Ohio Revised Code Search

...No title guarantee and trust company shall do business until its capital stock amounts to at least one hundred thousand dollars fully paid up, and until it has complied with section 1735.03 of the Revised Code. Except as provided in such section, such capital shall be invested as the board of directors of such company prescribes.

...ompany shall do business until it has deposited with the superintendent of insurance fifty thousand dollars, in securities permitted by sections 3925.05, 3925.06, and 3925.08 of the Revised Code. The superintendent shall hold such securities deposited with the treasurer of state as security for the faithful performance of all guarantees entered into and all trusts accepted by such company, but so long as it continues...

...All companies doing the business of guaranteeing titles to real property shall comply with sections 1735.01 to 1735.04, inclusive, of the Revised Code.

... the operation of the arrangement in proportion to the ratio of the total number of covered employees employed by the member at the time the liability arose to the total number of covered employees employed by all members of the arrangement at the time the liability arose. (B) "Excess insurance" or "stop-loss insurance" means an insurance policy purchased by a multiple employer welfare arrangement under which it rec...

...ous period of five years or more for purposes other than obtaining insurance may establish, maintain, or operate a group self-insurance program under a multiple employer welfare arrangement that is chartered and created in this state under sections 1739.01 to 1739.22 of the Revised Code: (1) A chamber of commerce; (2) A trade association; (3) An industry association; (4) A professional association; (5) A volunta...

.... Employers or other organizers that propose to create an arrangement or arrangements and provide benefits through a group self-insurance program or group self-insurance programs shall apply to the superintendent for a certificate of authority. If a group listed under division (A) of section 1739.02 of the Revised Code establishes, maintains, or operates more than one multiple employer welfare arrangement subject to...

...pt of the application and all of the supporting information he has requested. (C) The superintendent may refuse to issue or renew or may suspend or revoke the certificate of authority of any multiple employer welfare arrangement, if he finds that any of the following apply: (1) The arrangement or its third-party administrator has failed, or will be unable, to comply with the applicable provisions of sections 1739.0...

...ions 3901.04, 3901.041, 3901.19 to 3901.26, 3901.38, 3901.381 to 3901.3814, 3901.40, 3901.45, 3901.46, 3901.491, 3902.01 to 3902.14, 3923.041, 3923.24, 3923.282, 3923.30, 3923.301, 3923.38, 3923.602, 3923.63, 3923.80, 3923.84, 3923.85, 3923.851, 3923.86, 3923.87, 3923.89, 3923.90, 3924.031, 3924.032, and 3924.27 of the Revised Code. (C) A multiple employer welfare arrangement created pursuant to sections 1739.01 t...

...ding the calculations, formulas, and supporting statistics used to establish the premium or rates; (3) Actuarial certification of the premium or rates, or such other documentation that supports the premium or rates and that is acceptable to the superintendent; (4) The classification of risks pertaining to the premium or rates. (B) If the superintendent finds that any form of certificate, endorsement, rider, or app...

...erage under a one-time-limited-duration policy that is less than twelve months; coverage issued as a supplement to liability insurance; insurance arising out of workers' compensation or similar law; automobile medical payment insurance; or insurance under which benefits are payable with or without regard to fault and which is statutorily required to be contained in any liability insurance policy or equivalent self-in...

...proved by the board of the arrangement upon a finding that the member is in good standing, that both the member and the arrangement have met all the requirements of sections 1739.01 to 1739.22 of the Revised Code and any rules adopted by the superintendent of insurance pursuant to such sections, and that the member has complied with all the requirements of the agreement as of the proposed effective date of terminatio...

...t. (B) The board, in addition to other powers contained in its articles, shall do all of the following: (1) Invest and reinvest funds held by it in accordance with section 3925.08 of the Revised Code; (2) Collect and disburse all money due or payable; (3) Employ and contract with actuaries, accountants, and other agents and employees necessary for the operation of the arrangement. (C) The board, in addition to o...

...superintendent of insurance an annual report of its affairs and operations during the last preceding calendar year. The report shall be made pursuant to the forms, instructions, and manuals prescribed by the national association of insurance commissioners for the preparation of statutory financial statements and other financial information for domestic insurance companies other than life. However, the superintendent ...

...intendent of insurance, or any person appointed by the superintendent, may examine, as often as the superintendent or the superintendent's appointee considers it necessary, the affairs of a multiple employer welfare arrangement and its members. The arrangement shall pay to the superintendent the expenses incurred by the department of insurance in making an examination authorized under this section. To the extent t...

...xistence and face value of contracts or policies of excess insurance; (C) Any other measure of financial capacity as the superintendent considers appropriate.

... (C) Any excess or stop-loss insurance policy purchased by a multiple employer welfare arrangement shall provide that the superintendent must be notified by the arrangement of the cancellation of the policy for any reason, including the failure of the arrangement to pay any applicable premium. (D) No excess or stop-loss insurance policy purchased by a multiple employer welfare arrangement shall do any of the follow...

...(A) A multiple employer welfare arrangement operating a group self-insurance program shall maintain a minimum surplus of not less than five hundred thousand dollars or such higher amounts of surplus as the superintendent of insurance may establish by rule for the protection of the members and their employees. (B) Except as otherwise provided for in sections 1739.01 to 1739.21 of the Revised Code, the assets of a mul...

...(A) Each member shall pay to the multiple employer welfare arrangement operating a group self-insurance program a premium equal to its share of the arrangement's projected obligation for employee welfare benefit liability, administrative expenses, and other costs incurred by the arrangement as determined by the board of the arrangement or by a third-party administrator and approved by the board of the arrangement. Th...

...(A) Each multiple employer welfare arrangement operating a group self-insurance program shall file annually with the superintendent of insurance an actuarial certification including a statement that the underwriting and rating methods of the carrier do all of the following: (1) Comply with accepted actuarial practices; (2) Are uniformly applied to arrangement members, employees of members, and the dependents of mem...

...1 to 1739.22 of the Revised Code, in proportion to the ratio of the total number of covered employees employed by the member on the first day of the month that the obligation arose to the total number of covered employees employed by all members of the arrangement at the time the obligation arose. (B) Division (A) of this section applies only to the extent that the total legal obligations of the multiple employer we...

...or and the revocation of the agreement upon notice to the superintendent; (2) Restrictions upon the exercise of powers by the third-party administrator. (C) The terms of the agreement shall be reasonable and equitable. The agreement and any amendments to the agreement shall be filed by the arrangement with the superintendent at least thirty days prior to their use. Any agreement and amendments that have not been di...

...A trustee, officer, 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.

...A multiple employer welfare arrangement operating a group self-insurance program shall contract only with a third-party administrator that meets all of the following conditions: (A) The third-party administrator has and maintains a fidelity bond as required by the "Employee Retirement Income Security Act of 1974," 88 Stat. 829, 29 U.S.C.A. 1001, as amended. (B) The third-party administrator has and maintains errors...

...(A) For the 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 ar...

...s shall do any of the following: (1) Deposit or invest the assets except in the name of the arrangement; (2) Borrow the assets of the arrangement; (3) Have a pecuniary interest in any loan, pledge of deposit, security, investment, sale, purchase, exchange, reinsurance, or other similar transaction or property of the arrangement; (4) Take or receive for personal use any fee, brokerage, commission, gift, or other c...