Ohio § 2317.62

§ 2317.62.

(A) As used in this section: (1) “ Annuity ” means an annuity that would be purchased from either of the following types of insurance

companies: (a) An insurance company that the A.M. Best Company, in its most recently published rating

guide of life insurance companies, has rated A or better and has rated XII or higher

as to financial size or strength; (b)(i) An insurance company that the superintendent of insurance, under rules adopted pursuant

to Chapter 119. of the Revised Code for purposes of implementing this division, determines

is licensed to do business in this state and, considering the factors described in

division (A)(1)(b)(ii) of this section, is a stable insurance company that issues

annuities that are safe and desirable; (ii) In making determinations as described in division (A)(1)(b)(i) of this section, the

superintendent shall be guided by the principle that the trier of fact in a tort action

should be presented only with evidence as to the cost of annuities that are safe and

desirable for the plaintiffs in such an action who are awarded damages.  In making such determinations, the superintendent shall consider the financial condition,

general standing, operating results, profitability, leverage, liquidity, amount and

soundness of reinsurance, adequacy of reserves, and the management of any insurance

company in question and also may consider ratings, grades, and classifications of

any nationally recognized rating services of insurance companies and any other factors

relevant to the making of such determinations. (2) “ Future damages ” means damages that result from an injury or loss to person or property that is a

subject of a tort action and that will accrue after the verdict or determination of

liability by the trier of fact is rendered in that tort action. (3) “ Tort action ” means a civil action for damages for injury or loss to person or property. “ Tort action ” includes a product liability claim that is subject to sections 2307.71 to 2307.80 of the Revised Code , but does not include a civil action for damages for a breach of contract or another

agreement between persons. (4) “ Trier of fact ” means the jury or, in a nonjury action, the court. (B) Consistent with the Rules of Evidence, any party to a tort action may present evidence

of the cost of an annuity in connection with any issue of recoverable future damages.  If such evidence is presented, then the trier of fact may consider that evidence

in determining the future damages suffered by reason of an injury or loss to person

or property that is a subject of the tort action.  If such evidence is presented, the present value in dollars of any annuity is its

cost.