| Section 1. That sections 111.15, 119.01, 1121.01, 1121.11, | 25 |
|
1121.18, 1155.01,
1155.091, 1155.16, 1163.01, 1163.121, 1163.20, | 26 |
|
1321.09, 1321.55,
1321.76, 1322.06, 1322.061, 1707.092, 1707.11, | 27 |
|
1707.12, 1707.141, 1707.15,
1707.151, 1707.161, 1707.17, 1707.20, | 28 |
|
1707.40, 1733.01, 1733.32, 1733.327, 1751.19,
3901.36, 3901.44, | 29 |
|
3901.48, 3901.70, 3901.83, 3903.11, 3903.72,
3903.83, 3903.88, | 30 |
|
3905.492, 3905.50, 3999.36, and 4727.18 be
amended and sections | 31 |
|
1181.25, 1707.201, and 3901.045 of the Revised Code be
enacted to | 32 |
|
read as follows: | 33 |
| (1) "Rule" includes any rule, regulation, bylaw, or
standard | 35 |
|
having a general and uniform operation adopted by an
agency under | 36 |
|
the authority of the laws governing the agency; any
appendix to a | 37 |
|
rule; and any internal management rule. "Rule"
does not include | 38 |
|
any guideline adopted pursuant to section
3301.0714 of the Revised | 39 |
|
Code, any order respecting the duties of
employees, any finding, | 40 |
|
any determination of a question of law or
fact in a matter | 41 |
|
presented to an agency, or any rule promulgated
pursuant to | 42 |
|
Chapter 119., section 4141.14, division (C)(1) or (2)
of section | 43 |
|
5117.02, or section 5703.14 of the Revised Code.
"Rule" includes | 44 |
|
any amendment or rescission of a rule. | 45 |
| (2) "Agency" means any governmental entity of the state
and | 46 |
|
includes, but is not limited to, any board, department,
division, | 47 |
|
commission, bureau, society, council, institution,
state college | 48 |
|
or university, community college district,
technical college | 49 |
|
district, or state community college. "Agency"
does not include | 50 |
|
the general assembly, the controlling board,
the adjutant | 51 |
|
general's department, or
any court. | 52 |
| An agency that adopts or amends a rule that is subject to | 70 |
|
division
(D) of this section shall assign a review
date to the | 71 |
|
rule that is not later than five years after its effective date.
| 72 |
|
If no review date is assigned to a rule, or if a review date | 73 |
|
assigned to a
rule exceeds the five-year maximum, the review date | 74 |
|
for the rule is
five years after its effective date. A rule with | 75 |
|
a review date is
subject to review under section 119.032 of the | 76 |
|
Revised Code. This paragraph does not apply to a rule of a
state | 77 |
|
college or university, community college district, technical | 78 |
|
college
district, or state community college. | 79 |
| If all filings are not completed on the same day, the rule | 80 |
|
shall
be effective on the tenth day after the day on which the | 81 |
|
latest
filing is completed. If an agency in adopting a rule | 82 |
|
designates an
effective date that is later than the effective date | 83 |
|
provided for
by division (B)(1) of this section, the rule if filed | 84 |
|
as required
by such division shall become effective on the later | 85 |
|
date
designated by the agency. | 86 |
| (2) A rule of an emergency nature necessary for the | 91 |
|
immediate preservation of the public peace, health, or safety | 92 |
|
shall state the reasons for the necessity. The
emergency rule, in | 93 |
|
final form and in compliance with division
(B)(3) of this section, | 94 |
|
shall be filed in electronic
form
with the
secretary of state, the | 95 |
|
director of the legislative service
commission, and
the joint | 96 |
|
committee on agency rule review. The
emergency rule is effective | 97 |
|
immediately upon completion of the latest filing,
except that if | 98 |
|
the agency in adopting the emergency rule
designates an effective | 99 |
|
date, or date and time of day, that is
later than the effective | 100 |
|
date and time provided for by division
(B)(2) of this section, the | 101 |
|
emergency rule if filed as required
by such division shall become | 102 |
|
effective at the later date, or
later date and time of day, | 103 |
|
designated by the agency. | 104 |
| An emergency rule becomes invalid at the end of the
ninetieth | 105 |
|
day it is in effect. Prior to that date, the agency
may file the | 106 |
|
emergency rule as a nonemergency rule in compliance
with division | 107 |
|
