Ohio Revised Code Search

...or third-party administrator of a multiple employer welfare arrangement operating a group self-insurance program that receives, collects, disburses, or invests money in connection with the activities of the arrangement is a fiduciary as defined in the "Employee Retirement Income Security Act of 1974," 88 Stat. 829, 29 U.S.C.A. 1001, as amended.

...y insurance in an amount set forth in rules adopted by the superintendent. The arrangement shall file with the superintendent a certificate of the insurer or other appropriate evidence of such coverage or insurance. (C) The third-party administrator maintains an office in this state for the payment, processing, adjustment, and settlement of the claims of the arrangement.

... purpose of determining whether a multiple employer welfare arrangement operating a group self-insurance program has violated any provision of the Revised Code or any rule adopted by the superintendent of insurance, a member or its employees are deemed "insureds" or "policyholders" as used in Title XXXIX of the Revised Code. (B) Notwithstanding division (A) of this section, no multiple employer welfare arrangement o...

... the proceeds of the coverage to accept less than the amount due them; (3) Compel, without just cause, employee claimants of members or other persons entitled to the proceeds of the coverage to bring an action against the arrangement to secure full payment or settlement thereof; (4) Enroll a member into the group self-insurance program until the arrangement has provided to the member written notification stating th...

... be paid into the state treasury to the credit of the department of insurance operating fund created under section 3901.021 of the Revised Code.

...All rules adopted by the superintendent of insurance pursuant to sections 1739.01 to 1739.22 of the Revised Code shall be adopted in accordance with Chapter 119. of the Revised Code.

...self-insurance program in this state, unless the multiple employer welfare arrangement has a valid certificate of authority from the superintendent of insurance.

...(A) Whoever violates division (B) of section 1739.02 of the Revised Code is guilty of a felony of the fourth degree. (B) Whoever violates division (D) of section 1739.02 of the Revised Code is guilty of a felony of the fourth degree. (C) Whoever violates section 1739.27 of the Revised Code is guilty of a misdemeanor of the first degree on a first offense and a felony of the fifth degree on each subsequent offense. ...

...t union share accounts" means funds deposited in any shares, accounts, deposits, or certificates of a participating credit union. (E) "Credit union share guaranty corporation" means a corporation described in section 1761.02 of the Revised Code and licensed by the superintendent of insurance under section 1761.04 of the Revised Code to guarantee payment of a credit union share account of an individual member or, as ...

...d Code, to the extent either is applicable and not in conflict with this chapter and those chapters of Title XXXIX of the Revised Code specified in division (A) of section 1761.04 of the Revised Code, applies to such corporation. A credit union share guaranty corporation shall only be authorized to do any of the following: (a) Engage in the business of guaranteeing payment of a credit union share account of an indi...

...The general purposes of a credit union share guaranty corporation are: (A) To guarantee payment of all or a part of participating credit union share accounts of an individual member or, as described in division (B)(2) of section 1761.02 of the Revised Code, a nonmember of a participating credit union, subject to any express limitations as provided in this chapter; (B) To aid and assist any participating credit unio...

...Code, adopt, amend, and rescind such rules as are necessary to implement the requirements of this chapter.

...icense shall not be issued or renewed unless an applicant for a license or a credit union share guaranty corporation satisfies the following conditions: (1) The articles of incorporation of the applicant or corporation, and any amendments thereto, are filed with and approved by the secretary of state and the attorney general; (2) The articles of incorporation and the bylaws of the applicant or corporation, and any ...

...Purchase or otherwise acquire, lease as lessee, invest in, hold, use, lease as lessor, encumber, sell, exchange, transfer, and dispose of property of any description or any interest therein; (7) Borrow money, and issue, sell, and pledge its notes, bonds, and other evidences of indebtedness, and secure any of its obligations by mortgage, pledge, or deed of trust of all or any of its property, and guarantee or secure ...

...provisions of this chapter and the articles of incorporation and bylaws of the credit union share guaranty corporation; (5) Participation by the credit union would not result in a violation by the credit union share guaranty corporation of any provision of this chapter or other applicable state or federal law. (B) Credit unions chartered by other states qualify for participation in the corporation, provided the fol...

...opy of unaudited financial statements filed by a participating credit union or a credit union making application to participate in the corporation pursuant to divisions (B) and (C) of section 1733.32 of the Revised Code or a comparable state or federal statute or of any examination reports of the superintendent or other credit union supervisory authority which were prepared pursuant to division (A) of section 1733.32...

... primary guaranteed amount shall not be less than the amount of the credit union share account but, in no event, shall exceed two hundred fifty thousand dollars or the primary guaranteed amount insured by the national credit union administration, whichever is greater. (B) In addition to the primary guaranteed amount, the corporation may establish an excess coverage guarantee for the benefit of those participating cr...

...perating level shall at all times be no less than one per cent of the aggregate share capital of participating credit unions, irrespective of how denominated. The fund of the corporation shall be comprised of the following: (a) The account for each participating credit union; (b) Retained and undivided earnings; (c) Any reserves required by statute or order of the superintendent of credit unions; (d) Borrowings m...

...shall give prompt notice to the applicable credit union share guaranty corporation whenever he takes possession of the property and assets of a participating credit union. The superintendent shall give further prompt notice whenever he determines to liquidate the property and assets of such participating credit union. (B) When the property and business of a participating credit union has been liquidated or is in the...

...any provision of this chapter, the articles of incorporation or bylaws of the corporation, or any corrective action agreement executed between the participating credit union and the corporation; (7) Continued participation would result in a violation of this chapter or other applicable state or federal law by the corporation. (B)(1) The credit union share guaranty corporation shall, at least thirty days prior to th...

...dent of insurance or are permitted by rules adopted by the superintendents pursuant to division (C) of section 1761.04 of the Revised Code, but such other investments shall not exceed twenty per cent of the sum of the capital contributions, retained and undivided earnings, and any borrowings made in accordance with section 3901.72 of the Revised Code of the corporation. The superintendents shall not permit the corpor...

...(A) A credit union share guaranty corporation shall record income from investments in an income account, and may use such income to defray expenses of operations. Income from all sources that exceeds an amount determined by the board of directors to be adequate to provide for current expenses may be credited to participating credit unions' accounts. (B) Expenses of operations that exceed income from all sources at y...

...th generally accepted accounting principles during the period in which such losses become evident. Such reserve shall provide for losses reported to the corporation, losses incurred but not reported, and estimated losses on the collection of notes and other guarantees to member credit unions. Estimates of loss frequency and loss severity for incurred but not reported losses shall be made based on historical data, tre...

...th generally accepted accounting principles or such other accounting requirements determined by the superintendent of credit unions, covering the fiscal year within one hundred days after the close of such fiscal year in accordance with division (E) of this section and in the form and with such other relevant information as the superintendent of credit unions may require by rules adopted under division (C) of section...

...not operate as a stay of the judgment unless the court, on good cause, so orders. (E) Any action by the superintendent of insurance to take possession of the property and business of a credit union share guaranty corporation shall be under Chapter 3903. of the Revised Code.