Ohio Code § 3925.05

§ 3925.05.

No insurance company organized under any law of this state for the purpose provided

in section 3925.01 of the Revised Code shall invest its capital, or any part thereof, otherwise than in the following securities: (A) Bonds or other interest-bearing obligations of the United States, or those for which

the faith of the United States is pledged to provide payment of the interest and principal; (B) Bonds of this or of any other state or the District of Columbia, or those for which

the faith of the state or the District of Columbia is pledged to provide payment of

the interest and principal; (C)(1) Legally authorized and executed bonds, notes, warrants, and securities or other interest-bearing

obligations which are direct obligations of any county, incorporated city, town, village,

or any other political subdivision, or municipal corporation of any state or of the

District of Columbia which has not defaulted for a period of more than one hundred

twenty days in the payment of interest upon, or for a period of more than one year

in the payment of principal of, any of its bonds, notes, warrants, securities, or

other interest-bearing obligations, during the ten years immediately preceding the

acquisition of such bonds, notes, warrants, securities, or other interest-bearing

obligations, and provided that such county, incorporated city, town, village, or political

subdivision or municipal corporation has lawful authority to levy taxes for the payment

of such bonds, notes, warrants, securities, or other interest-bearing obligations; (2) Legally authorized and executed bonds, notes, warrants, and other interest-bearing

securities of any school district, water district, road district;  or any special

district of any state or of the District of Columbia, provided that such school district,

water district, road district, or special district has been created by legislative

action and is empowered to levy taxes on all taxable property in such district for

the payment of such bonds, notes, warrants, and other interest-bearing securities,

and provided that such school district, water district, road district, or special

district has not defaulted for a period of more than one hundred twenty days in the

payment of interest upon, or for a period of more than one year in the payment of

principal of, its bonds, notes, warrants, and other interest-bearing securities, during

the ten years immediately preceding the acquisition of such bonds, notes, warrants,

and other interest-bearing securities; (D)(1) Bonds and mortgages on unencumbered real estate within this or any other state, worth

double the amount loaned thereon, provided that if the amount loaned exceeds one-half

the value of the land mortgaged, exclusive of structures thereon, such structures

must be insured in an authorized fire insurance company, other than the company making

the loan, in an amount not less than the difference between half the value of such

land exclusive of structures and the amount loaned, and the policy must be assigned

to the mortgagee; (2) Bonds or notes secured by mortgages insured by the federal housing administrator

or the secretary of agriculture of the United States under Title I of “The Bankhead-Jones

Farm Tenant Act” as amended; (E) The stock of a national bank located in this state, organized under an act of congress

entitled “An act to provide a national currency, secured by the pledge of United States

stocks, and to provide for the circulation and redemption thereof,” approved February

25, 1863, and acts amendatory thereof and supplementary thereto; (F) First mortgage bonds of railroads upon which default in the payment of the interest

coupons has not been made within three years prior to the purchase thereof by such

insurance company.