(B)(1) of this section. The agency may not refile
the emergency | 108 |
|
rule in compliance with division (B)(2) of this
section so that, | 109 |
|
upon the emergency rule becoming invalid under
such division, the | 110 |
|
emergency rule will continue in effect without
interruption for | 111 |
|
another ninety-day period. | 112 |
| (C) All rules filed pursuant to divisions (B)(1)(a) and
(2) | 133 |
|
of this section shall be recorded by the secretary of state
and | 134 |
|
the director under the title of the agency adopting the rule
and | 135 |
|
shall be numbered according to the numbering system devised
by the | 136 |
|
director. The secretary of state and the director shall
preserve | 137 |
|
the rules in an accessible manner. Each such rule shall
be a | 138 |
|
public record open to public inspection and may be transmitted to | 139 |
|
any law publishing company that wishes to reproduce it. | 140 |
| (D) At least sixty-five days before a board, commission, | 141 |
|
department, division, or bureau of the government of the state | 142 |
|
files a rule under division (B)(1) of this section, it shall file | 143 |
|
the full text of the proposed rule in electronic form
with the | 144 |
|
joint
committee on agency rule review, and the proposed rule
is | 145 |
|
subject to legislative review and invalidation under division (I) | 146 |
|
of section 119.03 of the Revised Code. If a state board, | 147 |
|
commission, department, division, or bureau makes a substantive | 148 |
|
revision in a proposed rule after it is filed with the joint | 149 |
|
committee, the state board, commission, department,
division, or | 150 |
|
bureau shall promptly file the full text of
the
proposed rule in | 151 |
|
its revised form in electronic form
with the joint committee. The | 152 |
|
latest version of a proposed rule as filed with the joint | 153 |
|
committee supersedes each earlier version of the text
of the same | 154 |
|
proposed rule. Except as provided in division (F) of this | 155 |
|
section, a state board, commission, department, division, or | 156 |
|
bureau shall also file the rule summary and fiscal
analysis | 157 |
|
prepared under section 121.24 or 127.18 of the Revised
Code, or | 158 |
|
both, in electronic form along with a proposed
rule, and
along | 159 |
|
with a proposed rule in revised form, that is filed under this | 160 |
|
division. | 161 |
| (6) An initial rule proposed by the director of health to | 185 |
|
impose safety standards, quality-of-care standards, and | 186 |
|
quality-of-care data
reporting requirements with respect to a | 187 |
|
health service specified in section
3702.11 of the Revised Code, | 188 |
|
or an initial rule proposed by the director to
impose
quality | 189 |
|
standards on a facility listed in division (A)(4) of section | 190 |
|
3702.30 of the Revised Code, if section 3702.12 of the Revised | 191 |
|
Code requires
that the rule be adopted under this section; | 192 |
| (E) Whenever a state board, commission, department, | 200 |
|
division, or bureau files a proposed rule or a proposed rule in | 201 |
|
revised form under division (D) of this section, it shall also | 202 |
|
file the full text of the same proposed rule or
proposed rule in | 203 |
|
revised form in electronic form with
the secretary of state and | 204 |
|
the director of the legislative service
commission. Except as | 205 |
|
provided in division (F) of this section,
a state board, | 206 |
|
commission, department, division, or bureau shall
file the rule | 207 |
|
summary and fiscal analysis prepared
under section 121.24 or | 208 |
|
127.18 of the Revised Code, or both, in electronic form
along with | 209 |
|
a proposed rule or proposed rule in revised form
that is filed | 210 |
|
with the secretary of state or the director of the
legislative | 211 |
|
service commission. | 212 |
| (F) Except as otherwise provided in this division, the | 213 |
|
auditor of state or the auditor of state's designee is not | 214 |
|
required
to file a rule
summary and fiscal analysis along with a | 215 |
|
proposed rule, or
proposed rule in revised form, that the auditor | 216 |
|
of state proposes
under section
117.12, 117.19, 117.38, or 117.43 | 217 |
|
of the Revised Code and files
