Assembly (A) An insurer making investments under this chapter shall consider the factors listed in division (C) of this section along with its business in determining whether an investment portfolio or investment policy is prudent. (B) The superintendent shall consider the factors listed […]
Effective: September 4, 2014 Latest Legislation: Senate Bill 140 – 130th General Assembly In acquiring, investing, exchanging, holding, selling, and managing investments under this chapter, an insurer shall establish and follow a written investment policy that shall be reviewed and approved by the insurer’s board of directors on at least an annual basis. The content […]
Effective: September 4, 2014 Latest Legislation: Senate Bill 140 – 130th General Assembly All of the following classes of investments may be counted for the purposes specified in section 3906.11 of the Revised Code, whether they are made directly or as a participant in a partnership, joint venture, or limited liability company: (A) Cash, and […]
Effective: September 4, 2014 Latest Legislation: Senate Bill 140 – 130th General Assembly (A) For the purposes of determining an insurer’s minimum asset requirement under section 3906.11 of the Revised Code, the following limitations on classes of investments shall apply: (1) For investments authorized by division (B) of section 3906.07 of the Revised Code and […]
Effective: September 4, 2014 Latest Legislation: Senate Bill 140 – 130th General Assembly An insurer investing under this chapter that is doing business that requires the insurer to make payment in different currencies shall have investments in securities in each of these currencies in an amount that, independent of all other investments, meets the requirements […]
Effective: September 4, 2014 Latest Legislation: Senate Bill 140 – 130th General Assembly (A) An insurer investing under this chapter shall not invest in investments that are prohibited for an insurer by statute or rules of this state. (B) An insurer investing under this chapter shall not invest in a partnership as a general partner. […]
Effective: September 4, 2014 Latest Legislation: Senate Bill 140 – 130th General Assembly (A) An insurer investing under this chapter shall maintain assets in an amount equivalent to the sum of its liabilities and its minimum financial security benchmark at all times. (B) Assets invested under this chapter may be counted toward satisfaction of the […]
Effective: September 4, 2014 Latest Legislation: Senate Bill 140 – 130th General Assembly (A) Prior to an insurer entering into derivative transactions, the board of directors of the insurer investing under this chapter shall approve a derivative use plan. (B) An insurer shall notify the superintendent of insurance in writing within three days after identifying […]
Effective: September 4, 2014 Latest Legislation: Senate Bill 140 – 130th General Assembly (A) If the superintendent determines that an insurer’s investment practices do not meet the requirements of this chapter, the superintendent may, after notification to the insurer of the superintendent’s findings, order the insurer to make changes necessary to comply with this chapter. […]
Effective: September 4, 2014 Latest Legislation: Senate Bill 140 – 130th General Assembly (A) An insurer subject to an order of the superintendent under section 3906.03 or 3906.13 of the Revised Code may request a hearing within thirty days of the date of the order. The hearing shall be held in compliance with Chapter 119. […]
Effective: September 4, 2014 Latest Legislation: Senate Bill 140 – 130th General Assembly (A) The superintendent may, in accordance with section 119.03 of the Revised Code, adopt rules interpreting and implementing the provisions of this chapter. (B) The superintendent may, in accordance with section 119.03 of the Revised Code, adopt one or more of the […]
