Effective: October 1, 1953
Latest Legislation: House Bill 1 - 100th General Assembly
The directors, managers, or officers of any legal reserve life insurance company organized under the laws of this state shall not, directly or indirectly, make or pay a dividend, or pay any interest, bonus, or other allowances in lieu thereof, to its stockholders, except from surplus funds which exist after setting aside an amount equal to the reserve on all its outstanding risks and policies, calculated by the American Experience Table, with interest at four per cent annually, or calculated by any other higher standard that the company has adopted, and the unearned premium on all personal accident and sickness insurance.
Structure Ohio Revised Code
Chapter 3907 | Domestic Legal Reserve Life Insurance Companies
Section 3907.01 | Formation of Insurance Company.
Section 3907.02 | Articles of Incorporation.
Section 3907.03 | Approval by Attorney General.
Section 3907.04 | Organization of Company.
Section 3907.05 | Escrowing Amount for Paid-in Capital and Contributed Surplus.
Section 3907.06 | Increase of Capital Stock.
Section 3907.07 | Deposit of Securities With Superintendent of Insurance.
Section 3907.08 | Commencement of Business.
Section 3907.12 | Reinsurance.
Section 3907.14 | Investment of Capital, Surplus, and Accumulations.
Section 3907.141 | Federal Limitations on Investments.
Section 3907.15 | Allocating Premiums.
Section 3907.17 | Certain Action Authorized.
Section 3907.19 | Annual Statements.