under division (D) or (E) of this | 218 |
|
section. If, however, the
auditor of state or the designee | 219 |
|
prepares a rule summary and
fiscal analysis of the original | 220 |
|
version of such a proposed rule
for purposes of complying with | 221 |
|
section 121.24 of the Revised
Code, the auditor of state or | 222 |
|
designee shall file the
rule summary and fiscal
analysis in | 223 |
|
electronic form along with the original
version of the proposed | 224 |
|
rule filed under division (D) or (E) of this section. | 225 |
| (A)(1) "Agency" means, except as limited by this division, | 228 |
|
any official, board, or commission having authority to promulgate | 229 |
|
rules or make adjudications in
the civil service commission, the | 230 |
|
division of liquor control, the department
of
taxation, the | 231 |
|
industrial commission, the bureau of workers'
compensation, the | 232 |
|
functions of any administrative or executive
officer, department, | 233 |
|
division, bureau, board, or commission of
the government of the | 234 |
|
state specifically made subject to sections
119.01 to 119.13 of | 235 |
|
the Revised Code, and the licensing functions
of any | 236 |
|
administrative or executive officer, department, division,
bureau, | 237 |
|
board, or commission of the government of the state
having the | 238 |
|
authority or responsibility of issuing, suspending,
revoking, or | 239 |
|
canceling licenses. | 240 |
| Except as otherwise provided in division (I) of
this section, | 241 |
|
sections 119.01 to 119.13 of
the Revised Code do not apply to the | 242 |
|
public utilities commission. Sections
119.01 to 119.13 of the | 243 |
|
Revised Code do not apply to the
utility radiological safety | 244 |
|
board; to the controlling board; to
actions of the superintendent | 245 |
|
of financial institutions and the superintendent
of insurance in | 246 |
|
the taking
possession of, and rehabilitation or liquidation of, | 247 |
|
the business
and property of banks, savings and loan associations, | 248 |
|
savings banks,
credit unions, insurance
companies, associations, | 249 |
|
reciprocal fraternal benefit societies,
and bond investment | 250 |
|
companies;
to any taken by the division of securities under | 251 |
|
section 1707.201 of the Revised Code; or to any
action that may be | 252 |
|
taken by the superintendent of financial
institutions under | 253 |
|
section 1113.03, 1121.05, 1121.06, 1121.10,
1125.09,
1125.12, | 254 |
|
1125.18, 1155.18, 1157.01, 1157.02,
1157.10,
1163.22, 1165.01, | 255 |
|
1165.02, 1165.10, 1733.35, 1733.361, 1733.37,
1733.412, or 1761.03 | 256 |
|
of the Revised Code. | 257 |
| Sections 119.01 to 119.13 of the
Revised Code do not apply to | 258 |
|
actions of the industrial commission
or the bureau of workers' | 259 |
|
compensation under sections 4123.01 to
4123.94 of the Revised Code | 260 |
|
with respect to all matters of
adjudication, and to the actions of | 261 |
|
the industrial commission and
bureau of workers' compensation | 262 |
|
under division (D) of section 4121.32 and
sections 4123.29, | 263 |
|
4123.34, 4123.341, 4123.342, 4123.40, 4123.411, 4123.44,
4123.442, | 264 |
|
and divisions (B), (C), and (E) of section 4131.14
of the Revised | 265 |
|
Code. | 266 |
| (B) "License" means any license, permit, certificate, | 276 |
|
commission, or charter issued by any agency. "License" does not | 277 |
|
include any arrangement whereby a person, institution, or entity | 278 |
|
furnishes medicaid services under a provider agreement with the | 279 |
|
department of job and family services pursuant to Title
XIX of the | 280 |
|
"Social
Security Act," 49 Stat. 620 (1935), 42 U.S.C. 301, as | 281 |
|
amended. | 282 |
| (C) "Rule" means any rule, regulation, or standard, having
a | 283 |
|
general and uniform operation, adopted, promulgated, and
enforced | 284 |
|
by any agency under the authority of the laws governing
such | 285 |
|
agency, and includes any appendix to a rule. "Rule" does
not | 286 |
|
include any internal management rule of an agency unless the | 287 |
|
internal management rule affects private rights and does not | 288 |
|
include any guideline adopted pursuant to section 3301.0714 of
the | 289 |
|
Revised Code. | 290 |
