Ohio Code § 3960.03

§ 3960.03.

All of the following apply to risk retention groups chartered and licensed in states

other than this state, that seek to do business as a risk retention group in this

state: (A) No risk retention group shall offer insurance in this state unless it has submitted

to the superintendent of insurance, in a form satisfactory to the superintendent,

all of the following: (1) A statement identifying the state or states in which it is chartered and licensed

as a liability insurance company, the date of chartering, its principal place of business,

and any other information, including but not limited to, information on its membership,

that the superintendent may require to verify that it is qualified under division (J) of section 3960.01 of the Revised Code ; (2) A copy of its plan of operation or a feasibility study and revisions of the plan

or study submitted to the state in which the risk retention group is chartered and

licensed.  Division (A)(2) of this section does not apply to any line or classification of

liability insurance that was defined in the federal “Product Liability Risk Retention

Act of 1981,” 95 Stat. 949, 15 U.S.C.A. 3901 , as amended, before October 27, 1986, and was offered before that date by any risk

retention group that had been chartered and operating for not less than three years

before that date.  The risk retention group shall submit a copy of any revision to its plan of operation

or feasibility study required by division (A)(2) of section 3960.02 of the Revised Code at the same time that the revision is submitted to the commissioner of insurance

of its chartering state. (3) A statement of registration, for which a filing fee shall be determined by the superintendent,

that submits it to the jurisdiction of the superintendent and the courts of this state.  The fee shall be paid into the state treasury to the credit of the department of

insurance operating fund pursuant to section 3901.021 of the Revised Code . (B) A risk retention group doing business in this state shall submit to the superintendent

all of the following: (1) A copy of its financial statement submitted to the state in which the risk retention

group is chartered and domiciled, which shall be certified by an independent public

accountant and contain a statement of opinion on loss and loss adjustment expense

reserves made by a member of the American academy of actuaries or a qualified loss

reserve specialist under criteria established by the national association of insurance

commissioners; (2) A copy of each examination of the group as certified by the commissioner or public

official conducting the examination; (3) Upon request by the superintendent, a copy of any information or document pertaining

to any outside audit performed with respect to the group; (4) Any information that may be required to verify, to the superintendent's satisfaction,

its continuing qualification as a risk retention group under division (J) of section 3960.01 of the Revised Code . (C)(1) Agents or brokers for the risk retention group shall report to the superintendent

the premiums for direct business for risks resident or located within this state that

they have placed with or on behalf of a risk retention group not chartered in this

state. (2) The agent or broker shall keep a complete and separate record of all policies procured

from each risk retention group, which record shall be open to examination by the superintendent.  These records shall, for each policy and each kind of insurance provided, include

the following: (a) The limit of liability; (b) The time period covered; (c) The effective date; (d) The name of the risk retention group that issued the policy; (e) The gross premium charged; (f) The amount of return premiums. (D) Every risk retention group that is not chartered in this state shall do both of the

following: (1) On or before the thirty-first day of March, pay to the treasurer of state five per

cent of all premiums, fees, assessments, dues, or other consideration for the preceding

calendar year for risks resident or located in this state, as calculated on a form

prescribed by the treasurer of state.  If such tax is not paid when due, the tax shall be increased by a penalty of twenty-five

per cent.  An interest charge computed as set forth in section 5725.221 of the Revised Code shall be made on the entire sum of the tax plus penalty, which interest shall be

computed from the date the tax is due until it is paid.  All taxes collected under this section shall be paid into the general revenue fund.  For purposes of division (D)(1) of this section, payment is considered made when

it is received by the treasurer of state, irrespective of any United States postal

service marking or other stamp or mark indicating the date on which the payment may

have been mailed. (2) On or before the thirty-first day of March, file a statement with the superintendent,

on a form prescribed by the superintendent, showing the name and address of the insured,

name and address of the insurer, subject of the insurance, general description of

the coverage, the amount of gross premium, fee, assessment, dues, or other consideration

for the insurance, after a deduction for return premium, if any, and any other information

the superintendent requires. (E) The superintendent may examine the financial condition of a risk retention group

if the commissioner of insurance in the state in which it is chartered and licensed

has not initiated an examination or does not initiate an examination within sixty

days after the superintendent has requested an examination.  The examination shall be conducted in an expeditious manner and in accordance with

the national association of insurance commissioners' examiner handbook. (F) The superintendent may issue any order appropriate in voluntary dissolution proceedings

or commence delinquency proceedings against a risk retention group not chartered in

this state that does business in this state if the superintendent finds, after an

examination of the group under division (E) of this section, that its financial condition

is impaired.  A risk retention group that violates any provision of this chapter is subject to

fines and penalties, including revocation of its right to do business in this state,

applicable to licensed insurers generally.