Ohio Revised Code
Chapter 3903 | Reserve Valuation; Rehabilitation and Liquidation
Section 3903.721 | Valuation of Reserves.

Effective: September 4, 2014
Latest Legislation: Senate Bill 140 - 130th General Assembly
(A)(1) The superintendent shall annually value, or cause to be valued, the reserve liabilities, referred to as reserves, for all outstanding life insurance policies and annuity and pure endowment contracts of every life insurance company doing business in this state issued prior to the operative date of the valuation manual.
In calculating reserves, the superintendent may use group methods and approximate averages for fractions of a year or otherwise. The valuation of the reserves of a company organized under the laws of a foreign government shall be limited to its United States business.
In lieu of the valuation of the reserves required of a foreign or alien company, the superintendent may accept a valuation made, or caused to be made, by the insurance supervisory official of any state or other jurisdiction when the valuation complies with the minimum standard provided in sections 3903.72 to 3903.7211 of the Revised Code.
(2) The provisions set forth in sections 3903.723, 3903.724, 3903.725, and 3903.727 of the Revised Code shall apply to all policies and contracts, as appropriate, issued on or after January 1, 1989, and prior to the operative date of the valuation manual. The provisions set forth in sections 3903.726, 3903.728, and 3903.729 of the Revised Code shall not apply to any such policies and contracts.
(3) The minimum standard for the valuation of policies and contracts issued prior to January 1, 1989, shall be that provided by the laws in effect immediately prior to that date.
(B)(1) For all outstanding life insurance contracts, annuity and pure endowment contracts, deposit-type contracts, and accident and health contracts of every company issued on or after the operative date of the valuation manual, the superintendent shall annually value, or cause to be valued, the reserve liabilities for such contracts according to sections 3903.727, 3903.728, and 3903.729 of the Revised Code. The valuation of the reserves of a company organized under the laws of a foreign government shall be limited to its United States business.
In lieu of the valuation of the reserves required of a foreign or alien company, the superintendent may accept a valuation made, or caused to be made, by the insurance supervisory official of any state or other jurisdiction when the valuation complies with the minimum standard provided in sections 3903.72 to 3903.7211 of the Revised Code.
(2) The provisions set forth in sections 3903.728 and 3903.729 of the Revised Code shall apply to all policies and contracts issued on or after the operative date of the valuation manual.

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.