| (D) "Adjudication" means the determination by the highest
or | 291 |
|
ultimate authority of an agency of the rights, duties,
privileges, | 292 |
|
benefits, or legal relationships of a specified
person, but does | 293 |
|
not include the issuance of a license in
response to an | 294 |
|
application with respect to which no question is
raised, nor other | 295 |
|
acts of a ministerial nature. | 296 |
| (I) "Rule-making agency" means any board, commission, | 307 |
|
department, division, or bureau of the government of the state | 308 |
|
that is required to file proposed rules, amendments, or | 309 |
|
rescissions under division (D) of section 111.15 of the Revised | 310 |
|
Code and any agency that is required to file proposed rules, | 311 |
|
amendments, or rescissions under divisions (B) and (H) of section | 312 |
|
119.03 of the Revised Code. "Rule-making agency" includes the | 313 |
|
public utilities
commission. "Rule-making agency" does not | 314 |
|
include any state-supported college or university. | 315 |
| (A)
"Financial institution regulatory authority" includes a | 329 |
|
regulator of a business activity in which a bank or trust company | 330 |
|
is engaged, or has applied to engage in, to the extent that the | 331 |
|
regulator has jurisdiction over a bank or trust company engaged in | 332 |
|
that business activity. A bank or trust company is engaged in a | 333 |
|
business activity, and a regulator of that business activity has | 334 |
|
jurisdiction over the bank or trust company, whether the bank or | 335 |
|
trust company conducts the activity directly or a subsidiary or | 336 |
|
affiliate of the bank or trust company conducts the activity. | 337 |
(B)(C) "Participating in the conduct of the affairs of a | 348 |
|
bank or
trust company" means either making decisions or, directly | 349 |
|
or indirectly,
taking actions that are management or policymaking | 350 |
|
in nature and generally
within the scope of authority of the | 351 |
|
bank's or trust company's board of
directors or executive | 352 |
|
officers. Whether a person is or was participating in
the conduct | 353 |
|
of the affairs of a bank or trust company is an issue of fact, and | 354 |
|
not to be determined solely on the basis of the person's title, | 355 |
|
contract, or
indicia of employment or independent contractor | 356 |
|
status. | 357 |
| (2) Conduct, participate in, or coordinate independent, | 375 |
|
concurrent, joint,
or coordinated examinations of the records and | 376 |
|
affairs of banks and trust
companies and otherwise act on behalf | 377 |
|
of financial institution regulatory
authorities of
this and other | 378 |
|
states, the United States, and other
countries having jurisdiction | 379 |
|
over the banks and trust companies; | 380 |
| (4) Authorize financial institution regulatory authorities | 395 |
|
of
this and other
states, the United States, and other countries | 396 |
|
to receive
and use information leading to, arising from, or | 397 |
|
obtained in the course of
examinations conducted by the division | 398 |
|
of financial institutions in the same
manner and for the purposes | 399 |
|
they could use information leading to, arising
from, or obtained | 400 |
|
in the course of their own examinations when both of the
following | 401 |
|
apply: | 402 |
| (a) Pursuant to applicable law, information leading to, | 403 |
|
arising
from, or obtained in the course of examinations the other | 404 |
|
regulatory
authorities conduct is protected from general | 405 |
|
disclosure and may only be
disclosed for purposes similar to those | 406 |
|
provided in section 1121.18 of the Revised Code,
which are | 407 |
|
principally regulatory in nature, for disclosure of information | 408 |
|
leading to, arising from, or obtained in the course of | 409 |
|
examinations conducted
by the division; | 410 |
| (b) Pursuant to agreement and applicable law, information | 411 |
|
leading
to, arising from, or obtained in the course of | 412 |
|
examinations conducted by the
division will, in the other | 413 |
|
regulatory authorities' possession or the
possession of any | 414 |
|
persons to whom the other regulatory authorities disclosed
the | 415 |
|
information as a part of examinations of those persons, be | 416 |
|
