Effective: January 1, 2021
Latest Legislation: House Bill 339 - 133rd General Assembly
Any foreign or alien mutual company licensed in this state which is a party to a merger or consolidation shall on or before the effective date thereof file with the superintendent a copy of the agreement. If the surviving company is, at the effective date of the merger or consolidation, licensed as an insurer in this state its license shall continue in effect as though no merger or consolidation had taken place, and on request the superintendent shall transfer to it any additional licenses issued by this state and then held by any nonsurviving insurer which is a party to the merger or consolidation. Revocation or suspension of any of such licenses shall be made only pursuant to the procedures and on the grounds provided in this code, provided, that an additional ground for revocation or suspension of license shall be that the merger or consolidation may have the effect of substantially lessening competition or tending to create a monopoly as to any line of insurance in this state. On receipt of a copy of the agreement of merger or consolidation to which this section applies, the superintendent shall determine whether such revocation or suspension proceedings should be commenced. In making such determination the superintendent may consider any information on file with any agency, division or department of this or any other state, together with any additional relevant information which shall be furnished by the company or companies, pursuant to the superintendent's request. A determination that the merger or consolidation does not violate the additional ground provided in this section shall be conclusively established by the lapse of three months after the effective date of the merger or consolidation without commencement of proceedings to revoke or suspend the license or licenses on that ground.
Structure Ohio Revised Code
Chapter 3941 | Operation of Mutual Insurance Companies
Section 3941.01 | Operation of Mutual Insurance Company Definitions.
Section 3941.03 | Amendment of Articles.
Section 3941.04 | Bond Prerequisite to Solicitation for Insurance or Acceptance of Premiums.
Section 3941.05 | Legal Existence of Company - Power of Original Incorporators - Directors.
Section 3941.06 | Conditions for Issuance or Renewal of License.
Section 3941.07 | Every Policyholder a Member.
Section 3941.08 | Advance Cash Premiums.
Section 3941.09 | Amendment of Bylaws.
Section 3941.10 | Maximum Premium - Cash Premium.
Section 3941.11 | Stipulation or Provision as to Contingent Liability.
Section 3941.12 | Investment of Assets.
Section 3941.14 | Expense Shall Not Exceed Forty per Cent of Premium Income.
Section 3941.15 | Assessment by Impaired Company.
Section 3941.16 | Issuance of Policies by Impaired Company.
Section 3941.17 | Record of the Order of Assessment.
Section 3941.18 | Petition to Have Court Examine Assessment.
Section 3941.19 | Personal Liability of Trustees or Directors.
Section 3941.20 | Admission of a Foreign Company.
Section 3941.21 | Alien Mutual Company Admitted to Do Business.
Section 3941.22 | Revocation of License of Foreign or Alien Company.
Section 3941.23 | Every Domestic, Foreign, or Alien Company Shall Contain the Word Mutual.
Section 3941.24 | Company Having Name Similar to That of Another Not Permitted.
Section 3941.25 | Retaliatory Law Shall Not Apply.
Section 3941.26 | Application of Other Laws.
Section 3941.27 | Companies and Associations Not Affected.
Section 3941.28 | Companies Deemed to Be Organized Under Laws of This State.
Section 3941.29 | Refusal to Make Report Forfeits Charter.
Section 3941.30 | Deposit of Securities to Transact Business Outside State.
Section 3941.31 | Collection and Deposit of Principal and Interest.
Section 3941.32 | Certification of Deposits.
Section 3941.33 | Annual Examination of Securities.
Section 3941.34 | Surrender of Securities Upon Termination of Liability - Examination of Records.
Section 3941.35 | Merger or Consolidation of Companies.
Section 3941.36 | Written Agreement - Name.
Section 3941.37 | Approval of Agreement by Directors and Members.
Section 3941.38 | Agreement and Petition for Approval - Disapproval of Petition.
Section 3941.39 | Transfer of License to Surviving or Resulting Company.
Section 3941.40 | Hearing - Notice - Judicial Review.
Section 3941.41 | Company to Designate Effective Date.
Section 3941.42 | Proceedings Upon Merger or Consolidation.
Section 3941.43 | Continuation of Oldest of Constituent Companies.
Section 3941.44 | Filing Copy of Agreement.
Section 3941.47 | Discontinuing Contract With Hospital.
Section 3941.48 | Contract With Only Hospital Operating in County.
Section 3941.49 | Contract With Only Osteopathic Hospital Operating in County.
Section 3941.50 | Reimbursement for Emergency Services.