Ohio Code 3905.901 – Determination of direct written premiums for bail bonds
(A) As used in the annual statement of condition filed by a bail bond insurer with the department of insurance pursuant to section 3929.30 of the Revised Code, the direct written premiums for bail bonds written by an insurer shall be determined as the gross bail bond premiums less any amounts retained by surety bail bond agents. Notwithstanding the foregoing, the direct written premiums reported for bail bonds shall not be less than six and one-half per cent of the gross bail bond premiums received by the insurer’s agents.
Terms Used In Ohio Code 3905.901
- Bail: Security given for the release of a criminal defendant or witness from legal custody (usually in the form of money) to secure his/her appearance on the day and time appointed.
- Bond: includes an undertaking. See Ohio Code 1.02
- Insurance: means any of the lines of authority set forth in Chapter 1739. See Ohio Code 3905.01
(B) Every bail bond insurer shall include the following information with the insurer’s annual statement of condition filed with the department of insurance pursuant to section 3929.30 of the Revised Code:
(1) Bail bond premiums written prior to deducting the amounts retained by surety bail bond agents;
(2) Amounts withheld by surety bail bond agents as an expense, not reported as an expense by the insurer.