Ohio § 3901.53
Full text of Ohio Ohio Revised Code § 3901.53, with citation guidance and answers to common questions.
§ 3901.53.
(A) Securities that are eligible for deposit under provisions of the insurance laws of
this state may be placed with a clearing corporation or held in the federal reserve
book-entry system. (B) When an insurance company places or arranges for the placement of securities in a
clearing corporation or in the federal reserve book-entry system, the securities so
placed shall satisfy the deposit requirements under provisions of the insurance laws
of this state, if all of the following conditions are satisfied: (1) The securities shall be under the control of the superintendent of insurance; (2) The securities shall not be withdrawn by the insurance company without the written
approval of the superintendent; (3) The placement shall be made pursuant to a written agreement between the insurance
company and a direct participant or member bank. The agreement shall be approved in writing by the superintendent and shall limit
withdrawals to those having the written approval of the department of insurance. (4) The placement shall be credited by the department as a deposit in its possession
on the basis of an affidavit of the insurance company describing the amount and nature
of the securities; (5) The insurance company holding the securities shall provide the superintendent with
both of the following: (a) Evidence issued by its direct participant or the member bank through which it has
placed securities in a clearing corporation or in the federal reserve book-entry system. The evidence shall be in a form that is sufficient to establish that the securities
are actually recorded in an account in the name of the direct participant or member
bank. (b) Evidence issued by its direct participant or the member bank that the records of
the direct participant or member bank reflect that the securities are held subject
to the written order of the superintendent.
Frequently Asked Questions About Ohio § 3901.53
What does Ohio Revised Code § 3901.53 cover?
Section 3901.53 is part of the Ohio Revised Code, the codified statutory law of Ohio. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Ohio § 3901.53?
A common citation format is "Ohio Revised Code § 3901.53" (Ohio). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Ohio law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Ohio official source linked on this page or consult a licensed Ohio attorney.
How does Ohio § 3901.53 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Ohio can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Ohio.