Ohio Revised Code Chapter 3964 - Captive Insurance Companies

• Section 3964.01 - Definitions.
  As used in this chapter: (A) "Affiliated company" means any company in the same corporate system as a parent, or a member organization by...
• Section 3964.02 - Authorized Lines Of Insurance.
  (A) A captive insurance company may apply for authority to insure only the following lines of insurance: (1) Commercial multiple peril; (2) Ocean marine;...
• Section 3964.03 - Organization.
  (A) A captive insurance company shall be organized under Chapter 1701., 1702., or 1705. of the Revised Code. (B) A captive insurance company shall...
• Section 3964.04 - Name.
  No captive insurance company shall adopt a name that is the same, deceptively similar, or likely to be confused with, or mistaken for, any...
• Section 3964.05 - Capital Requirements.
  (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:...
• Section 3964.06 - Extraordinary Distributions.
  (A) No captive insurance company shall pay any extraordinary dividend or make any other extraordinary distribution to its shareholders or members other than in...
• Section 3964.07 - Annual Reports.
  (A) A captive insurance company shall not be required to make any annual report except as required by this section. (B) (1) The chief...
• Section 3964.08 - Examination, Evaluation, And Monitoring.
  (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...
• Section 3964.09 - Suspension Or Revocation Of License.
  The superintendent may suspend or revoke the license of a captive insurance company, in accordance with Chapter 119. of the Revised Code, for any...
• Section 3964.10 - Investments.
  (A) The board of directors of a captive insurance company shall determine appropriate investments for the company. With respect to all of the insurance...
• Section 3964.11 - Rating Organizations; Affiliation Not Required.
  No captive insurance company shall be required to join a rating organization. Added by 130th General Assembly File No. TBD, HB 117, §1, eff.
• Section 3964.12 - Affiliation With Insolvency Fund Prohibited.
  No captive insurance company shall be permitted to join or contribute financially to any plan, pool, association, or guaranty or insolvency fund in this...
• Section 3964.13 - Fees.
  (A) (1) Not later than the second day of March of each year, a captive insurance company shall pay to the superintendent of insurance...
• Section 3964.14 - Applicable Law.
  (A) Except as provided in this chapter, captive insurance companies shall be governed by this chapter and are exempt from all other provisions of...
• Section 3964.15 - Captive Insurance Regulation And Supervision Fund.
  (A) There is hereby created in the state treasury the captive insurance regulation and supervision fund, which shall consist of all fees, fines, penalties,...
• Section 3964.17 - Protected Cell Captive Insurance Company.
  (A) As used in sections 3964.17 to 3964.1710 of the Revised Code: (1) "Protected cell" means an incorporated cell that is organized pursuant to...
• Section 3964.171 - Shares.
  (A) A protected cell captive insurance company may create and issue shares in one or more classes for one or more protected cells. (1)...
• Section 3964.1710 - Incorporation Of Other Insurance Companies As Captive Cell; Approval Of Superintendent.
  (A) Any insurance company organized under Chapter 3925. of the Revised Code, and any captive insurance company that is not a protected cell captive...
• Section 3964.172 - Transfer Of Assets.
  (A) No sale, exchange, or other transfer of assets may be made by a protected cell captive insurance company between or among any of...
• Section 3964.173 - Status Of Owners And Participants.
  (A) The owners of a protected cell captive insurance company, shall not, by virtue of being owners of the protected cell captive insurance company,...
• Section 3964.174 - Transactional Liability.
  (A) If a protected cell captive insurance company enters into a transaction with respect to a particular protected cell, or incurs a liability arising...
• Section 3964.175 - Liability For Penalty.
  If a protected cell captive insurance company is liable for any penalty, under this chapter or otherwise, due to an act or the failure...
• Section 3964.176 - Duties Of Directors.
  The directors of a protected cell captive insurance company shall establish and maintain, or cause to be established and maintained, procedures to do all...
• Section 3964.177 - Agreements Between Company And Protected Cell; Requirements; Failure To Comply.
  (A) If a protected cell captive insurance company enters into an agreement with respect to a protected cell of the protected cell captive insurance...
• Section 3964.178 - Conversion Of Captive Insurance Company To Protected Cell Captive Insurance Company.
  (A) A captive insurance company may amend its organizational document to become a protected cell captive insurance company. (B) The amendment of the organizational...
• Section 3964.179 - Transfer Of Protected Cells.
  (A) A protected cell of a protected cell captive insurance company may be transferred to another protected cell captive insurance company. (B) The protected...
• Section 3964.18 - Liquidation.
  (A) If a protected cell captive insurance company with one or more protected cells is being liquidated, the protected cell captive insurance company may...
• Section 3964.19 - Contracts Of Assumption Of Risk Or Indemnification; Permissible Commercial Activities.
  (A) As used in sections 3964.19 to 3964.194 of the Revised Code: (1) "Counterparty" means a special purpose financial captive insurance company's parent or...
• Section 3964.191 - Grounds For Rehabilitation Or Liquidation.
  (A) Notwithstanding the provisions of sections 3903.01 to 3903.59 of the Revised Code, the superintendent may apply to the court of common pleas of...
• Section 3964.193 - Confidentiality Of Information.
  (A) Except as otherwise provided in this section, documents and information submitted by a company pursuant to sections 3964.19 to 3964.194 of the Revised...
• Section 3964.194 - Counterparties; Credit For Reinsurance Ceded To Special Purpose Financial Captive Insurance Company That Is A Subsidiary Or Affiliate Of The Counterparty.
  (A) Notwithstanding any other section of the Revised Code, a counterparty may take credit for reinsurance ceded to a special purpose financial captive insurance...
• Section 3964.20 - Foreign Companies.
  A captive insurance company organized under the laws of another state or jurisdiction may become a domestic captive insurance company pursuant to section 3913.40...
• Section 3964.21 - Rules.
  The superintendent may adopt rules in accordance with Chapter 119. of the Revised Code as are reasonably necessary for the implementation and operation of...

Last modified: October 10, 2016