Ohio

Alien insurers must be on the Quarterly Listing of Alien Insurers maintained by the NAIC § 3905.33(A)(2).

Eligibility and Filing Requirements (Foreign Insurers Only):

A surplus lines broker may not place coverage with a nonadmitted insurer unless, at the time of placement, the nonadmitted insurer:

• Is authorized to write such insurance in its domiciliary jurisdiction; and
• Possesses capital and surplus, or its equivalent under the laws of its domiciliary jurisdiction, that equals the greater of the minimum capital and surplus requirements under the laws of Ohio or $15 million. (§ 3905.33(A)(1)).

Types of Insurance Exempted from Surplus Lines Regulation:

Ocean marine insurance is exempt from reporting and taxation requirements when placed by a licensed agent.

Other Comments or Requirements:

1. Ohio eligibility list is available at https://ohioinsurance.force.com/community/s/surpluslinecompanies.
2. Commissioner may also require a deposit in the state.
3. Ohio Insurance Department prefers the following language to appear on the Declaration page of surplus lines policies: THE INSURANCE HEREBY EVIDENCED IS WRITTEN BY AN APPROVED NON-LICENSED INSURER IN THE STATE OF OHIO AND IS NOT COVERED IN CASE OF INSOLVENCY BY THE OHIO INSURANCE GUARANTY ASSOCIATION.
4. The Ohio Insurance Department has an on-line reporting system for payment of the surplus lines tax. Information on this system can be found at https://insurance.ohio.gov/wps/portal/gov/odi/companies/surplus-lines/resources/gen-info-surplus-agents-brokers.
5. The link to ORC §3905.33 reflecting the changes in Ohio’s Insurance Code to comply with the NRRA may be found at http://codes.ohio.gov/orc/3905.33
6. Ohio has removed the requirement that surplus lines affidavits must be notarized. The “surplus lines statement” (ins 4024) must be retained by the surplus lines broker.