Ohio § 3913.10

§ 3913.10.

The code of regulations of any mutual life insurance corporation shall provide that

each policyholder of the corporation shall be a member of the corporation. As used in this section, “ policyholder ” means the person insured under an individual policy of life insurance, and the person

to whom any annuity or pure endowment is presently or prospectively payable by the

terms of an individual annuity or pure endowment contract, except where the policy

or contract declares some other person to be the owner or holder thereof, in which

case such owner or policyholder shall be deemed the policyholder, and except in cases

of assignment.  In the case of any individual policy or contract insuring two or more persons jointly

or in case the policy or contract declares two or more persons to be the owner, the

persons insured or declared to be the owner are considered as one policyholder.  In case any such policy or contract has been assigned by an assignment absolute

on its face to an assignee other than the corporation, and such assignment is filed

at the principal office of the corporation, then such assignee shall be deemed a policyholder,

but for the purpose of determining voting rights such assignment is not effective

until thirty days after it has been filed with the corporation.  Except as provided in this section an assignee of a policy or contract shall not

be deemed a policyholder. Such code of regulations shall provide that each policyholder who is insured in the

sum of at least one thousand dollars, or who is the holder of an annuity which at

normal date of maturity requires the payment of one hundred dollars or more annually,

and whose insurance or contract of annuity is then in force and has been in force

for at least one year prior to a policyholders' meeting, shall be entitled to only

one vote, irrespective of the number of policies or contracts held by him or their

amount. The power to make, alter, amend, or repeal the code of regulations is vested in the

board of directors or trustees, unless it is reserved to the members by the articles

of incorporation. The code of regulations of a mutual legal reserve life insurance corporation shall

provide that such corporation shall issue no policy of life insurance or annuity contract

which provides for the payment of any assessment by any policyholder or member in

addition to the regular premium charged for such insurance or annuity.