Ohio Code 3964.171 – Shares
(A) A protected cell captive insurance company may create and issue shares in one or more classes for one or more protected cells.
Terms Used In Ohio Code 3964.171
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Captive insurance company: includes any protected cell captive insurance company formed or licensed under the provisions of this chapter. See Ohio Code 3964.01
- Protected cell captive insurance company: means a captive insurance company organized pursuant to sections 3964. See Ohio Code 3964.01
(1) The proceeds of the issue of shares for a specific protected cell shall be included in the assets of that protected cell.
(2) The proceeds of the issue of shares that are not for a specific protected cell shall be included in the protected cell captive insurance company‘s general assets.
(B) A protected cell captive insurance company may pay a dividend on protected cell or protected cell captive insurance company shares of any class, regardless of whether a dividend is declared on any other class of shares of a protected cell or any other shares of the protected cell captive insurance company. Such payment is subject to section 3964.06 of the Revised Code.
(C) Dividends may be paid on protected cell shares only from the cell assets of the protected cell that issued the shares and must otherwise be made in accordance with the rights of such shares and in accordance with section 3964.06 of the Revised Code.