Ohio Code 3964.173 – Status of owners and participants
(A) The owners of a protected cell captive insurance company, shall not, by virtue of being owners of the protected cell captive insurance company, be the owners or participants of any protected cell of the protected cell captive insurance company.
Terms Used In Ohio Code 3964.173
- Captive insurance company: includes any protected cell captive insurance company formed or licensed under the provisions of this chapter. See Ohio Code 3964.01
- Contract: A legal written agreement that becomes binding when signed.
- Protected cell captive insurance company: means a captive insurance company organized pursuant to sections 3964. See Ohio Code 3964.01
- Superintendent: means the superintendent of the department of insurance. See Ohio Code 3964.01
(B) The participants of a protected cell shall not, by virtue of being such participants, be the owners of the protected cell captive insurance company or participants or owners of any other protected cell of the protected cell captive insurance company.
(C) No participant contract shall take effect without the superintendent‘s prior written approval.
(D) The addition of a new protected cell, or the withdrawal or other transfer of any participant from any existing protected cell, shall constitute a change in the strategic business plan of that protected cell captive insurance company, requiring the superintendent’s prior written approval.
(E) A protected cell captive insurance company shall, in addition to keeping a register of its owners or participants, keep a register of the participants of each of its protected cells.