Effective: October 1, 1953
Latest Legislation: House Bill 1 - 100th General Assembly
Any corporation, company, or association organized under the laws of any other state to transact the business of life or accident or life and accident insurance on the assessment plan, as a condition precedent to transacting business in this state, shall deposit with the superintendent of insurance the following:
(A) A certified copy of its charter or articles of incorporation;
(B) A certificate from the insurance commissioner or superintendent of its own state, showing its authority to do such business;
(C) A certificate from the commissioner, superintendent, or other like authority of its own state, stating that corporations, companies, or associations of this state engaged in life or accident insurance on the assessment plan, upon complying with the laws of such state, are entitled to do business therein;
(D) A statement under the oath of its president and its secretary or like officers, in the form required by the superintendent, of its business for the preceding year;
(E) A certificate under the oath of its president and secretary, or like officers, that such corporation, company, or association is paying, and for the twelve months next preceding has paid, the maximum amount named in its policies or certificates;
(F) A copy of its policy or certificate, application, and bylaws, which must show that the liabilities of the assured or members are not limited to fixed or artificial premiums;
(G) Evidence satisfactory to such superintendent that the corporation, company, or association has accumulated and maintained a fund securely invested in securities permitted by the law of its incorporation, not less in amount than the proceeds of one of its periodical payments or an assessment on all its certificates or policyholders, and that such fund is held solely for the benefit of certificate holders or policyholders and can only be used for the purposes provided in the laws of the state where incorporated; except that such fund, in the case of accident companies or accident associations, shall not be less than five thousand and need not be more than ten thousand dollars;
(H) Evidence that such corporation, company, or association, unless it is an accident insurance corporation, company, or association, does not issue certificates or policies upon the life of any person more than sixty-five years of age, or upon any life in which the beneficiary named has not a legal insurable interest.
No license to do business in this state shall be delivered to any such corporation, company, or association until it has filed with the superintendent an appointment of an attorney within this state upon whom service of process may be had.
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.