Ohio § 3960.02

§ 3960.02.

(A) No risk retention group organized under the laws of this state shall transact business

in this state unless both of the following apply: (1) It has capital and surplus in an amount of not less than two million five hundred

thousand dollars, and the superintendent of insurance issues a certificate of authority

to transact the business of liability insurance as a risk retention group. Section 3960.03 of the Revised Code applies to the risk retention group only to the extent that that section does not

conflict with or limit the operation of any law or rule of this state applicable to

liability insurance companies. (2) The superintendent has approved a plan of operation or a feasibility study submitted

to the superintendent by the risk retention group applicable to the lines of liability

insurance to be offered by the risk retention group.  The risk retention group shall submit an appropriate revision, in the event of any

subsequent material change in any item of the plan of operation or feasibility study,

within ten days of the change.  The group shall not offer any additional kinds of liability insurance, in this state

or in any other state, until a revision of the plan or study is approved by the commissioner

of insurance of each state. (B) The superintendent, upon the filing of an application by a risk retention group for

a certificate of authority to transact the business of liability insurance in this

state, shall provide summary information to the national association of insurance

commissioners including the name of the risk retention group, the identity of its

initial members, the identity of the individuals who organized it or who will provide

administrative services or otherwise influence or control its activities, the amount

and nature of its initial capitalization, the coverages to be afforded by it, and

the states in which it intends to operate.  As part of its application, the risk retention group also shall provide such information

in summary form. (C) The laws of this state apply to risk retention groups doing business in the state,

except as preempted by the federal “Risk Retention Amendments of 1986,” 100 Stat.

3170, 15 U.S.C.A. 3901 , as amended, or other federal laws, and except to the extent modified in sections 3960.01 to 3960.13 of the Revised Code . (D) Each risk retention group domiciled in this state is liable for the payment of franchise

taxes or taxes on premiums of direct business for risks resident or located within

this state.  A risk retention group domiciled in this state also is subject to any taxes, applicable

fines, and penalties as are any domiciled insurers.