Ohio § 3907.15

§ 3907.15.

(A) A domestic life insurance company may, subject to section 3911.011 of the Revised Code , issue policies, annuities, or other contracts, whether on an individual or group

basis, providing benefits or other contractual payments payable in fixed or variable

dollar amounts, or both, and allocate to one or more separate accounts any amounts

which are to be applied to provide such benefits and contractual payments.  The income, if any, and any gains or losses, realized or unrealized, on each separate

account shall be credited to or charged against the amounts allocated to the separate

account without regard to other income, gains, or losses of the company.  The amounts allocated to the separate accounts and the accumulations thereon remain

the property of the company, but that portion of the assets of the separate accounts

equal to the reserves and other contractual liabilities under all policies, annuities,

and other contracts identified with the separate accounts shall not be chargeable

with liabilities arising out of any other business of the company.  The company shall not be, or hold itself out to be, a trustee in respect of such

amounts. (B)(1) Not more than ten per cent of the amounts allocated to any separate account and the

accumulations thereon shall be invested in the stocks, notes, debentures, bonds, or

other securities of any one corporation or issuer and not more than ten per cent of

the issued and outstanding voting securities of any one corporation or issuer may

be acquired by all separate accounts.  The superintendent of insurance may waive this limitation if, in the opinion of

the superintendent, the waiver will not render the operation of the separate account

hazardous to the public or policyholders in this state; (2) Division (B)(1) of this section does not apply to any of the following: (a) Securities of investment companies registered under the “Investment Company Act of

1940,” 54 Stat. 789, 15 U.S.C.A. 80a-1 , as amended; (b) Annuities or funding agreements issued by a life insurance company authorized to

do business in this state from its general account; (c) The transfer of any investment or other asset in any separate account to any other

account or to the general assets of the company or any investment among the general

assets of the company transferred to any separate account; (d) Securities issued or guaranteed as to principal or interest by the United States. (C) No security of any corporation which is a subsidiary of, or which is affiliated through

stock ownership with, such insurance company shall be allocated to any separate account.  No investment or other asset in any separate account shall be transferred to any

other account or to the general assets of the company and no investment among the

general assets of the company shall be transferred to any separate account unless

such transfer is made solely: (1) To establish a separate account or support the guarantees of the policies, annuities,

or other contracts identified with such account; (2) To withdraw amounts previously allocated to any separate account which are no longer

needed to support the guarantees of the policies, annuities, or other contracts identified

therewith;  and such transfer is of cash or securities having a readily determinable

market value or unless such transfer is approved by the superintendent.  If a company withdraws all or part of its participation in a separate account, it

shall be entitled to receive its proportionate share of the value of the assets of

the separate account at the time of withdrawal. (D) The assets of a separate account shall be valued at their market value on the date

of valuation, or if there is no readily available market, then in accordance with

the terms of the contracts or the rules or other written agreement applicable to such

separate account. (E) Notwithstanding division (D) of this section, assets supporting fund accumulation

contracts, which do not participate in the underlying portfolio experience, with a

fixed interest rate guarantee, purchased under a retirement plan or plan of deferred

compensation, established or maintained by an employer, may be recorded as if the

assets were held in the general account. (F) The amounts allocated to any separate account under this section and the accumulations

thereon may be invested and reinvested by the company without regard to the requirements

and limitations of section 3907.14 of the Revised Code . (G) The assets of a separate account shall not be taken into account in applying the

investment requirements and limitations of section 3907.14 of the Revised Code to other investments of the company. (H) Any such domestic life insurance company may do all things necessary under any state

or federal law in order that such policies, annuities, or other contracts may be lawfully

offered for sale and sold, including, but not limited to, the granting of voting rights

to such policyholders, annuitants, and other contract holders with respect to the

management of such separate accounts and investment of the assets thereof and the

establishment of committees, boards, or other similar designated bodies with respect

to such separate accounts as may be required by such laws, notwithstanding Chapter

3907. or section 3913.06 of the Revised Code , or the articles of incorporation, charter, bylaws, or code of regulations of such

company.