(A) Mutual debts or mutual credits between the insurer and another person in connection with any action or proceeding under sections 3903.01 to 3903.59 of the Revised Code shall be set off and the balance only shall be allowed or paid, except as provided in division (B) of this section and section 3903.33 of the Revised Code.
(B) No setoff or counterclaim shall be allowed in favor of any person where any of the following apply:
(1) The obligation of the insurer to the person would not at the date of the filing of a complaint for liquidation entitle the person to share as a claimant in the assets of the insurer;
(2) The obligation of the insurer to the person was purchased by or transferred to the person with a view to its being used as a setoff;
(3) The obligation of the person is to pay an assessment levied against the members or subscribers of the insurer, or is to pay a balance upon a subscription to the capital stock of the insurer, or is in any other way in the nature of a capital contribution.
Effective Date: 03-07-1983
Section: Previous 3903.23 3903.24 3903.25 3903.26 3903.27 3903.28 3903.29 3903.30 3903.301 3903.31 3903.32 3903.33 3903.34 3903.35 3903.36 NextLast modified: October 10, 2016