Ohio § 3964.178
Full text of Ohio Ohio Revised Code § 3964.178, with citation guidance and answers to common questions.
§ 3964.178.
(A) A captive insurance company may amend its organizational document to become a protected
cell captive insurance company. (B) The amendment of the organizational document of a captive insurance company to become
a protected cell captive insurance company shall require approval by both of the following: (1) Holders of two-thirds of the outstanding shares or ownership interests of the captive
insurance company, unless a greater amount is required by the organizational document
of the captive insurance company; (2) All the creditors of the captive insurance company. (C) Notwithstanding division (B)(2) of this section, if the consent of all the creditors
of the captive insurance company cannot be obtained, the amendment may be approved
by the superintendent if the superintendent is satisfied that no creditor will be
materially prejudiced by the amendment. (D) A protected cell captive insurance company may amend its organizational document
to cease to be a protected cell captive insurance company. (E) The amendment of an organizational document of a protected cell captive insurance
company to cease to be a protected cell captive insurance company shall require approval
by all of the following: (1) The superintendent; (2) Holders of two-thirds of the outstanding shares or ownership interests of the protected
cell captive insurance company, unless a greater amount is required by the organizational
document of the protected cell captive insurance company; (3) Two-thirds of the participants of each protected cell; (4) All the creditors of the protected cell captive insurance company and its protected
cells. (F) Notwithstanding division (E)(4) of this section, if the consent of all the creditors
of the captive insurance company and its protected cells cannot be obtained, the amendment
may be approved by the superintendent upon being satisfied that no creditor will be
materially prejudiced by the amendment. (G)(1) If a captive insurance company or protected cell captive insurance company seeks
to change its status in accordance with this section, the captive insurance company
or protected cell captive insurance company shall deliver both of the following to
the superintendent: (a) A copy of the amendment to its name; (b) Evidence satisfactory to the superintendent that the requirements of division (B)
or (E) of this section have been met. (2) If the documents required under division (G)(1) of this section are provided, the
superintendent shall issue a license that is appropriate to the amended status of
the company. (H) If a company changes its status in accordance with this section, the change of status
shall take effect when the superintendent issues a new license.
Frequently Asked Questions About Ohio § 3964.178
What does Ohio Revised Code § 3964.178 cover?
Section 3964.178 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 § 3964.178?
A common citation format is "Ohio Revised Code § 3964.178" (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 § 3964.178 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.