Section 3907.15 | Allocating Premiums.
Effective: January 1, 2021 Latest Legislation: House Bill 339 – 133rd General Assembly (A) A domestic life insurance company may, subject to section 3911.011 of the Revised Code, issue policies, annuities, or other contracts, whether on an individual or group basis, providing benefits or other contractual payments payable in fixed or variable dollar amounts, or […]
Section 3907.17 | Certain Action Authorized.
Effective: October 1, 1953 Latest Legislation: House Bill 1 – 100th General Assembly Actions may be maintained by an insurance company formed under the laws of this state, against any of its members, officers, policyholders, or stockholders, for any cause relating to its business; and actions may be prosecuted and maintained by any member, stockholder, […]
Section 3907.18 | Dividends.
Effective: October 1, 1953 Latest Legislation: House Bill 1 – 100th General Assembly The directors, managers, or officers of any legal reserve life insurance company organized under the laws of this state shall not, directly or indirectly, make or pay a dividend, or pay any interest, bonus, or other allowances in lieu thereof, to its […]
Section 3907.19 | Annual Statements.
Effective: September 1, 2002 Latest Legislation: Senate Bill 129 – 124th General Assembly The president or vice-president, and the secretary or actuary, or a majority of the directors of each insurance company organized under the laws of this state, annually on the first day of January, or within sixty days thereafter, shall prepare under oath […]
Section 3907.20 | Valuation of Securities.
Effective: August 8, 1991 Latest Legislation: Senate Bill 137 – 119th General Assembly (A) All investments shall be valued in accordance with the valuation standards published by the national association of insurance commissioners. Securities investments for which the national association of insurance commissioners has not published valuation standards in its valuations of securities manual, or […]
Section 3907.21 | Companies Previously Organized.
Effective: October 1, 1953 Latest Legislation: House Bill 1 – 100th General Assembly All companies organized under any law of this state shall continue to be corporations for the purpose for which they were chartered, but they shall be subject to all the provisions, requirements, and penalties imposed on companies organized under sections 3907.01 to […]
Section 3907.05 | Escrowing Amount for Paid-in Capital and Contributed Surplus.
Effective: September 25, 1981 Latest Legislation: House Bill 265 – 114th General Assembly (A)(1) No company shall be incorporated under sections 3907.01 to 3907.21 of the Revised Code, on or after January 1, 1982, until the superintendent of insurance has certified to the secretary of state that a sum has been escrowed with a bank […]
Section 3907.06 | Increase of Capital Stock.
Effective: October 1, 1953 Latest Legislation: House Bill 1 – 100th General Assembly When, in the opinion of its board of directors, a legal reserve life insurance company organized under any law of this state, requires a larger amount of capital than that fixed by its articles of incorporation, its board shall, after authorization by […]
Section 3907.07 | Deposit of Securities With Superintendent of Insurance.
Effective: October 1, 1953 Latest Legislation: House Bill 1 – 100th General Assembly Any legal reserve life insurance company organized under the laws of this state may invest its capital in the stocks, bonds, or mortgages authorized by section 3907.05 of the Revised Code, and may change and invest it or any part thereof in […]
Section 3907.08 | Commencement of Business.
Effective: October 1, 1953 Latest Legislation: House Bill 1 – 100th General Assembly When a company is fully organized and has deposited the amount of securities required by section 3907.07 of the Revised Code, it shall file with the superintendent of insurance a duly certified copy of its articles of incorporation, a copy of the […]