Effective: October 1, 1953 Latest Legislation: House Bill 1 – 100th General Assembly As used in sections 3941.01 to 3941.34, inclusive, of the Revised Code: (A) “Company” includes corporations and associations. (B) “Domestic” designates companies organized under the laws of this state. (C) “Foreign” designates companies organized under the laws of another state or territory. […]
Effective: March 22, 2001 Latest Legislation: Senate Bill 180 – 123rd General Assembly (A) A domestic mutual company may be organized by not less than twenty persons, to carry on the business of mutual insurance and to reinsure and to accept reinsurance as authorized by law and its articles of incorporation. Such persons shall execute […]
Effective: October 1, 1953 Latest Legislation: House Bill 1 – 100th General Assembly The articles of incorporation of a domestic mutual company may be amended at any meeting of members, thirty days’ notice of which, and of the business to come before it, has been given by a majority of the directors in a newspaper […]
Effective: October 1, 1953 Latest Legislation: House Bill 1 – 100th General Assembly No domestic mutual company shall solicit applications for insurance, or accept premiums, until it has filed with the superintendent of insurance its bond, with sureties, in the sum of ten thousand dollars, conditioned upon the faithful accounting for all funds and property […]
Effective: June 18, 2002 Latest Legislation: Senate Bill 171 – 124th General Assembly A domestic mutual company has legal existence, subject to the limitations prescribed in sections 3941.01 to 3941.34 of the Revised Code, from the filing of its articles of incorporation with the secretary of state. The original incorporators may fix and call the […]
Effective: August 8, 1991 Latest Legislation: Senate Bill 137 – 119th General Assembly No domestic mutual company shall issue policies or effect insurance until the superintendent of insurance has licensed it to do so; nor shall the license be issued or renewed unless the company complies, as to each kind of insurance that it effects, […]
Effective: October 1, 1953 Latest Legislation: House Bill 1 – 100th General Assembly Every policyholder of a domestic mutual company is a member while his policy is in force, and is entitled to one vote, and no more.
Effective: October 1, 1953 Latest Legislation: House Bill 1 – 100th General Assembly A domestic mutual company may, in its articles of incorporation, or in its bylaws, provide for a cash premium payable in advance and a contingent liability of the policyholder of not less than one, nor more than ten times the cash premium […]
Effective: October 1, 1953 Latest Legislation: House Bill 1 – 100th General Assembly The bylaws of a domestic mutual company may be amended at any meeting of the board of directors. Such amendment does not become effective unless it is approved by the superintendent of insurance.
Effective: October 1, 1953 Latest Legislation: House Bill 100 – 100th General Assembly The maximum premium payable by any member of a domestic mutual company may be a cash premium and an additional contingent premium not less than the cash premium, or may be solely a cash premium. No policy shall be issued for a […]
Effective: October 1, 1953 Latest Legislation: House Bill 1 – 100th General Assembly Every domestic mutual company shall set forth in every insurance policy it issues upon a cash premium and contingent liability, either a stipulation of the contingent liability of the policyholder or the provision in the articles of incorporation or bylaws fixing the […]
Effective: September 30, 1955 Latest Legislation: Senate Bill 386 – 101st General Assembly No domestic mutual company shall invest any of its assets otherwise than as provided for the investment of assets of domestic insurance companies other than life. In computing the assets, liabilities, and surplus of such company, no contingent liability or unauthorized investments […]
Effective: October 1, 1953 Latest Legislation: House Bill 1 – 100th General Assembly Subsequent to the first calendar year after organization, the expense of management of any domestic mutual company shall not exceed in any one calendar year forty per cent of its premium income in such year; provided that the income on policies issued […]
Effective: October 1, 1953 Latest Legislation: House Bill 1 – 100th General Assembly Any domestic mutual company having a contingent liability which is not possessed of assets above its unearned premium sufficient for the payment of incurred losses and expenses is deemed to be impaired and shall make an assessment for the amount needed to […]
Effective: October 1, 1953 Latest Legislation: House Bill 1 – 100th General Assembly If the impairment of a domestic mutual company is not more than twenty-five per cent of such company’s reinsurance reserve fund, computed according to law, the superintendent of insurance may permit it to continue to issue policies for such period, not exceeding […]
Effective: October 1, 1953 Latest Legislation: House Bill 1 – 100th General Assembly Every domestic mutual company shall record in a book kept for that purpose the order for an assessment required by section 3941.15 of the Revised Code, with a statement which sets forth the condition of the company at the date of the […]
Effective: October 1, 1953 Latest Legislation: House Bill 1 – 100th General Assembly If the directors by authority of statute make an assessment or call on the members for money, or vote that there exists a necessity for such assessment or call, they or any person interested in the company as an officer, policyholder, or […]
Effective: October 1, 1953 Latest Legislation: House Bill 1 – 100th General Assembly The trustees or directors of any domestic mutual company are personally liable for any loss upon risks taken after the superintendent of insurance has issued his requisition to restore any deficiency in the assets and before such deficiency is restored. This section […]
Effective: October 1, 1953 Latest Legislation: House Bill 1 – 100th General Assembly A foreign mutual company shall be admitted to transact the kinds of insurance authorized by its charter or articles of incorporation to the extent and with the privileges and powers permitted by law to domestic mutual companies when such company is solvent […]
Effective: September 29, 1961 Latest Legislation: Senate Bill 93 – 104th General Assembly An alien mutual company, transacting the business of insurance authorized in sections 3941.01 to 3941.34, inclusive, of the Revised Code, on the mutual plan, in accordance with the laws of the country, state, or province in which it was organized, may be […]