protected from
disclosure to the same extent as information | 417 |
|
leading to, arising from, or
obtained in the course of those | 418 |
|
regulatory authorities' examinations. | 419 |
| (5) Rely on the actions of financial institution regulatory | 420 |
|
authorities of
this and
other states, the United States, or other | 421 |
|
countries, or
participate with them jointly, in responding to | 422 |
|
violations of law, unsafe or
unsound practices, breaches of | 423 |
|
fiduciary duty, or other regulatory concerns
affecting banks and | 424 |
|
trust companies over which they have concurrent
jurisdiction when | 425 |
|
the other regulatory authorities have adequate personnel, | 426 |
|
practices, and authority to warrant the reliance; | 427 |
| (C) In conducting, participating in,
or coordinating | 443 |
|
independent, concurrent, joint, or coordinated
examinations of the | 444 |
|
records and affairs of banks and trust
companies, the | 445 |
|
superintendent may purchase services from
financial institution | 446 |
|
regulatory authorities of
this and other states,
the United | 447 |
|
States, and other countries,
including services provided by | 448 |
|
employees of other financial
institution regulatory authorities in | 449 |
|
their capacities as
employees of other financial institution | 450 |
|
regulatory authorities. The purchase
of services from one or more | 451 |
|
financial institution
regulatory authorities of
this and other | 452 |
|
states, the
United States, or other countries is
the purchase of | 453 |
|
services from a sole source provider and is not
the employment of | 454 |
|
any financial institution regulatory authority
or any of its | 455 |
|
employees. | 456 |
| Sec. 1121.18. (A) Information leading to, arising from, or | 460 |
|
obtained in the course of the examination of a bank or any | 461 |
|
examination
conducted pursuant to the authority of section 1121.10 | 462 |
|
or 1121.11 of the Revised Code is
privileged and confidential. No | 463 |
|
person, including any person to whom the
information is disclosed | 464 |
|
under the authority of this section, shall disclose
information | 465 |
|
leading to, arising from, or obtained in the course of an | 466 |
|
examination, except as specifically provided in this section. | 467 |
| (2) The discovery of information leading to, arising from, | 508 |
|
or obtained in
the course of an examination pursuant to division | 509 |
|
(C)(1)(b), (c), or (d) of this section
shall be limited to | 510 |
|
information that directly relates to the bank, trust
company, | 511 |
|
regulated person, or other person who is the subject of the | 512 |
|
enforcement action, decision, or litigation. | 513 |
| (D) A report of an examination conducted pursuant to section | 514 |
|
1121.10 or 1121.11 of the Revised Code is the property of the | 515 |
|
division of
financial
institutions. Under no circumstances may | 516 |
|
the bank or other person examined,
its directors, officers, | 517 |
|
employees, agents, regulated persons, or contractors,
or any | 518 |
|
person having knowledge or possession of a report of examination, | 519 |
|
or
any of its contents, disclose or make public in any manner the | 520 |
|
report of
examination or its contents. The authority provided in | 521 |
|
division
(B)(4) of this section for use of examination information | 522 |
|
to assist
in conducting the business of the bank or other person | 523 |
|
examined in a safe and
sound manner and in compliance with law | 524 |
|
shall not be construed to authorize
disclosure of a report of | 525 |
|
examination or any of its contents in conducting
business with the | 526 |
|
examined bank's or person's customers, creditors, or
shareholders, | 527 |
|
or with other persons. | 528 |
| (A)
"Controlling person" means any person or entity which, | 535 |
|
either directly or indirectly, or acting in concert with one or | 536 |
|
more other persons or entities, owns, controls, or holds with | 537 |
|
power to vote, or holds proxies representing, fifteen per cent or | 538 |
|
more of the voting shares or rights of a savings and loan | 539 |
|
association, or controls in any manner the election or
appointment | 540 |
|
of a majority of the directors of an association.
