Ohio Revised Code
Chapter 3903 | Reserve Valuation; Rehabilitation and Liquidation
Section 3903.50 | Order Appointing Conservator.

Effective: March 7, 1983
Latest Legislation: House Bill 830 - 114th General Assembly
(A) If a domiciliary liquidator has not been appointed, the superintendent of insurance may file a complaint in the court of common pleas for an order directing him to act as conservator to conserve the property of an alien insurer not domiciled in this state or a foreign insurer on any one or more of the following grounds:
(1) Any of the grounds in section 3903.12 of the Revised Code;
(2) That any of its property has been sequestered by official action in its domiciliary state, or in any other state;
(3) That enough of its property has been sequestered in a foreign country to give reasonable cause to fear that the insurer is or may become insolvent;
(4) That its certificate of authority to do business in this state has been revoked or none was ever issued and that there are residents of this state with outstanding claims or outstanding policies.
(B) When an order is sought under division (A) of this section, the court shall cause the insurer to be given such notice and time to respond thereto as is reasonable under the circumstances.
(C) The court may issue the order in whatever terms it considers appropriate. Persons dealing with the property of the insurer are charged with notice of a judgment ordering the supervisor to act as conservator under this section from the time when the judgment is filed under Civil Rule 58, or a certified copy of the judgment is filed under Civil Rule 3(F), with the clerk of the court of common pleas of the county in which the principal business of the company is located or the county in which its principal office or place of business is located.
(D) The conservator may at any time file a motion for and the court may grant an order under section 3903.51 of the Revised Code to liquidate assets of a foreign or alien insurer under conservation, or, if appropriate, for an order under section 3903.53 of the Revised Code to be appointed ancillary receiver.
(E) The conservator may at any time move the court for an order terminating conservation of an insurer. If the court finds that the conservation is no longer necessary, it shall order that the insurer be restored to possession of its property and the control of its business. The court may also make such finding and issue such order at any time upon motion of any interested party, but if such motion is denied all costs shall be assessed against the party.

Structure Ohio Revised Code

Ohio Revised Code

Title 39 | Insurance

Chapter 3903 | Reserve Valuation; Rehabilitation and Liquidation

Section 3903.01 | Reserve Valuation - Rehabilitation and Liquidation Definitions.

Section 3903.02 | Citing of Act - Purpose of Act.

Section 3903.03 | Application of Sections.

Section 3903.04 | Jurisdiction.

Section 3903.05 | Temporary Restraining Orders - Injunctions.

Section 3903.06 | Duty of Persons Exercising Control to Cooperate With Superintendent.

Section 3903.07 | Responsibilities of Superintendent and Deputies.

Section 3903.08 | Effect on Pending Proceedings.

Section 3903.09 | Correction Orders Issued by Superintendent.

Section 3903.10 | Complaint - Court May Issue Ex Parte Seizure or Other Order.

Section 3903.11 | Confidentiality of Information - Exceptions.

Section 3903.12 | Grounds for Rehabilitation Order.

Section 3903.13 | Rehabilitation Orders.

Section 3903.14 | Employment of Special Deputies.

Section 3903.15 | Stay of Actions - Statute of Limitations - Standing.

Section 3903.16 | Motion for Order of Liquidation - Order Terminating Rehabilitation of Insurer.

Section 3903.17 | Basis for Liquidation Order.

Section 3903.18 | Liquidation Orders.

Section 3903.19 | Effect of Liquidation Order on Policies.

Section 3903.20 | Dissolution of Corporate Existence.

Section 3903.21 | Liquidator - Powers and Duties.

Section 3903.22 | Notice of Liquidation Order.

Section 3903.24 | Civil Action Against Liquidator or Insurer.

Section 3903.25 | Duplicate List of Insurer's Assets.

Section 3903.26 | Transfers and Obligations Incurred One Year Prior to Proceeding.

Section 3903.27 | Transfers Made After Filing of Complaint.

Section 3903.28 | Preferences.

Section 3903.29 | Allowance of Claims.

Section 3903.30 | Allowance of Setoffs and Counterclaims.

Section 3903.301 | Protection of Rights.

