A The Ohio commercial market assistance plan is hereby established to assist in the placement of commercial insurance risks located in this state. If the superintendent does not adopt such plan within thirty days of such submission, he shall resubmit the plan to the board with written reasons consistent with this chapter for the rejection.
As used in sections Such governors shall serve a term of one year. The fiscal agent is authorized to receive and hold funds submitted to the plan and to disburse them to pay reasonable and necessary expenses of the plan.
D "Ohio commercial market assistance plan" means the mechanism created to respond to assist commercial insurance buyers in Ohio in obtaining difficult-to-place commercial insurance coverages. C There shall be a plan of operation promulgated under division D of this section.
All expenses of administration of the fund shall be charged against the fund.
If, however, the fees collected pursuant to division C of this section are not adequate to make the plan self-supporting, the balance of the cost of operating the plan shall be borne by the department.
Every such insurer shall be a member of the association and shall remain a member as a condition of its authority to continue to transact such kind of business in this state, notwithstanding other prohibitions or authorizations provided in the Revised Code, nor shall participation in the ohio commercial insurance joint underwriting association by any insurer required to participate in such association constitute the writing of a line of insurance otherwise prohibited by the laws of this state.
Any reports and communications in connection therewith are not public records. Five members shall be selected from commercial insurers domiciled in this state.
If a majority consisting of two-thirds ohio commercial insurance joint underwriting association the members of the board approve the schedule of assessments, it shall become final on the date that it is filed with the superintendent.
The association shall cancel the policy of any policyholder who fails to pay the stabilization reserve fund charge. The superintendent shall, after hearing held upon proper notice, issue an order approving or disapproving the action or decision with respect to the matter which is the subject of appeal.
A The Ohio commercial insurance joint underwriting association is hereby created, consisting of all insurers authorized to write and engaged in writing within the state, on a direct basis, commercial insurance, including the liability component of commercial multi-peril insurance.
It shall be activated for a particular class of insurance only by rule of the superintendent of insurance adopted pursuant to Chapter In the event that sufficient funds are not available, from mechanisms provided for in sections Such statement shall contain such matters and information as are prescribed and shall be in such form as is approved by the superintendent.
No member shall be obligated in any one year to reimburse the association on account of its proportionate share in the deficit from operations of the association in that year in excess of one-half of one per cent of its net direct premiums within this state and the aggregate amount not so reimbursed shall be reallocated among the remaining members in accordance with the method of determining participation prescribed in this section, after excluding from the computation the total net direct premiums of all members not sharing in such excess deficit.
Upon adoption by the board and approval by the superintendent, the superintendent shall then amend the rule establishing the plan of operation pursuant to Chapter The association shall be administered by a board of governors.
A The superintendent of insurance shall adopt rules pursuant to Chapter See th General AssemblyFile No. All insurers that are members of the Ohio commercial insurance joint underwriting association shall participate in its writings, expenses, deficits, and losses in the proportion that the net direct premiums of each bears to the aggregate net direct premiums written in this state by all members of the association, excluding premiums attributable to the operation of the association in the preceding calendar year.
If less than a two-thirds majority approve the schedule of assessments, it shall become final within fifteen days of filing unless disapproved by the superintendent.
C Each request for assistance shall be in writing and shall be submitted by a licensed Ohio agent or broker and accompanied by a fee, which shall be paid by the applicant for assistance and made payable to the "Ohio commercial market assistance plan. E The superintendent of insurance shall appoint an executive committee, within thirty days of the effective date of this section, to administer the plan.
D At a reasonable interval after the board of governors determines that the fund has reached a level that satisfies the purposes of the fund in accordance with division B of this section, the superintendent shall cause the remittance of the excess stabilization reserve fund moneys to the named insureds for their pro rata share of such moneys.
The executive committee may appoint such other committees it considers appropriate to execute the purpose of the plan. The plan of operation or any amendments thereto shall be submitted to the superintendent for approval within thirty days of the appointment of the executive committee.
Five members shall be representatives of commercial insurers and four shall be insurance agents, two of whom shall be representatives from excess surplus lines brokers. The superintendent shall adopt any plan by a rule under Chapter Such charge shall be separately stated in the policy, and shall continue to be charged annually until the fund reaches a level that is determined by the board of governors to be actuarially sound, adequately reserved, financially stable, and efficiently managed so as to satisfy the purposes of the fund as stated in division A of this section.The Ohio Commercial Insurance Joint Underwriting Association (Association) was created to provide a mechanism for offering a commercial insurance product in the event of a widespread lack of market for a particular class of commercial insurance.
Ohio Revised Code Chapter - Commercial Market Assistance Plan; Commercial Insurance Joint Underwriting Association. Section - Commercial Market Assistance Plan - Commercial Insurance Joint Underwriting Association Definitions.
Agents Insurance Agents and the Ohio FAIR Plan. The Ohio FAIR Plan (OFP) has no agents.
However, any licensed property and casualty agent has a responsibility to assist property owners in applying for coverage through OFP, if such coverage is necessary. Commercial market assistance plan - commercial insurance joint underwriting association definitions. As used in sections to of the Revised Code or in any rules adopted under such sections.
Definition of joint underwriting association: An association comprised of insurance companies, which exists to provide a type of insurance to the general public. The individuals who insure under this kind of association pay the usual premiums as. Insurance News Net.
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