Ohio Code 3964.175 – Liability for penalty
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If a protected cell captive insurance company is liable for any penalty, under this chapter or otherwise, due to an act or the failure to act of a protected cell or an officer or director of a protected cell, then both of the following apply:
Terms Used In Ohio Code 3964.175
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Captive insurance company: includes any protected cell captive insurance company formed or licensed under the provisions of this chapter. See Ohio Code 3964.01
- Protected cell captive insurance company: means a captive insurance company organized pursuant to sections 3964. See Ohio Code 3964.01
(A) The penalty shall only be met by the protected cell captive insurance company from the cell assets of the protected cell responsible.
(B) The penalty shall not be enforceable in any way against any other assets of the protected cell captive insurance company or assets of any other protected cell.