Ohio Code § 3901.32

Ohio Code § 3901.32. Reproduced from the official Ohio Revised Code, with a citation summary, verification link, and related provisions.

§ 3901.32.

As used in sections 3901.32 to 3901.37 of the Revised Code : (A) “ Affiliate of ” or “ affiliated with ” a specific person means a person that, directly or indirectly, through one or more

intermediaries, controls, is controlled by, or is under common control with, the person

specified. (B) “ Control ,” including “ controlling ,” “ controlled by ,” and “ under common control with ,” means the possession, direct or indirect, of the power to direct or cause the direction

of the management and policies of a person, whether through the ownership of voting

securities, by contract other than a commercial contract for goods or nonmanagement

services, or otherwise, unless the power is the result of an official position with

or corporate office held by the person.  Control shall be presumed to exist if any person, directly or indirectly, owns,

controls, holds with the power to vote, or holds proxies representing, ten per cent

or more of the voting securities of any other person.  This presumption may be rebutted by a showing made in the manner provided in division (J) of section 3901.33 of the Revised Code that control does not exist in fact.  The superintendent of insurance may determine, after furnishing all persons in interest

notice and opportunity to be heard and making specific findings of fact to support

such determination, that control exists in fact, notwithstanding the absence of a

presumption to that effect. (C) “ Enterprise risk ” means any activity, circumstance, event, or series of events involving one or more

affiliates of an insurer that, if not remedied promptly, is likely to have a materially

adverse effect on the financial condition or liquidity of the insurer or its insurance

holding company system as a whole.  “ Enterprise risk ” includes anything that would cause the insurer's risk-based capital to fall into

company action level as set forth in section 3903.83 of the Revised Code or would cause the insurer to be in a hazardous financial condition. (D) “ Group capital calculation instructions ” means the group capital calculation instructions, as adopted by the national association

of insurance commissioners and as amended by the national association of insurance

commissioners from time to time in accordance with the procedures adopted by the national

association of insurance commissioners. (E) “ Group-wide supervisor ” means the regulatory official who is authorized by the superintendent to conduct

and coordinate group-wide supervision of an internationally active insurance group

and who is determined by the superintendent pursuant to division (A) of section 3901.352 of the Revised Code to have sufficient contacts with the internationally active insurance group. (F) “ Insurance holding company system ” means two or more affiliated persons, one or more of which is an insurer. (G) “ Insurer ” means any person engaged in the business of insurance, guaranty, or membership,

an inter-insurance exchange, a mutual or fraternal benefit society, or a health insuring

corporation.  “Insurer” does not include any agency, authority, or instrumentality of the United

States, its possessions and territories, the Commonwealth of Puerto Rico, the District

of Columbia, or a state or political subdivision of a state. (H) “ Internationally active insurance group ” means an insurance holding company system that includes an insurer registered under section 3901.33 of the Revised Code and that meets all of the following criteria: (1) Insurers that are part of the insurance holding company system write premiums in

at least three countries. (2) The percentage of gross premiums written outside the United States by the insurance

holding company system is at least ten per cent of the system's total gross written

premiums. (3) Based on a three-year rolling average, either the total assets of the insurance holding

company system are at least fifty billion dollars, or the total gross written premiums

of the insurance holding company system are at least ten billion dollars. (I)(1) “ Liquidity stress test framework ” means a separate national association of insurance commissioners publication which

includes all of the following: (a) A history of the national association of insurance commissioners' development of

regulatory liquidity stress testing; (b) The scope criteria applicable for a specific data year; (c) The liquidity stress test instructions and reporting templates for a specific data

year. (2) Such scope criteria, instructions, and reporting templates shall be those adopted

by the national association of insurance commissioners and as amended by the national

association of insurance commissioners from time to time in accordance with the procedures

adopted by the national association of insurance commissioners. (J) “ Person ” means an individual, a corporation, a partnership, an association, a joint stock

company, a trust, an unincorporated organization, any similar entity, or any combination

of the foregoing acting in concert. (K) “ Scope criteria ” means the designated exposure bases, along with minimum magnitudes thereof for the

specified data year, used to establish a preliminary list of insurers considered scoped

into the national association of insurance commissioners liquidity stress test framework

for that data year. (L) “ Subsidiary ” of a specified person is an affiliate controlled by such person, directly or indirectly,

through one or more intermediaries. (M) “ Voting security ” includes any security convertible into or evidencing a right to acquire a voting

security.

Source: official Ohio text · Last verified 2026-08-27

At a glance

  • Citation: Ohio Revised Code § 3901.32
  • Jurisdiction: Ohio
  • Code: Ohio Revised Code
  • Text: transcribed from the official source (verify below)

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