Ohio § 3955.01

§ 3955.01.

As used in sections 3955.01 to 3955.19 of the Revised Code : (A) “ Account ” means either of the two accounts created by division (B) of section 3955.06 of the Revised Code . (B) “ Affiliate ” means a person that, directly or indirectly, through one or more intermediaries,

controls, is controlled by, or is under common control with, an insolvent insurer

on the thirty-first day of December of the year next preceding the date the insurer

becomes an insolvent insurer. (C) “ Control ” means the possession, direct or indirect, of the power to direct or cause the direction

of the management and policies of a person, whether through the ownership of voting

securities, by contract other than a commercial contract for goods or nonmanagement

services, or otherwise, unless the power is the result of an official position with,

or corporate office held by, the person. “Control” shall be presumed to exist if any person, directly or indirectly, owns,

controls, holds with the power to vote, or holds proxies representing, ten per cent

or more of the voting securities of any other person.  This presumption may be rebutted by a showing that control does not exist in fact. (D)(1) “ Covered claim ” means an unpaid claim, including one for unearned premiums, which arises out of

and is within the coverage of an insurance policy or policies to which sections 3955.01 to 3955.19 of the Revised Code apply, when issued by an insurer which becomes an insolvent insurer on or after September

4, 1970, and either of the following applies: (a) The claimant or insured is a resident of this state at the time of the insured event,

provided that for the purpose of determining the place of residence of a claimant

or insured that is an entity other than a natural person, the state in which its principal

place of business is located at the time of the insured event shall be considered

the residence of such claimant or insured. (b) The claim is a first-party claim for property damage to an insured's property that

is permanently located in this state. (2) “Covered claim” does not include any amount: (a) In excess of ten thousand dollars on any unearned premium claim; (b) In excess of three hundred thousand dollars on any claim.  For purposes of this division, all claims arising out of bodily injury or death

to any one person shall constitute a single claim regardless of the number of insurance

policies issued or the number of derivative claims made, including, but not limited

to, claims for loss of consortium, for injury to the relationship, for survivorship,

or arising out of wrongful death. (c) Due any reinsurer, insurer, insurance pool, or underwriting association through subrogation

or otherwise;  provided, that when such reinsurer, insurer, insurance pool, or underwriting

association has paid a claim and thereby becomes subrogated to the amount of that

claim, such subrogated claim may be asserted only against the receiver of the insolvent

insurer and in no event against the insured of the insolvent insurer; (d) Awarded as punitive or exemplary damages; (e) Sought as a return of premium under any retrospective rating plan; (f) Due any person that is an affiliate of the insolvent insurer; (g) Due on any one claim that does not exceed one hundred dollars; (h) Due under any policy of insurance issued to an insured whose net worth exceeds fifty

million dollars on the last day of the insured's fiscal year next preceding the date

the insurer becomes an insolvent insurer.  An insured's net worth described in this division shall equal the aggregate of the

net worth of the insured and all of the insured's subsidiaries.  The exclusion under this division shall not apply in any of the following situations: (i) The insured has applied for or consented to the appointment of a receiver, trustee,

or liquidator for all or a substantial part of the insured's assets. (ii) The insured has filed a voluntary petition in bankruptcy. (iii) The insured has filed a petition or answer seeking a reorganization or arrangement

with creditors or seeking to take advantage of any insolvency law. (iv) A court of competent jurisdiction has entered an order, judgment, or decree concerning

the insured's bankruptcy, insolvency, or reorganization petition. (E) “ Insolvent insurer ” means an insurer licensed to transact insurance in this state either at the time

the policy was issued or when the insured event occurred, decreed by a court of competent

jurisdiction of the state of such insurer's domicile to be insolvent, and ordered

by or pursuant to the authority of such court to be liquidated. (F) “ Member insurer ” means any person that writes any kind of insurance to which this chapter applies,

as prescribed in section 3955.05 of the Revised Code , including the exchange of reciprocal or interinsurance contracts, and is licensed

to transact any insurance in this state. (G) “ Net direct written premiums ” means direct gross premiums written in this state on insurance policies to which sections 3955.01 to 3955.19 of the Revised Code apply, less return premiums thereon and dividends paid or credited to policyholders

on such direct business, but does not include premiums on contracts between insurers

or reinsurers. (H) “ Net worth ” means the amount by which the value of all assets exceeds all liabilities and includes,

but is not limited to, such accounting terms as owners equity, partnership equity,

shareholders equity, net assets, and fund balances. (I) “Person” has the same meaning as in section 1.59 of the Revised Code .