Ohio Code 3905.61 – Controlled insurers definitions
As used in sections 3905.61 to 3905.65 of the Revised Code:
Terms Used In Ohio Code 3905.61
- Another: when used to designate the owner of property which is the subject of an offense, includes not only natural persons but also every other owner of property. See Ohio Code 1.02
- anything of value: includes :
(A) Money, bank bills or notes, United States treasury notes, and other bills, bonds, or notes issued by lawful authority and intended to pass and circulate as money;
(B) Goods and chattels;
(C) Promissory notes, bills of exchange, orders, drafts, warrants, checks, or bonds given for the payment of money;
(D) Receipts given for the payment of money or other property;
(E) Rights in action;
(F) Things which savor of the realty and are, at the time they are taken, a part of the freehold, whether they are of the substance or produce thereof or affixed thereto, although there may be no interval between the severing and taking away;
(G) Any interest in realty, including fee simple and partial interests, present and future, contingent or vested interests, beneficial interests, leasehold interests, and any other interest in realty;
(H) Any promise of future employment;
(I) Every other thing of value. See Ohio Code 1.03
- Contract: A legal written agreement that becomes binding when signed.
- Insurance: means any of the lines of authority set forth in Chapter 1739. See Ohio Code 3905.01
- Person: means an individual or a business entity. See Ohio Code 3905.01
- Property: means real and personal property. See Ohio Code 1.59
- state: means the state of Ohio. See Ohio Code 1.59
(A) “Accredited state” means a state in which the insurance department or regulatory agency has qualified as meeting the minimum financial regulatory standards promulgated and established from time to time by the national association of insurance commissioners.
(B) “Captive insurer” means an insurer owned by another organization and whose exclusive purpose is to insure risks of the parent organization and affiliated companies or, in the case of groups and associations, insurers owned by the insureds and whose exclusive purpose is to insure risks of member organizations, group members, or affiliates of such member organizations or group members.
(C) “Control,” including “controlling” and “controlled by,” has the same meaning as in section 3901.32 of the Revised Code.
(D) “Controlled insurer” means an insurer that, directly or indirectly, is controlled by a producer.
(E) “Controlling producer” means a producer that, directly or indirectly, controls an insurer.
(F) “Insurer” means any person licensed to transact a property and casualty insurance business in this state. “Insurer” does not mean any of the following:
(1) Any risk retention group as defined in section 3960.01 of the Revised Code, the “Superfund Amendments and Reauthorization Act of 1986,” 100 Stat. 1613, 42 U.S.C.A. 9671, or the “Product Liability Risk Retention Act of 1981,” 95 Stat. 949, 15 U.S.C.A. 3901, as amended by the “Risk Retention Amendments of 1986,” 100 Stat. 3170, 15 U.S.C.A. 3901;
(2) Any residual market pool or joint underwriting authority or association;
(3) Any captive insurer.
(G) “Producer” means an insurance broker or brokers or any other person, when, for any compensation, commission or anything of value, the broker or other person acts or aids in any manner in soliciting, negotiating, or procuring the making of any insurance contract on behalf of an insured other than such broker or other person.