Effective: April 27, 2005
Latest Legislation: House Bill 425 - 125th General Assembly
There is hereby created the mine subsidence insurance fund, which shall be administered by the mine subsidence insurance governing board for the purpose of making available insurance coverage against mine subsidence as to any structure within this state. All of the following apply to the fund:
(A) The moneys in the fund shall be derived from premiums for reinsurance assumed by the mine subsidence insurance underwriting association on policies written by members of the association.
(B) Premiums on mine subsidence coverage in policies written by members of the association shall be established by the plan of operation at a rate or within a schedule of rates sufficient to satisfy all foreseeable claims upon the fund during the period of coverage, giving due consideration to relevant loss or claim experience or trends, to cover normal costs of operation of the fund, and to provide a reasonable reserve for unexpected contingencies. No deviation shall be allowed from the premium established by the plan, but the mine subsidence insurance governing board shall periodically review the premium level and the experience data applicable to operation of the fund and, with the approval of the superintendent of insurance, make changes as required. However, the premium level for mine subsidence coverage in any policy delivered, issued for delivery, or renewed in a county designated for optional coverage by the board in accordance with division (A)(2) of section 3929.56 of the Revised Code shall not exceed an annual rate that is greater than twenty dollars, and the premium level for mine subsidence coverage in any policy delivered, issued for delivery, or renewed in a county listed in division (A)(1) of section 3929.56 of the Revised Code shall not exceed an annual rate that is greater than five dollars.
(C) Sections 3929.50 to 3929.61 of the Revised Code do not create any liability on the part of the state beyond the amounts paid into the fund and earned by the fund, nor is any liability created on the part of the mine subsidence insurance underwriting association or its members, the Ohio fair plan underwriting association, or the Ohio insurance guaranty association or its members.
(D) The treasurer of state shall be the custodian of the fund, which shall not be a part of the state treasury. All disbursements from the fund shall be paid by the treasurer of state upon requisitions signed by the chairperson of the mine subsidence insurance governing board or the chairperson's designee. The chairperson of the mine subsidence insurance governing board may designate an authorized representative of the Ohio fair plan underwriting association to sign requisitions on the fund if the mine subsidence insurance underwriting association has entered into a contract with the Ohio fair plan underwriting association for administrative and claims adjusting services. The representative, before signing any requisition, shall file with the secretary of state a good and sufficient bond payable to the state to insure the faithful performance of the representative's duty, in such sum as the board requires.
Structure Ohio Revised Code
Chapter 3929 | Domestic and Foreign Insurance Companies Other Than Life
Section 3929.01 | Powers of Companies - Deposits Required of Foreign Companies.
Section 3929.011 | Capitalization Requirements.
Section 3929.012 | Reserve Requirements.
Section 3929.02 | Liability Incurred on Any Single Risk.
Section 3929.03 | Employee Subrogated to Rights of Employer.
Section 3929.04 | Rights and Remedies Pass to Personal Representatives.
Section 3929.05 | Liability of Insurance Company for Bodily Injury or Death.
Section 3929.06 | Satisfying Final Judgment.
Section 3929.07 | Deposit With Superintendent of Insurance Required.
Section 3929.08 | Deposits Required by Other States.
Section 3929.09 | Maintenance and Withdrawal of Securities.
Section 3929.10 | Deposit Required of Guaranty Company.
Section 3929.11 | Deposit by Foreign Guaranty Company.
Section 3929.13 | Estoppel of Company Executing Bond.
Section 3929.14 | Sufficiency of Bonds Executed by Guaranty Company.
Section 3929.15 | Allowance of Premium to Surety Company.
Section 3929.16 | Bonds of Public Officers.
Section 3929.17 | Payment of Premiums on Bonds.
Section 3929.18 | Lien of Mutual Companies for Premium Notes.
Section 3929.19 | Cancellation of Policies.
Section 3929.20 | Rates of Cancellation for Cash Policies.
Section 3929.21 | Rates of Cancellation for Policies on the Mutual Plan.
Section 3929.22 | Rates of Cancellation for Policies on Installment Plan.
Section 3929.24 | Enforcement by Superintendent.
Section 3929.25 | Extent of Liability Under Policy.
Section 3929.26 | More Than One Policy on Same Property.
Section 3929.27 | Solicitor Agent of Company.
Section 3929.28 | Execution of Contracts.
Section 3929.29 | Restrictions in Advertisements - Forfeiture.
Section 3929.30 | Annual Report.
Section 3929.302 | Annual Claims Report by Medical Malpractice Insurers - Fine - Confidentiality.
Section 3929.31 | Special Report.
Section 3929.32 | Prohibition Against Failure to Make Statement.
Section 3929.33 | Schedule of Experience as to Liabilities With Annual Statement.
Section 3929.34 | Distribution of Unallocated Payments.
Section 3929.35 | Determination of Indebtedness Charged for Outstanding Losses.
Section 3929.36 | Schedule Requirements for Corporations Issuing Certain Policies.
Section 3929.37 | Action by Attorney General.
Section 3929.42 | Urban Homeowners Insurance Definitions.
Section 3929.43 | Ohio Fair Plan Underwriting Association.
Section 3929.44 | Application by Person Unable to Obtain Basic Property or Homeowners Insurance.
Section 3929.45 | Examination Into Operation of Association.
Section 3929.46 | Superintendent May Require Reports From Insurers.
Section 3929.47 | Appeals - Judicial Review.
Section 3929.481 | Issuing Fair Plan Policies.
Section 3929.482 | Contracts to Provide Administrative and Claims Adjusting Services.
Section 3929.49 | Furnishing Information to Show Compliance With Law.
Section 3929.50 | Mine Subsidence Insurance Definitions.
Section 3929.52 | Mine Subsidence Insurance Fund.
Section 3929.55 | Auditor of State - Annual Audit of Insurance Fund.
Section 3929.56 | Mine Subsidence Coverage for Homeowners in Designated Counties.
Section 3929.59 | Distribution of Premiums Collected.
Section 3929.60 | Report of Amount of Mine Subsidence Insurance Premiums.
Section 3929.61 | No Right of Recourse Except for Fraud.
Section 3929.62 | Definitions.
Section 3929.63 | Creating Medical Liability Underwriting Association.
Section 3929.631 | Stabilization Reserve Fund.
Section 3929.632 | Dissolution or Suspension.
Section 3929.64 | Board of Governors.
Section 3929.65 | Proposing Plan of Operation.
Section 3929.66 | Application for Medical Liability Insurance.
Section 3929.661 | Option of Being Liable as a Co-Insurer.
Section 3929.67 | Reasons for Cancellation.
Section 3929.68 | No Liability.
Section 3929.682 | Medical Liability Fund.
Section 3929.69 | Filing Statement of Transactions and Affairs.
Section 3929.70 | Exemption From Fees and Taxes.
Section 3929.85 | Limits on Assessments by Associations.
Section 3929.86 | Fire Loss Claims.
Section 3929.87 | Determination as to Whether Loss Caused by Arson.