Effective: October 26, 1989
Latest Legislation: House Bill 105 - 118th General Assembly
(A) Sections 3955.01 to 3955.19 of the Revised Code do not apply to risk retention groups. No risk retention group shall be required or permitted to join or contribute financially to the Ohio insurance guaranty association or similar mechanism in this state. No risk retention group, or its insureds or claimants against its insureds, shall receive any benefit from any such association or mechanism for claims arising under the insurance policies issued by the risk retention group.
(B) When the laws of this state or any of its political subdivisions require any person to obtain liability insurance as a condition of licensure, approval, permission, or other authorization, the insurance may be obtained from a risk retention group as defined in division (J) of section 3960.01 of the Revised Code, if the public agency administering those laws has made a determination that the protection of the Ohio insurance guaranty association provided by Chapter 3955. of the Revised Code is not necessary and that insurance provided by a risk retention group is acceptable to the public agency under the standards of the law that it administers.
(C) When a purchasing group obtains insurance covering its members' risks from an insurer not authorized in this state or a risk retention group, the risks are not covered by any insurance guaranty association or similar mechanism in this state.
(D) When a purchasing group obtains insurance covering its members' risks from an authorized insurer, only risks resident or located in this state shall be covered by the state guaranty association subject to Chapter 3955. of the Revised Code.
Structure Ohio Revised Code
Section 3960.01 | Risk Retention Definitions.
Section 3960.02 | Requirements for Transacting Business.
Section 3960.03 | Requirements for Foreign Risk Retention Groups.
Section 3960.04 | Notices on Application Forms and Policies.
Section 3960.05 | No Coverage by Ohio Insurance Guaranty Association or Similar Mechanism.
Section 3960.06 | Applicability of Laws to Purchasing Group.
Section 3960.07 | Requirements of Purchasing Group for Transacting Business.
Section 3960.08 | Restricting Purchases of Insurance.
Section 3960.09 | Premium Taxes or Taxes on Premiums Paid for Coverage of Risks.
Section 3960.10 | Authority and Powers of Superintendent of Insurance.
Section 3960.12 | Adoption of Rules for Enforcement.
Section 3960.13 | Enforcement Powers of Superintendent of Insurance.