Ohio Revised Code
Chapter 3964 | Captive Insurance Companies
Section 3964.02 | Authorized Lines of Insurance.

Effective: September 17, 2014
Latest Legislation: House Bill 117 - 130th General Assembly
(A) A captive insurance company may apply for authority to insure only the following lines of insurance:
(1) Commercial multiple peril;
(2) Ocean marine;
(3) Inland marine;
(4) Medical malpractice;
(5) Workers' compensation, to the extent permitted by law, but only for the purpose of indemnification of a self-insuring employer pursuant to division (B)(1) of section 4123.82 of the Revised Code;
(6) Commercial auto liability;
(7) Commercial auto physical damage;
(8) Fidelity;
(9) Notwithstanding division (C) of this section, a special purpose financial captive may apply to provide reinsurance of life insurance risks of an Ohio domiciled parent or an affiliated company that is authorized to transact the business of life insurance in this state;
(10) Except as provided in division (C)(2) of this section, any other line which the superintendent, at the superintendent's sole discretion, permits.
(B) A captive insurance company may purchase reinsurance coverage for any risk that a captive insurance company is permitted to write directly.
(C)(1) A captive insurance company shall not issue, offer, or present insurance policies or certificates, evidence of coverage, or any other similar documentation, to any person other than its parent or affiliated companies.
(2) A captive insurance company shall not do either of the following:
(a) Insure or reinsure any personal lines, as defined in division (B) of section 3905.06 of the Revised Code;
(b) Insure, offer, or enter a three-party agreement under which the captive agrees to pay a parent or affiliate, agrees to make complete, or become responsible for an obligation in response to the default, acts, or omissions of a third party, the parent, or an affiliate.
(D) A captive insurance company may reinsure any risks insured by its parent or an affiliated company, as approved by the superintendent.

Structure Ohio Revised Code

Ohio Revised Code

Title 39 | Insurance

Chapter 3964 | Captive Insurance Companies

Section 3964.01 | Definitions.

Section 3964.02 | Authorized Lines of Insurance.

Section 3964.03 | Organization.

Section 3964.04 | Name.

Section 3964.05 | Capital Requirements.

Section 3964.06 | Extraordinary Distributions.

Section 3964.07 | Annual Reports.

Section 3964.08 | Examination, Evaluation, and Monitoring.

Section 3964.09 | Suspension or Revocation of License.

Section 3964.10 | Investments.

Section 3964.11 | Rating Organizations; Affiliation Not Required.

Section 3964.12 | Affiliation With Insolvency Fund Prohibited.

Section 3964.13 | Fees.

Section 3964.14 | Applicable Law.

Section 3964.15 | Captive Insurance Regulation and Supervision Fund.

Section 3964.17 | Protected Cell Captive Insurance Company.

Section 3964.171 | Shares.

Section 3964.172 | Transfer of Assets.

Section 3964.173 | Status of Owners and Participants.

Section 3964.174 | Transactional Liability.

Section 3964.175 | Liability for Penalty.

Section 3964.176 | Duties of Directors.

Section 3964.177 | Agreements Between Company and Protected Cell; Requirements; Failure to Comply.

Section 3964.178 | Conversion of Captive Insurance Company to Protected Cell Captive Insurance Company.

Section 3964.179 | Transfer of Protected Cells.

Section 3964.1710 | Incorporation of Other Insurance Companies as Captive Cell; Approval of Superintendent.

Section 3964.18 | Liquidation.

Section 3964.19 | Contracts of Assumption of Risk or Indemnification; Permissible Commercial Activities.

Section 3964.191 | Grounds for Rehabilitation or Liquidation.

Section 3964.193 | Confidentiality of Information.

Section 3964.194 | Counterparties; Credit for Reinsurance Ceded to Special Purpose Financial Captive Insurance Company That Is a Subsidiary or Affiliate of the Counterparty.

Section 3964.20 | Foreign Companies.

Section 3964.21 | Rules.