Effective: October 26, 1989
Latest Legislation: House Bill 105 - 118th General Assembly
The superintendent of insurance, after notice and an opportunity for hearing under Chapter 119. of the Revised Code, may do all of the following:
(A) Suspend, revoke, or refuse to renew the certificate of authority of a risk retention group that violates any provision of sections 3960.01 to 3960.13 of the Revised Code for which a specific sanction is not imposed by the law applicable to liability insurance companies admitted to do business in this state;
(B) Impose a civil penalty not to exceed three thousand five hundred dollars for each violation of the type described in division (A) of this section, but not to exceed an aggregate penalty of thirty-five thousand dollars in any six-month period upon the group or any member of the group that participates in the violation;
(C) Obtain injunctive relief to restrain or prevent a violation or threatened violation of the type described in division (A) of this section.
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.