Effective: October 1, 1953
Latest Legislation: House Bill 1 - 100th General Assembly
The assets representing the reserves on all contracts issued on an after January 1, 1926, and on such other contracts as the association organized under section 3919.01 of the Revised Code designates upon which a reserve at least equal to the minimum reserve prescribed in section 3919.02 of the Revised Code has been accumulated, shall be held separate for the sole use and benefit of such contracts and the insured and beneficiaries thereunder, and no other contracts, insured, beneficiaries, or claimants shall have or acquire any right or interest therein. Provision shall be made for requiring during each calendar year, from such contracts as are not included under this paragraph, contributions which, together with available assets not so held separate, are sufficient to provide for the shares of claims, expenses, and other current liabilities to be borne by such contracts as are not included under this section; provided that no such separation is required whenever reserves on all outstanding contracts are maintained in accordance with sections 3919.02 to 3919.10, inclusive, of the Revised Code.
Such association may accumulate, maintain, and distribute a surplus above such reserves and shall do so as the laws of the association provide in conformity with such sections. This section does not give to any individual contract, insured, or beneficiary any right or claim to any reserves or surplus, or to any part thereof, other than in the manner and to the extent provided in the contract or laws of the association; nor does it make any such reserves, except the reserves required by sections 3919.02 to 3919.10, inclusive, of the Revised Code, a liability in determining the solvency of the association.
Structure Ohio Revised Code
Chapter 3919 | Mutual Protective Insurance Upon Persons
Section 3919.01 | Mutual Protective Associations.
Section 3919.02 | Reserves for Insurance Contracts.
Section 3919.03 | Additional Contributions.
Section 3919.04 | Reserves Are a Distinct Fund.
Section 3919.05 | Mortality Experience or Table.
Section 3919.06 | Provisions for Disability Benefits.
Section 3919.07 | Provisions for Cash Surrender and Loan Values.
Section 3919.08 | Report on Outstanding Contracts.
Section 3919.09 | Associations Exempted.
Section 3919.10 | Foreign Companies and Associations.
Section 3919.12 | Amendment to Constitution or Bylaws.
Section 3919.13 | Amendment of Articles to Change Plan of Insurance.
Section 3919.14 | Separate Annual Statements.
Section 3919.15 | Prohibition Against Assessment Plan Companies.
Section 3919.16 | Annual Statement.
Section 3919.17 | Failure to File a Statement.
Section 3919.18 | Compliance With Requirements of Mutual Life Companies.
Section 3919.19 | Examination by Superintendent.
Section 3919.21 | Admission of Foreign Insurance Companies.
Section 3919.22 | Certificate of Authority.
Section 3919.23 | Revocation of Authority.
Section 3919.24 | Prohibition Against Agents of Foreign Companies.
Section 3919.25 | Annual Statement by Foreign Company.
Section 3919.26 | Fees - Exceptions.
Section 3919.27 | Life and Accident Business on Assessment Plan.
Section 3919.28 | Action Brought - Service of Summons.
Section 3919.29 | Restrictions on Issuance of Policies.
Section 3919.31 | Organization of Accident and Health Insurance Companies.
Section 3919.32 | Restriction Against New Accident and Health Companies.
Section 3919.33 | Expenses - Separation of Funds.
Section 3919.35 | Bond of Accident Insurance Only Company.
Section 3919.36 | Investment of Reserve Fund.
Section 3919.37 | Release of Security.
Section 3919.38 | Annual Statement by Accident Insurance Company.
Section 3919.39 | Mutual Benefit Societies Excepted.
Section 3919.40 | Mutual Benefit Societies Subject to Insurance Laws.