Ohio § 3921.32 Liquidation

Ohio Statutes

§ 3921.32 — Liquidation

Ohio § 3921.32

Title 39Insurance

Ch. 3921Fraternal Benefit Societies

This text of Ohio § 3921.32 (Liquidation) 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. § 3921.32 (2026).

Text

(A)Liquidation proceedings for a domestic fraternal benefit society shall be conducted consistent with the purposes of section3903.02of the Revised Code in a manner designed to conserve assets, limit liquidation expenses, and avoid any assessment of shares of a deficiency.

(B)(1) The liquidator shall attempt to transfer policies or certificates of the liquidating fraternal benefit society by way of assignment, assumption, or other means to another fraternal benefit society, whether domestic or foreign, or, if no fraternal benefit society will accept such a transfer, to another insurer. No fraternal benefit society shall be obligated to accept a transfer from a liquidating society.

(2)Upon the effective date of a transfer to an insurer that is not a fraternal benefit society and in cons

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(A) Liquidation proceedings for a domestic fraternal benefit society shall be conducted consistent with the purposes of section3903.02of the Revised Code in a manner designed to conserve assets, limit liquidation expenses, and avoid any assessment of shares of a deficiency.

(B)(1) The liquidator shall attempt to transfer policies or certificates of the liquidating fraternal benefit society by way of assignment, assumption, or other means to another fraternal benefit society, whether domestic or foreign, or, if no fraternal benefit society will accept such a transfer, to another insurer. No fraternal benefit society shall be obligated to accept a transfer from a liquidating society.

(2) Upon the effective date of a transfer to an insurer that is not a fraternal benefit society and in consideration for the transfer, each member of the society and owner of a policy or certificate shall be deemed to agree to both of the following:

(a) That any terms of an insurance policy or certificate providing for the maintenance of the society's solvency or subjecting the policy or certificate to the bylaws of the society are null and void;

(b) Such other changes determined by the liquidator to be necessary to effectuate the transfer.

The assuming insurer shall endorse the policy or certificate accordingly.

(3) Any transfer shall constitute a novation of the liquidating fraternal benefit society's certificates effective upon the date of transfer.

Last updated January 31, 2023 at 5:41 PM