(A) An insurer investing under this chapter shall not invest in investments that are prohibited for an insurer by statute or rules of this state.
(B) An insurer investing under this chapter shall not invest in a partnership as a general partner.
(C) The superintendent shall set a reasonable amount of time, not to exceed five years, for disposal of a prohibited investment in hardship cases if the insurer demonstrates that the investment was legal when made or the result of a mistake made in good faith, or if the superintendent determines that the sale of the asset would be contrary to the interests of insureds, creditors, or the general public.
(D) Violation of division (A) of this section may be grounds for regulatory action pursuant to divisions (A) and (I) of section 3903.12 of the Revised Code.
Added by 130th General Assembly File No. TBD, SB 140, ยง1, eff. 9/4/2014.
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