Section 3903.31 | Report of Liquidator to Court.

Section 3903.32 | Reducing Recovery From Reinsurer.

Section 3903.33 | Payment of Unpaid Earned Premiums.

Section 3903.34 | Proposal to Disburse Assets to Guaranty Associations - Contents - Application for Approval.

Section 3903.35 | Proof of Claims to Be Filed With Liquidator.

Section 3903.36 | Proof of Claim Contents.

Section 3903.37 | Contingent Claims- Absolute Claims.

Section 3903.38 | Third Party-Party Claims.

Section 3903.39 | Written Notice of Denial of Claim.

Section 3903.40 | Claims Secured by Undertaking of Another Person.

Section 3903.41 | Methods of Determining Value of Security Held by Secured Creditor.

Section 3903.42 | Priority of Distribution of Claims.

Section 3903.421 | Medicaid Health Insuring Corporation Bond and Securities.

Section 3903.43 | Review and Investigation of Claims.

Section 3903.44 | Court Payment of Distributions.

Section 3903.45 | Distribution of Unclaimed and Withheld Funds.

Section 3903.46 | Discharge of Liquidator.

Section 3903.47 | Motion to Reopen Proceedings.

Section 3903.48 | Court to Direct Retention or Destruction of Insurer's Records.

Section 3903.49 | Audit of Books of Proceeding.

Section 3903.50 | Order Appointing Conservator.

Section 3903.51 | Order Directing Liquidation.

Section 3903.52 | Power of Domiciliary Liquidator.

Section 3903.53 | Appointing Ancillary Receiver.

Section 3903.54 | Discretion of Superintendent to Commence Proceedings.

Section 3903.55 | Foreign Claimants.

Section 3903.56 | Ohio Residents Claiming Against Foreign Insurers.

Section 3903.57 | Attachment, Garnishment or Execution Proceedings Blocked.

Section 3903.58 | Distribution Order Among Claimants From Reciprocal States.

Section 3903.59 | Failure to Transfer Assets to Ohio Liquidator by Ancillary Receiver.

Section 3903.71 | Unsound Company, Suspension of Authority to Do Business.

Section 3903.72 | Definitions for Sections 3903.72 to 3903.7211.

Section 3903.721 | Valuation of Reserves.

Section 3903.722 | Submission of Data Prior to Operative Date of Valuation Manual.

Section 3903.723 | Minimum Standards for the Valuation of Policies.

Section 3903.724 | Determination of Valuation Interest Rate.

Section 3903.725 | Valuation for Individual Annuity and Pure Endowment Contracts.

Section 3903.726 | Submissions Prior to Operative Date of Valuation Manual.

Section 3903.727 | Valuation for Accident and Health Insurance Contracts.

Section 3903.728 | Policies Issued on or After the Operative Date of the Valuation Manual.

Section 3903.729 | Established Reserves; Principle-Based Valuation.

Section 3903.7210 | Submission of Prescribed Data.

Section 3903.7211 | Confidential Information.

Section 3903.73 | Deposit of Securities With Treasurer of State.

Section 3903.74 | Sale and Distribution of Securities of Defaulting Companies.

Section 3903.75 | Notice to Claimants.

Section 3903.76 | Court Procedure.

Section 3903.77 | Property and Casualty Insurance Reporting Requirements.

Section 3903.81 | Risk-Based Capital for Insurers Model Act Definitions.

Section 3903.82 | Annual Report.

Section 3903.83 | Duty to Submit Plan.

Section 3903.84 | Regulatory Action Level Event Duties of Superintendent and Insurer.

Section 3903.85 | Authorized Control Level Event Duties of Superintendent and Insurer.

Section 3903.86 | Mandatory Control Level Event Duties of Superintendent and Insurer.

Section 3903.87 | Right to Request Hearing.

Section 3903.88 | Confidential Information.

Section 3903.89 | Effectiveness of Notice.

Section 3903.90 | Annual Report by Foreign Insurer.

Section 3903.91 | Regulatory Officials - Immunity.

Section 3903.92 | Requirements for Exempting Insurer From Sections.

Section 3903.93 | Rules.

Section 3903.99 | Penalty.