Ohio Code § 3903.31
Ohio Code § 3903.31. Reproduced from the official Ohio Revised Code, with a citation summary, verification link, and related provisions.
§ 3903.31.
(A) As soon as practicable but not more than two years from the date of an order of liquidation
under section 3903.18 of the Revised Code of an insurer issuing assessable policies, the liquidator shall make a report to
the court setting forth all of the following: (1) The reasonable value of the assets of the insurer; (2) The insurer's probable total liabilities; (3) The probable aggregate amount of the assessment necessary to pay all claims of creditors
and expenses in full, including expenses of administration and costs of collecting
the assessment; (4) A recommendation as to whether or not an assessment should be made and in what amount. (B)(1) Upon the basis of the report provided in division (A) of this section, including
any supplements and amendments thereto, the court may levy one or more assessments
against all members of the insurer who are subject to assessment. (2) Subject to any applicable legal limits on assessability, the aggregate assessment
shall be for the amount that the sum of the probable liabilities, the expenses of
administration, and the estimated cost of collection of the assessment, exceeds the
value of existing assets, with due regard being given to assessments that cannot be
collected economically. (C) After levy of assessment under division (B) of this section, the liquidator shall
issue an order directing each member who has not paid the assessment pursuant to the
order to show cause why the liquidator should not pursue a judgment therefor. (D) The liquidator shall give notice of the order to show cause by publication and by
first class mail to each member liable thereunder mailed to his last known address
as it appears on the insurer's records, at least twenty days before the return day
of the order to show cause. (E)(1) If a member does not appear and serve duly verified objections upon the liquidator
on or before the return day of the order to show cause under division (C) of this
section, the court shall make an order adjudging the member liable for the amount
of the assessment against him, pursuant to division (C) of this section, together
with costs, and the liquidator shall have a judgment against the member therefor. (2) If on or before such return day, the member appears and serves duly verified objections
upon the liquidator, the superintendent of insurance may hear and determine the matter
or may appoint a referee to hear it and make such order as the facts warrant. In the event that the superintendent determines that such objections do not warrant
relief from assessment, the member may, by motion, request the court to review the
matter and vacate the order to show cause. (F) The liquidator may enforce any order or collect any judgment under division (E) of
this section by any lawful means.
Source: official Ohio text · Last verified 2026-08-27
At a glance
- Citation: Ohio Revised Code § 3903.31
- Jurisdiction: Ohio
- Code: Ohio Revised Code
- Text: transcribed from the official source (verify below)
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Common questions
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