Ohio Revised Code Search

...(A) No captive insurance company shall be issued a license unless it possesses and maintains minimum unimpaired, paid-in total capital and surplus as follows: (1) Not less than two hundred fifty thousand dollars; (2) In the case of a protected cell captive insurance company, not less than five hundred thousand dollars. (B) The superintendent may prescribe additional capital and surplus based upon the type, vo...

...(A) No captive insurance company shall pay any extraordinary dividend or make any other extraordinary distribution to its shareholders or members other than in accordance with this section. The declaration of an extraordinary dividend or distribution shall be conditional and shall confer no rights upon shareholders or members until thirty days after the superintendent has received notice of the declaration ther...

...(A) A captive insurance company shall not be required to make any annual report except as required by this section. (B)(1) The chief financial officer and at least one additional executive officer of a captive insurance company, or a majority of the directors of a captive insurance company annually, on the first day of January, or within sixty days thereafter prepare under oath and deposit in the office of t...

...(A) Captive insurance companies shall be examined, evaluated, and monitored pursuant to section 3901.07 of the Revised Code. (B) All examination reports, preliminary examination reports or results, working papers, recorded information, documents and copies thereof produced by, obtained by, or disclosed to the superintendent or any other person in the course of an examination made under this section are confi...

...end or revoke the license of a captive insurance company, in accordance with Chapter 119. of the Revised Code, for any of the following reasons: (A) Insolvency or impairment of capital or surplus; (B) Failure to meet the requirements of section 3964.05 of the Revised Code; (C) Refusal or failure to submit an annual report, as required by section 3964.07 of the Revised Code, or any other report or statement r...

...A) The board of directors of a captive insurance company shall determine appropriate investments for the company. With respect to all of the insurance company's investments, the board of directors shall exercise the judgment and care, under the circumstances then prevailing, that a person of reasonable prudence, discretion, and intelligence might exercise in the management of a like enterprise, that person not ...

...No captive insurance company shall be required to join a rating organization.

...on, or guaranty or insolvency fund for claims arising out of the operations of the captive insurance company.

...nd day of March of each year, a captive insurance company shall pay to the superintendent of insurance a fee computed in accordance with both of the following: (a) 0.35 per cent on its net direct premiums; (b) 0.15 per cent on revenue from assumed reinsurance premiums. (2) The annual minimum aggregate fee to be paid by a captive insurance company calculated under this division shall be seven thousand five hu...

...t as provided in this chapter, captive insurance companies shall be governed by this chapter and are exempt from all other provisions of the insurance laws of this state. No insurance law of this state shall apply to captive insurance companies unless captive insurance companies are expressly designated as being subject to the law or, with respect to a line of authority granted to a captive insurance company p...

...) The superintendent may charge captive insurance companies for any of the following expenses incurred in carrying out this chapter: (1) The entire compensation for each day, or portion thereof, worked by all personnel, including those who are not employees of the department of insurance, in any of the following capacities: (a) The conduct of an examination, calculated at the rates provided in the financial con...

...vent or is otherwise unable to meet its claims or other obligations. (R) The duties of a director of a protected cell captive insurance company under this chapter shall be in addition to, and not in lieu of, those under other applicable law.

...(A) A protected cell captive insurance company may create and issue shares in one or more classes for one or more protected cells. (1) The proceeds of the issue of shares for a specific protected cell shall be included in the assets of that protected cell. (2) The proceeds of the issue of shares that are not for a specific protected cell shall be included in the protected cell captive insurance company's ge...

...may be made by a protected cell captive insurance company between or among any of its protected cells without the written consent of the participants of the protected cell and the superintendent. (B)(1) No sale, exchange, transfer of assets, or distribution may be made from a protected cell to any person without the superintendent's prior written approval. (2) The superintendent shall not give approval if th...

...The owners of a protected cell captive insurance company, shall not, by virtue of being owners of the protected cell captive insurance company, be the owners or participants of any protected cell of the protected cell captive insurance company. (B) The participants of a protected cell shall not, by virtue of being such participants, be the owners of the protected cell captive insurance company or participant...

...(A) If a protected cell captive insurance company enters into a transaction with respect to a particular protected cell, or incurs a liability arising from an activity or asset of a particular protected cell, a claim by any person in connection with the transaction or liability extends only to the cell assets of the protected cell. (B) If a protected cell captive insurance company enters into a transaction i...

...If a protected cell captive insurance company is liable for any penalty, under this chapter or otherwise, due to an act or the failure to act of a protected cell or an officer or director of a protected cell, then both of the following apply: (A) The penalty shall only be met by the protected cell captive insurance company from the cell assets of the protected cell responsible. (B) The penalty shall not be e...

... directors of a protected cell captive insurance company shall establish and maintain, or cause to be established and maintained, procedures to do all of the following: (A) Segregate cell assets and liabilities separate and separately identifiable from general assets and liabilities; (B) Segregate cell assets and liabilities of each protected cell separate and separately identifiable from cell assets and liab...

...(A) If a protected cell captive insurance company enters into an agreement with respect to a protected cell of the protected cell captive insurance company, the directors shall ensure that both of the following are met: (1) The other party to the transaction knows, or ought reasonably to know, that the protected cell captive insurance company is acting with respect to a particular protected cell. (2) The min...

...(A) A captive insurance company may amend its organizational document to become a protected cell captive insurance company. (B) The amendment of the organizational document of a captive insurance company to become a protected cell captive insurance company shall require approval by both of the following: (1) Holders of two-thirds of the outstanding shares or ownership interests of the captive insurance compa...

...ected cell of a protected cell captive insurance company may be transferred to another protected cell captive insurance company. (B) The protected cell captive insurance companies between which a protected cell is being transferred shall enter into a written agreement that sets forth the terms of the transfer. (C) A transfer of a protected cell shall be approved by the superintendent when all of the followin...

...(A) Any insurance company organized under Chapter 3925. of the Revised Code, and any captive insurance company that is not a protected cell captive insurance company, may become a protected cell of a protected cell captive insurance company, with the approval of the superintendent. (B)(1) A protected cell of a protected cell captive insurance company may apply to the superintendent to be incorporated as an in...

... this section, in the discharge of the claims of creditors of the protected cell captive insurance company. (G)(1) A petition for a liquidation or rehabilitation order with respect to a protected cell of a protected cell captive insurance company may be made by any of the following: (a) The protected cell captive insurance company; (b) A majority of the directors of the protected cell captive insurance compan...

...ans a special purpose financial captive insurance company's parent or an affiliated entity that is an insurer domiciled in this state that cedes life insurance risks to the special purpose financial captive insurance company pursuant to a special purpose financial captive insurance company contract. (2) "Insolvency" or "insolvent" means that the special purpose financial captive insurance company is unable to pay i...

...ate a special purpose financial captive insurance company domiciled in this state on one or both of the following grounds: (1) There has been embezzlement, wrongful sequestration, dissipation, or diversion of the assets of the special purpose financial captive insurance company intended to be used to pay amounts owed to the counterparty or the holders of special purpose financial captive insurance company sec...