3901-3-06 Admitted assets.

(A) Purpose

The purpose of this rule is to facilitate the department’s analysis and examination of the financial condition of insurers by defining what constitute admitted assets of an insurer for the purpose of preparing and filing statutory financial statements and other financial information.

(B) Authority

This rule is issued pursuant to the authority vested in the superintendent of insurance under sections 3901.041, 3901.77, 3907.19, 3909.06, 3929.30 and 1751.47 of the Revised Code.

(C) Definitions

For the purpose of preparing and filing statutory financial statements and other financial information required of an insurer pursuant to sections 1751.32, 3929.30, 3907.19 and 3909.06 of the Revised Code, “admitted assets” means only the following:

(1) Any investment authorized by sections 3907.14, 3925.08, 3925.20, 1751.26 and 1751.28 of the Revised Code, and valued in accordance with section 3907.20 of the Revised Code;

(2) An asset as defined in the “Accounting Practices and Procedures Manual” statement of statutory accounting principles No. 4, as published by the “National Association of Insurance Commissioners” to the extent an asset so defined is not inconsistent with Ohio Law.

(D) Severability

If any section, term or provision of this rule is adjudged invalid for any reason, such judgment shall not affect, impair or invalidate any other section, term or provision of this rule, but the remaining sections, terms and provisions shall be and continue in full force and effect.

HISTORY: Eff 10-20-91; 12-31-00; 3-21-05

Promulgated Under: 119.03

Statutory Authority: 3901.041, 3901.77, 3907.19, 3909.06, 3929.30, 1751.47

Rule Amplifies: 3901.77, 3907.19, 3909.06, 3929.30, 1751.47

R.C. 119.032 review dates: 12/22/2004 and 12/22/2009