Ohio Code § 3907.07

§ 3907.07.

Any legal reserve life insurance company organized under the laws of this state may

invest its capital in the stocks, bonds, or mortgages authorized by section 3907.05 of the Revised Code , and may change and invest it or any part thereof in like manner.  No company shall commence business until it has deposited with the superintendent

of insurance at least one hundred thousand dollars, in such stocks, bonds, or mortgages,

made or assigned to the superintendent in trust for the purposes mentioned in sections 3907.01 to 3907.21, inclusive, of the Revised Code .  When a mortgage of real estate is assigned to the superintendent, the assignment

shall be immediately entered in the records of the county in which the real estate

is situated, and the fee for its recording shall be paid by the company. The superintendent shall hold such securities as security for policyholders in the

company.  As long as any company depositing such securities remains solvent, he shall permit

it to collect the interest or dividends on the securities, and from time to time to

withdraw them, or a part thereof, on depositing with him other securities of the kinds

named in section 3907.05 of the Revised Code , and of equal value with those withdrawn. In case a company making or maintaining such deposit with the superintendent, through

inadvertence or by reason of not having securities in such denominations as to make

the exact sum of one hundred thousand dollars, deposits securities in excess of the

requirement, such excess shall be held in trust for the company and not for the benefit

of policyholders, and shall be returned to the company making the deposit on its demand.