Effective: September 17, 2014
Latest Legislation: House Bill 117 - 130th General Assembly
(A) A captive insurance company may amend its organizational document to become a protected cell captive insurance company.
(B) The amendment of the organizational document of a captive insurance company to become a protected cell captive insurance company shall require approval by both of the following:
(1) Holders of two-thirds of the outstanding shares or ownership interests of the captive insurance company, unless a greater amount is required by the organizational document of the captive insurance company;
(2) All the creditors of the captive insurance company.
(C) Notwithstanding division (B)(2) of this section, if the consent of all the creditors of the captive insurance company cannot be obtained, the amendment may be approved by the superintendent if the superintendent is satisfied that no creditor will be materially prejudiced by the amendment.
(D) A protected cell captive insurance company may amend its organizational document to cease to be a protected cell captive insurance company.
(E) The amendment of an organizational document of a protected cell captive insurance company to cease to be a protected cell captive insurance company shall require approval by all of the following:
(1) The superintendent;
(2) Holders of two-thirds of the outstanding shares or ownership interests of the protected cell captive insurance company, unless a greater amount is required by the organizational document of the protected cell captive insurance company;
(3) Two-thirds of the participants of each protected cell;
(4) All the creditors of the protected cell captive insurance company and its protected cells.
(F) Notwithstanding division (E)(4) of this section, if the consent of all the creditors of the captive insurance company and its protected cells cannot be obtained, the amendment may be approved by the superintendent upon being satisfied that no creditor will be materially prejudiced by the amendment.
(G)(1) If a captive insurance company or protected cell captive insurance company seeks to change its status in accordance with this section, the captive insurance company or protected cell captive insurance company shall deliver both of the following to the superintendent:
(a) A copy of the amendment to its name;
(b) Evidence satisfactory to the superintendent that the requirements of division (B) or (E) of this section have been met.
(2) If the documents required under division (G)(1) of this section are provided, the superintendent shall issue a license that is appropriate to the amended status of the company.
(H) If a company changes its status in accordance with this section, the change of status shall take effect when the superintendent issues a new license.
Structure Ohio Revised Code
Chapter 3964 | Captive Insurance Companies
Section 3964.01 | Definitions.
Section 3964.02 | Authorized Lines of Insurance.
Section 3964.03 | Organization.
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 3964.14 | Applicable Law.
Section 3964.15 | Captive Insurance Regulation and Supervision Fund.
Section 3964.17 | Protected Cell Captive Insurance Company.
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 3964.179 | Transfer of Protected Cells.
Section 3964.18 | Liquidation.
Section 3964.191 | Grounds for Rehabilitation or Liquidation.
Section 3964.193 | Confidentiality of Information.