Ohio Revised Code
Chapter 3921 | Fraternal Benefit Societies
Section 3921.26 | Annual Financial Statement - Valuation of Certificates.

Effective: January 1, 1997
Latest Legislation: House Bill 468 - 121st General Assembly
(A) Each fraternal benefit society transacting business in this state shall annually file with the superintendent of insurance a true statement of its financial condition, transactions, and affairs for the preceding calendar year. The statement shall be filed on or before the first day of March. The statement shall be in general form and content as approved by the national association of insurance commissioners for fraternal benefit societies, and as supplemented by additional information required by the superintendent.
(B) As part of the annual statement required under division (A) of this section, each society shall, on or before the first day of March, file with the superintendent a valuation of its certificates in force on the immediately preceding thirty-first day of December. The superintendent may, in the superintendent's discretion for cause shown, extend the deadline for filing the valuation for a period of not more than two calendar months. The valuation shall be prepared in accordance with the standards set forth in section 3921.25 of the Revised Code. The valuation and underlying data shall be certified by a qualified actuary or verified, at the expense of the society, by an actuary employed or appointed by the insurance regulatory authority of the society's state of domicile.
(C) If a society fails to comply with division (A) or (B) of this section, the superintendent shall impose a fine of one hundred dollars for each day the noncompliance continues. In addition, the superintendent shall issue an order requiring the society to cease doing business in this state until the society complies with this section. Notice of the order shall be mailed by regular mail, immediately after its issuance by the superintendent, to the society subject to the order.
(D) Any fine collected pursuant to division (C) of this section shall be paid into the state treasury to the credit of the department of insurance operating fund created under section 3901.021 of the Revised Code.

Structure Ohio Revised Code

Ohio Revised Code

Title 39 | Insurance

Chapter 3921 | Fraternal Benefit Societies

Section 3921.01 | Fraternal Benefit Society Definitions.

Section 3921.02 | Fraternal Benefit Society Requirements.

Section 3921.03 | Lodge System.

Section 3921.04 | Representative Form of Government.

Section 3921.05 | Purpose of Fraternal Benefit Society.

Section 3921.06 | Membership Rights.

Section 3921.07 | Organization of Society.

Section 3921.08 | Nonindividual Liability - Indemnification or Reimbursement.

Section 3921.09 | Limitation on Powers or Authority.

Section 3921.10 | Formation of Society After 1-1-97.

Section 3921.101 | Maintenance and Amount of Surplus.

Section 3921.11 | Amendment of Laws.

Section 3921.12 | Operating Charitable, Benevolent, or Educational Institutions for Benefit of Members.

Section 3921.13 | Reinsurance Agreements.

Section 3921.14 | Consolidation or Merger of Societies.

Section 3921.15 | Fraternal Society Converted and Licensed as Mutual Life Insurance Company.

Section 3921.16 | Contractual Benefits Provided by Society.

Section 3921.17 | Designation of Beneficiaries.

Section 3921.18 | Exemption of Benefits From Attachment or Garnishment.

Section 3921.19 | Certificate Specifying Amount of Benefits Provided Under Benefit Contract.

Section 3921.191 | Disclosure for Applicants for Contractual Benefits.

Section 3921.20 | Paid-Up Nonforfeiture Benefit - Cash Surrender Value.

Section 3921.21 | Investment of Funds.

Section 3921.22 | No Individual Right to Assets.

Section 3921.23 | Societies Exempt From Insurance Laws.

Section 3921.24 | Tax Exemption.

Section 3921.25 | Standards of Valuation for Certificates.

Section 3921.26 | Annual Financial Statement - Valuation of Certificates.

Section 3921.27 | Renewal of License - Fee.

Section 3921.28 | Examination of Domestic and Foreign Societies.

Section 3921.29 | Foreign or Alien Benefit Society License.

Section 3921.30 | Notice of Deficiency.

Section 3921.31 | Notice and Correction of Deficiency of Society.

Section 3921.33 | Licensing of Agents - Exceptions.

Section 3921.331 | Effect of Child Support Default on License.

Section 3921.34 | Application of Deceptive Act or Practice Prohibitions.

Section 3921.35 | Service of Process Upon Agent.

Section 3921.36 | False or Misleading Statements.

Section 3921.37 | Exceptions to Chapter.

Section 3921.38 | Review of Superintendent's Decisions and Findings.

Section 3921.99 | Penalty.