Effective: October 26, 1989
Latest Legislation: House Bill 105 - 118th General Assembly
Premium taxes or taxes on premiums paid for coverage of risks resident or located in this state by a purchasing group or any members of the purchasing group shall be imposed and paid in accordance with the following:
(A) Imposed at the same rate and subject to the same interest, fines, and penalties as those applicable to premium taxes and taxes on premiums paid for similar coverage from a similar insurance source by other insureds;
(B) Paid first by the insurance source; if not by the source, then by the agent or broker for the purchasing group; if not by the agent or broker, then by the purchasing group; and if not by the purchasing group, then by each of its members.
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.