Effective: September 17, 2014 Latest Legislation: House Bill 117 – 130th General Assembly As used in this chapter: (A) “Affiliated company” means any company in the same corporate system as a parent, or a member organization by virtue of common ownership, control, operation, or management. (B) “Captive insurance company” means any insurer that insures only […]
Effective: September 17, 2014 Latest Legislation: House Bill 117 – 130th General Assembly (A) A captive insurance company may apply for authority to insure only the following lines of insurance: (1) Commercial multiple peril; (2) Ocean marine; (3) Inland marine; (4) Medical malpractice; (5) Workers’ compensation, to the extent permitted by law, but only for […]
Effective: April 12, 2021 Latest Legislation: Senate Bill 276 – 133rd General Assembly (A) A captive insurance company shall be organized under Chapter 1701., 1702., 1705., or 1706. of the Revised Code. (B) A captive insurance company shall not operate in this state unless all of the following are met: (1) The captive insurance company […]
Effective: September 17, 2014 Latest Legislation: House Bill 117 – 130th General Assembly No captive insurance company shall adopt a name that is the same, deceptively similar, or likely to be confused with, or mistaken for, any other existing business name registered in this state. The name under which a captive insurance company engages in […]
Effective: September 17, 2014 Latest Legislation: House Bill 117 – 130th General Assembly (A) No captive insurance company shall be issued a license unless it possesses and maintains minimum unimpaired, paid-in total capital and surplus as follows: (1) Not less than two hundred fifty thousand dollars; (2) In the case of a protected cell captive […]
Effective: September 17, 2014 Latest Legislation: House Bill 117 – 130th General Assembly (A) No captive insurance company shall pay any extraordinary dividend or make any other extraordinary distribution to its shareholders or members other than in accordance with this section. The declaration of an extraordinary dividend or distribution shall be conditional and shall confer […]
Effective: September 17, 2014 Latest Legislation: House Bill 117 – 130th General Assembly (A) A captive insurance company shall not be required to make any annual report except as required by this section. (B)(1) The chief financial officer and at least one additional executive officer of a captive insurance company, or a majority of the […]
Effective: September 17, 2014 Latest Legislation: House Bill 117 – 130th General Assembly (A) Captive insurance companies shall be examined, evaluated, and monitored pursuant to section 3901.07 of the Revised Code. (B) All examination reports, preliminary examination reports or results, working papers, recorded information, documents and copies thereof produced by, obtained by, or disclosed to […]
Effective: September 17, 2014 Latest Legislation: House Bill 117 – 130th General Assembly The superintendent may suspend or revoke the license of a captive insurance company, in accordance with Chapter 119. of the Revised Code, for any of the following reasons: (A) Insolvency or impairment of capital or surplus; (B) Failure to meet the requirements […]
Effective: September 17, 2014 Latest Legislation: House Bill 117 – 130th General Assembly (A) The board of directors of a captive insurance company shall determine appropriate investments for the company. With respect to all of the insurance company’s investments, the board of directors shall exercise the judgment and care, under the circumstances then prevailing, that […]
Effective: September 17, 2014 Latest Legislation: House Bill 117 – 130th General Assembly No captive insurance company shall be required to join a rating organization.
Effective: September 17, 2014 Latest Legislation: House Bill 117 – 130th General Assembly No captive insurance company shall be permitted to join or contribute financially to any plan, pool, association, or guaranty or insolvency fund in this state, nor shall any captive insurance company, or any insured or affiliate thereof, receive any benefit from any […]
Effective: September 17, 2014 Latest Legislation: House Bill 117 – 130th General Assembly (A)(1) Not later than the second day of March of each year, a captive insurance company shall pay to the superintendent of insurance a fee computed in accordance with both of the following: (a) 0.35 per cent on its net direct premiums; […]
Effective: September 17, 2014 Latest Legislation: House Bill 117 – 130th General Assembly (A) Except as provided in this chapter, captive insurance companies shall be governed by this chapter and are exempt from all other provisions of the insurance laws of this state. No insurance law of this state shall apply to captive insurance companies […]
Effective: September 17, 2014 Latest Legislation: House Bill 117 – 130th General Assembly (A) There is hereby created in the state treasury the captive insurance regulation and supervision fund, which shall consist of all fees, fines, penalties, and assessments received by the superintendent under this chapter. (B) The superintendent may charge captive insurance companies for […]
Effective: April 12, 2021 Latest Legislation: Senate Bill 276 – 133rd General Assembly (A) As used in sections 3964.17 to 3964.1710 of the Revised Code: (1) “Protected cell” means an incorporated cell that is organized pursuant to Chapter 1701., 1702., 1705., or 1706. of the Revised Code and that has a separate legal identity from […]
Effective: September 17, 2014 Latest Legislation: House Bill 117 – 130th General Assembly (A) A protected cell captive insurance company may create and issue shares in one or more classes for one or more protected cells. (1) The proceeds of the issue of shares for a specific protected cell shall be included in the assets […]
Effective: September 17, 2014 Latest Legislation: House Bill 117 – 130th General Assembly (A) Any insurance company organized under Chapter 3925. of the Revised Code, and any captive insurance company that is not a protected cell captive insurance company, may become a protected cell of a protected cell captive insurance company, with the approval of […]
Effective: September 17, 2014 Latest Legislation: House Bill 117 – 130th General Assembly (A) No sale, exchange, or other transfer of assets may be made by a protected cell captive insurance company between or among any of its protected cells without the written consent of the participants of the protected cell and the superintendent. (B)(1) […]
Effective: September 17, 2014 Latest Legislation: House Bill 117 – 130th General Assembly (A) The owners of a protected cell captive insurance company, shall not, by virtue of being owners of the protected cell captive insurance company, be the owners or participants of any protected cell of the protected cell captive insurance company. (B) The […]
