Ohio § 3903.85 Authorized control level event duties of superintendent and insurer

Ohio Statutes

§ 3903.85 — Authorized control level event duties of superintendent and insurer

Ohio § 3903.85

Title 39Insurance

Ch. 3903Reserve Valuation; Rehabilitation And Liquidation

This text of Ohio § 3903.85 (Authorized control level event duties of superintendent and 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. § 3903.85 (2026).

Text

(A)For purposes of sections3903.81to3903.93of the Revised Code, an "authorized control level event" is any of the following events:

(1)The filing of an RBC report by an insurer that indicates that the insurer's total adjusted capital is greater than or equal to its mandatory control level RBC but less than its authorized control level RBC;

(2)The notification by the superintendent of insurance to an insurer of an adjustment to the insurer's RBC report, the adjusted RBC report showing the insurer's total adjusted capital within the range described in division (A)(1) of this section, provided that the insurer does not challenge the adjusted RBC report under section3903.87of the Revised Code;

(3)The superintendent's notification to an insurer, following the hearing required under secti

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(A) For purposes of sections3903.81to3903.93of the Revised Code, an "authorized control level event" is any of the following events:

(1) The filing of an RBC report by an insurer that indicates that the insurer's total adjusted capital is greater than or equal to its mandatory control level RBC but less than its authorized control level RBC;

(2) The notification by the superintendent of insurance to an insurer of an adjustment to the insurer's RBC report, the adjusted RBC report showing the insurer's total adjusted capital within the range described in division (A)(1) of this section, provided that the insurer does not challenge the adjusted RBC report under section3903.87of the Revised Code;

(3) The superintendent's notification to an insurer, following the hearing required under section3903.87of the Revised Code, that the superintendent has rejected the insurer's challenge to an adjusted RBC report showing the insurer's total adjusted capital within the range described in division (A)(1) of this section;

(4) The failure of an insurer to respond, in a manner satisfactory to the superintendent, to a corrective order issued under division (B)(3) of section3903.84of the Revised Code, provided that the insurer has not challenged the corrective order under section3903.87of the Revised Code;

(5) The failure of an insurer to respond, in a manner satisfactory to the superintendent, to a corrective order issued under division (B)(3) of section3903.84of the Revised Code, subsequent to the superintendent's modification of an earlier order or the superintendent's rejection of the insurer's challenge of the order under section3903.87of the Revised Code.

(B) In the case of an authorized control level event, the superintendent shall do the following:

(1) Take the actions required under section3903.84of the Revised Code for regulatory action level events;

(2) If the superintendent considers it to be in the best interests of the policyholders and creditors of the insurer and of the public, take such actions as are necessary to place the insurer under regulatory control under sections3903.01to3903.59of the Revised Code. The authorized control level event shall be deemed sufficient grounds for the superintendent to take action under sections3903.01to3903.59of the Revised Code. Nothing in sections3903.81to3903.93of the Revised Code shall impair or restrict the rights, powers, and protections afforded to the superintendent and to insurers under sections3903.01to3903.59of the Revised Code.