Ohio § 1321.78 Premium finance agreement; notice to insurer

Ohio Statutes

§ 1321.78 — Premium finance agreement; notice to insurer

Ohio § 1321.78

Title 13Commercial Transactions

Ch. 1321Various Loans

This text of Ohio § 1321.78 (Premium finance agreement; notice to insurer) is published on Counsel Stack Legal Research, covering Ohio primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ohio Rev. Code Ann. § 1321.78 (2026).

Text

(A)A premium finance agreement shall:

(1)Be dated, signed by the insured, and the printed portion thereof shall be in at least eight-point type;

(2)Contain the name and place of business of the insurance agent or broker negotiating the related insurance contract, the name and residence or the place of business of the insured as specified by him, the name and address of the premium finance company, and a description of the insurance contracts involved and the amount of the premium therefor;

(3)Set forth any charges the premium finance company elects to charge under sections1321.79,1321.791, and1321.80of the Revised Code.

(B)The premium finance company, agent, or agency shall deliver to the insured or send by regular mail to the insured at the address provided in the agree

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(A) A premium finance agreement shall:

(1) Be dated, signed by the insured, and the printed portion thereof shall be in at least eight-point type;

(2) Contain the name and place of business of the insurance agent or broker negotiating the related insurance contract, the name and residence or the place of business of the insured as specified by him, the name and address of the premium finance company, and a description of the insurance contracts involved and the amount of the premium therefor;

(3) Set forth any charges the premium finance company elects to charge under sections1321.79,1321.791, and1321.80of the Revised Code.

(B) The premium finance company, agent, or agency shall deliver to the insured or send by regular mail to the insured at the address provided in the agreement, a complete copy of the premium finance agreement.

(C) A premium finance company shall give notice of its financing to the insurer not later than the thirtieth day after the date on which the premium financing agreement is accepted by the premium finance company. A notice given under this section shall be effective whether or not the insurer's policy number is set forth in the notice.

(D) Notwithstanding divisions (C) and (D) of section1321.72of the Revised Code, in the case of a life insurance policy, any premium finance company shall give notice of its financing to the insurer either prior to the issuance of the life insurance policy if the financing agreement is accepted prior to the issuance of the policy or prior to the completion of the premium financing transaction if the financing agreement is accepted after the issuance of the policy.

(E) If premium financing is used in connection with a life insurance policy, and the premium finance company fails to provide notice of its financing to the insurer pursuant to division (D) of this section, the premium financing agreement is unenforceable as a matter of public policy.

Last updated November 5, 2021 at 5:09 PM