Ohio § 3903.71
Full text of Ohio Ohio Revised Code § 3903.71, with citation guidance and answers to common questions.
§ 3903.71.
If it appears to the superintendent of insurance upon satisfactory evidence that the
affairs of an insurance company, partnership, association, or reciprocal insurance
exchange, not organized under the laws of this state, are such that any of the following
conditions exist, the superintendent shall suspend the authority granted to such company
to do business in this state: (A) It cannot meet the current applicable requirements for incorporation and commencement
of the business of insurance in this state; (B) It has commenced, or has attempted to commence, any voluntary liquidation or dissolution
proceeding, or any proceeding to procure the appointment of a receiver, liquidator,
rehabilitor, sequestrator, conservator, or similar officer for itself; (C) It is the subject of liquidation or dissolution proceedings undertaken by another
state, or any other proceeding undertaken by another state to procure the appointment
of a receiver, liquidator, rehabilitor, sequestrator, conservator, or similar officer; (D) Its ratio of premium writings to surplus and capital are unreasonable as determined
by the superintendent of insurance; (E) Its further transaction of business would be hazardous to its policyholders, contract
holders, or the public as shown by the following conduct, but not necessarily limited
to only the following: (1) Its investments are made so as to make unavailable within a reasonable time sufficient
moneys to meet promptly any demand which might in the ordinary course of business
be properly made against it; (2) Any of its officers or directors have embezzled, sequestered, or wrongfully diverted
any of its assets; (3) It has willfully violated its charter or any law of this state. If no demand for a hearing is made by the suspended company within thirty days after
suspension, such suspension shall become a revocation of the authority to transact
the business of insurance in this state. Any such hearing shall be held in compliance with sections 119.01 to 119.13 of the Revised Code . If during such hearing, satisfactory evidence of any of the enumerated conditions
of this section is found to exist, the superintendent shall revoke the authority to
transact the business of insurance in this state.
Frequently Asked Questions About Ohio § 3903.71
What does Ohio Revised Code § 3903.71 cover?
Section 3903.71 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 § 3903.71?
A common citation format is "Ohio Revised Code § 3903.71" (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 § 3903.71 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.