Ohio Code 3964.172 – Transfer of assets
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(A) No sale, exchange, or other transfer of assets may be made by a protected cell captive insurance company between or among any of its protected cells without the written consent of the participants of the protected cell and the superintendent.
Terms Used In Ohio Code 3964.172
- 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
- Person: includes an individual, corporation, business trust, estate, trust, partnership, and association. See Ohio Code 1.59
- Superintendent: means the superintendent of the department of insurance. See Ohio Code 3964.01
(B)(1) No sale, exchange, transfer of assets, or distribution may be made from a protected cell to any person without the superintendent’s prior written approval.
(2) The superintendent shall not give approval if the sale, exchange, transfer, or distribution would result in the insolvency or impairment of the protected cell in question.