Ohio Code § 3964.178

§ 3964.178.

(A) A captive insurance company may amend its organizational document to become a protected

cell captive insurance company. (B) The amendment of the organizational document of a captive insurance company to become

a protected cell captive insurance company shall require approval by both of the following: (1) Holders of two-thirds of the outstanding shares or ownership interests of the captive

insurance company, unless a greater amount is required by the organizational document

of the captive insurance company; (2) All the creditors of the captive insurance company. (C) Notwithstanding division (B)(2) of this section, if the consent of all the creditors

of the captive insurance company cannot be obtained, the amendment may be approved

by the superintendent if the superintendent is satisfied that no creditor will be

materially prejudiced by the amendment. (D) A protected cell captive insurance company may amend its organizational document

to cease to be a protected cell captive insurance company. (E) The amendment of an organizational document of a protected cell captive insurance

company to cease to be a protected cell captive insurance company shall require approval

by all of the following: (1) The superintendent; (2) Holders of two-thirds of the outstanding shares or ownership interests of the protected

cell captive insurance company, unless a greater amount is required by the organizational

document of the protected cell captive insurance company; (3) Two-thirds of the participants of each protected cell; (4) All the creditors of the protected cell captive insurance company and its protected

cells. (F) Notwithstanding division (E)(4) of this section, if the consent of all the creditors

of the captive insurance company and its protected cells cannot be obtained, the amendment

may be approved by the superintendent upon being satisfied that no creditor will be

materially prejudiced by the amendment. (G)(1) If a captive insurance company or protected cell captive insurance company seeks

to change its status in accordance with this section, the captive insurance company

or protected cell captive insurance company shall deliver both of the following to

the superintendent: (a) A copy of the amendment to its name; (b) Evidence satisfactory to the superintendent that the requirements of division (B)

or (E) of this section have been met. (2) If the documents required under division (G)(1) of this section are provided, the

superintendent shall issue a license that is appropriate to the amended status of

the company. (H) If a company changes its status in accordance with this section, the change of status

shall take effect when the superintendent issues a new license.