However, a | 541 |
|
director of an association will not be deemed to be a
controlling | 542 |
person of such association based upon
histhe
director's voting, | 543 |
|
or acting in concert with other directors in voting,
proxies | 544 |
|
obtained in connection with an annual solicitation of proxies or | 545 |
|
obtained from savings account holders and borrowers if such | 546 |
|
proxies are voted as directed by a majority of the entire board
of | 547 |
|
directors of the association, or of a committee of such
directors | 548 |
|
if such committee's composition and authority are
controlled by a | 549 |
|
majority vote of the entire board and if its
authority is | 550 |
|
revocable by such a majority. | 551 |
| (E) "Financial institution regulatory authority" includes a | 567 |
|
regulator of a business activity in which a savings and loan | 568 |
|
association is engaged, or has applied to engage in, to the extent | 569 |
|
that the regulator has jurisdiction over a savings and loan | 570 |
|
association engaged in that business activity. A savings and loan | 571 |
|
association is engaged in a business activity, and a regulator of | 572 |
|
that business activity has jurisdiction over the savings and loan | 573 |
|
association, whether the savings and loan association conducts the | 574 |
|
activity directly or a subsidiary or affiliate of the savings and | 575 |
|
loan association conducts the activity. | 576 |
| (2) Conduct, participate in, or coordinate independent, | 594 |
|
concurrent, joint,
or coordinated examinations of the records and | 595 |
|
affairs of savings and loan
associations and otherwise act on | 596 |
|
behalf of financial institution regulatory
authorities of
this and | 597 |
|
other states, the United States, and other
countries having | 598 |
|
jurisdiction over the savings and loan associations; | 599 |
| (4) Authorize financial institution regulatory authorities | 614 |
|
of
this and other
states, the United States, and other countries | 615 |
|
to receive
and use information leading to, arising from, or | 616 |
|
obtained in the course of
examinations conducted by the division | 617 |
|
of financial institutions in the same
manner and for the purposes | 618 |
|
they could use information leading to, arising
from, or obtained | 619 |
|
in the course of their own examinations when both of the
following | 620 |
|
apply: | 621 |
| (a) Pursuant to applicable law, information leading to, | 622 |
|
arising
from, or obtained in the course of examinations the other | 623 |
|
regulatory
authorities conduct is protected from general | 624 |
|
disclosure and may only be
disclosed for purposes similar to those | 625 |
|
provided in section 1155.16 of the
Revised Code, which are | 626 |
|
principally regulatory in nature, for disclosure of
information | 627 |
|
leading to, arising from, or obtained in the course of | 628 |
|
examinations conducted by the division; | 629 |
| (b) Pursuant to agreement and applicable law, information | 630 |
|
leading
to, arising from, or obtained in the course of | 631 |
|
examinations conducted by the
division will, in the other | 632 |
|
regulatory authorities' possession or the
possession of any | 633 |
|
persons to whom the other regulatory authorities disclosed
the | 634 |
|
information as a part of examinations of those persons, be | 635 |
|
protected from
disclosure to the same extent as information | 636 |
|
leading to, arising from, or
obtained in the course of those | 637 |
|
regulatory authorities' examinations. | 638 |
| (5) Rely on the actions of financial institution regulatory | 639 |
|
authorities of
this and
other states, the United States, or other | 640 |
|
countries, or
participate with them jointly, in responding to | 641 |
|
violations of law, unsafe or
unsound practices, breaches of | 642 |
|
fiduciary duty, or other regulatory concerns
affecting savings and | 643 |
|
loan associations over which they have concurrent
jurisdiction | 644 |
|
when the other regulatory authorities have adequate personnel, | 645 |
|
practices, and authority to warrant the reliance; | 646 |
| (C) In conducting, participating in, or coordinating | 662 |
|
independent,
concurrent, joint, or coordinated examinations of the | 663 |
|
records and affairs of
savings and loan associations, the | 664 |
|
superintendent may purchase services from
financial institution | 665 |
|
regulatory authorities of
this and other states, the
United | 666 |
|
States, and other countries, including services
provided by | 667 |
|
employees of other financial institution regulatory authorities.
