Ohio § 3903.721
Full text of Ohio Ohio Revised Code § 3903.721, with citation guidance and answers to common questions.
§ 3903.721.
(A)(1) The superintendent shall annually value, or cause to be valued, the reserve liabilities,
referred to as reserves, for all outstanding life insurance policies and annuity and
pure endowment contracts of every life insurance company doing business in this state
issued prior to the operative date of the valuation manual. In calculating reserves, the superintendent may use group methods and approximate
averages for fractions of a year or otherwise. The valuation of the reserves of a company organized under the laws of a foreign
government shall be limited to its United States business. In lieu of the valuation of the reserves required of a foreign or alien company, the
superintendent may accept a valuation made, or caused to be made, by the insurance
supervisory official of any state or other jurisdiction when the valuation complies
with the minimum standard provided in sections 3903.72 to 3903.7211 of the Revised Code . (2) The provisions set forth in sections 3903.723 , 3903.724 , 3903.725 , and 3903.727 of the Revised Code shall apply to all policies and contracts, as appropriate, issued on or after January
1, 1989, and prior to the operative date of the valuation manual. The provisions set forth in sections 3903.726 , 3903.728 , and 3903.729 of the Revised Code shall not apply to any such policies and contracts. (3) The minimum standard for the valuation of policies and contracts issued prior to
January 1, 1989, shall be that provided by the laws in effect immediately prior to
that date. (B)(1) For all outstanding life insurance contracts, annuity and pure endowment contracts,
deposit-type contracts, and accident and health contracts of every company issued
on or after the operative date of the valuation manual, the superintendent shall annually
value, or cause to be valued, the reserve liabilities for such contracts according
to sections 3903.727 , 3903.728 , and 3903.729 of the Revised Code . The valuation of the reserves of a company organized under the laws of a foreign
government shall be limited to its United States business. In lieu of the valuation of the reserves required of a foreign or alien company, the
superintendent may accept a valuation made, or caused to be made, by the insurance
supervisory official of any state or other jurisdiction when the valuation complies
with the minimum standard provided in sections 3903.72 to 3903.7211 of the Revised Code . (2) The provisions set forth in sections 3903.728 and 3903.729 of the Revised Code shall apply to all policies and contracts issued on or after the operative date of
the valuation manual.
Frequently Asked Questions About Ohio § 3903.721
What does Ohio Revised Code § 3903.721 cover?
Section 3903.721 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 § 3903.721?
A common citation format is "Ohio Revised Code § 3903.721" (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 § 3903.721 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.