4141-37-12 Group bond.

(A) The following methods may be used to satisfy the bonding amount for a group account:

(1) A surety bond, in the bonding amount for the group, naming each member of the group as principal;

(2) A deposit of approved municipal or other bonds, in the bonding amount for the group;

(3) Negotiable certificates of deposit payable to, or assigned to the treasurer of the state of Ohio pledged for the joint and several liability of the members of the group; or

(4) Any combination of surety bond and deposit of approved municipal or other bonds, in the bonding amount for the group, that meets the requirements of paragraphs (A)(1), (A)(2), and (A)(3) of this rule.

(B) The following additional methods may also be used with regard to bonding for a group account:

(1) A separate surety bond for each member of the group, naming such member as principal and securing its obligation as member of a group, in the amount of such reimbursing employer's bonding amount, as determined without respect to such member's membership in a group;

(2) A deposit of approved municipal or other bonds, or approved securities, or other forms of collateral security approved by the director, by each member of the group, pledged for its separate liability as a member of the group, equal to the bonding amount of a reimbursing employer, such bonding amount as determined without respect to such member's membership in a group; or

(3) Any combination of surety bond and deposit of approved municipal or other bonds, or approved securities, or other forms of collateral security approved by the director, in the bonding amount of each member of the group, without respect to such member's membership in a group, that meets the requirements of paragraphs (B)(1) and (B)(2) of this rule.

R.C. 119.032 review dates: 09/24/2012 and 09/01/2017
Promulgated Under: 4141.14
Statutory Authority: 4141.13
Rule Amplifies: 4141.241
Prior Effective Dates: 1/1/72, 7/3/86, 5/29/90, 6/3/96, 1/15/01