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The Legislative Service Commission staff updates the Revised Code on an ongoing basis, as it completes its act review of enacted legislation. Updates may be slower during some times of the year, depending on the volume of enacted legislation.

Section 3941.16 | Issuance of policies by impaired company.

Ohio Revised Code
/
Title 39 Insurance
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Chapter 3941 Operation Of Mutual Insurance Companies
 
Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
PDF:
Download Authenticated PDF
 

If the impairment of a domestic mutual company is not more than twenty-five per cent of such company's reinsurance reserve fund, computed according to law, the superintendent of insurance may permit it to continue to issue policies for such period, not exceeding ninety days, as he designates.

If such impairment is not restored within the period designated, or exceeds twenty-five percent of such reinsurance reserve, no such company shall issue new policies until such impairment is restored and until authorized to do so by the superintendent or by a court in a proper proceeding.

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