| 668 |
|
The purchase of services from one or more financial institution | 669 |
|
regulatory
authorities of
this and other states, the United | 670 |
|
States, and
other
countries is the purchase of services from a | 671 |
|
sole source
provider and is not
the employment of any financial | 672 |
|
institution
regulatory authority or any of its
employees. | 673 |
| Sec. 1155.16. (A)(1) Except as provided in division (B) of | 677 |
this section, the superintendent of
savings and loan
associations | 678 |
| financial institutions,
the superintendent's agents, and employees | 679 |
|
shall keep privileged
and
confidential the examination reports, | 680 |
|
information obtained in
an
examination, or any other information | 681 |
|
obtained by reason of
their
official position. This section does | 682 |
|
not prevent the
superintendent from properly releasing to or | 683 |
|
exchanging
information relating to a savings and loan association, | 684 |
|
or its
affairs, with the governor, the director of commerce, the | 685 |
|
deputy
director of commerce, or representatives of state or | 686 |
federal
financial institution
regulatory
agencies or governmental | 687 |
|
authorities, or prevent such
release by the association or its | 688 |
|
officers or directors, in the
conduct of the business of the | 689 |
|
association. | 690 |
| (A) "Controlling person" means any person or entity which, | 734 |
|
either directly or indirectly, or acting in concert with one or | 735 |
|
more other persons or entities, owns, controls, or holds with | 736 |
|
power to vote, or holds proxies representing, fifteen per cent or | 737 |
|
more of the voting shares or rights of a savings bank, or
controls | 738 |
|
in any manner the election or appointment of a majority
of the | 739 |
|
directors of a savings bank. However, a director of a
savings | 740 |
|
bank is not deemed to be a controlling person of the
savings bank | 741 |
based upon
histhe director's voting, or acting in
concert with | 742 |
|
other directors in voting, proxies obtained in connection with an | 743 |
|
annual solicitation of proxies or obtained from savings account | 744 |
|
holders and borrowers if the proxies are voted as directed by a | 745 |
|
majority of the entire board of directors of the savings bank, or | 746 |
|
of a committee of the directors if the committee's composition
and | 747 |
|
authority are controlled by a majority vote of the entire
board | 748 |
|
and if its authority is revocable by such a majority. | 749 |
| (E) "Financial institution regulatory authority" includes a | 765 |
|
regulator of a business activity in which a savings bank is | 766 |
|
engaged, or has applied to engage in, to the extent that the | 767 |
|
regulator has jurisdiction over a savings bank engaged in that | 768 |
|
business activity. A savings bank is engaged in a business | 769 |
|
activity, and a regulator of that business activity has | 770 |
|
jurisdiction over the savings bank, whether the savings bank | 771 |
|
conducts the activity directly or a subsidiary or affiliate of the | 772 |
|
savings bank conducts the activity. | 773 |
| (2) Conduct, participate in, or coordinate independent, | 790 |
|
concurrent, joint,
or coordinated examinations of the records and | 791 |
|
affairs of savings banks and
otherwise act on behalf of financial | 792 |
|
institution regulatory authorities of
this and other states, the | 793 |
|
United States, and other countries having
jurisdiction over the | 794 |
|
savings banks; | 795 |
| (4) Authorize financial institution regulatory authorities | 810 |
|
of
this and other
states, the United States, and other countries | 811 |
|
to receive
and use information leading to, arising from, or | 812 |
|
obtained in the course of
examinations conducted by the division | 813 |
|
of financial institutions in the same
manner and for the purposes | 814 |
|
they could use information leading to, arising
from, or obtained | 815 |
|
in the course of their own examinations when both of the
following | 816 |
|
apply: | 817 |
| (a) Pursuant to applicable law, information leading to, | 818 |
|
arising
from, or obtained in the course of examinations the other | 819 |
|
regulatory
authorities conduct is protected from general | 820 |
|
disclosure and may only be
disclosed for purposes similar to those | 821 |
|
provided in section 1163.20 of the Revised Code,
which are | 822 |
|
principally regulatory in nature, for disclosure of information | 823 |
|
leading to, arising from, or obtained in the course of | 824 |
|
examinations conducted
by the division; | 825 |
| (b) Pursuant to agreement and applicable law, information | 826 |
|
leading
to, arising from, or obtained in the course of | 827 |
|
examinations conducted by the
division will, in the other | 828 |
|
regulatory authorities' possession or the
possession of any | 829 |
|
persons to whom the other regulatory authorities disclosed
the | 830 |
|
information as a part of examinations of those persons, be | 831 |
|
protected from
disclosure to the same extent as information | 832 |
|
leading to, arising from, or
obtained in the course of those | 833 |
|
regulatory authorities' examinations. | 834 |
| (5) Rely on the actions of financial institution regulatory | 835 |
|
authorities of
this and other states, the United States,
or other | 836 |
|
countries, or participate with them jointly, in responding to | 837 |
|
violations of law, unsafe or unsound practices, breaches of | 838 |
|
fiduciary duty, or
other regulatory concerns affecting savings | 839 |
|
banks over which they have
concurrent jurisdiction when the other | 840 |
|
regulatory authorities have adequate
personnel, practices, and | 841 |
|
authority to warrant the reliance; | 842 |
| (C) In conducting, participating in, or coordinating | 858 |
|
independent,
concurrent, joint, or coordinated examinations of the | 859 |
|
records and affairs of
savings banks, the superintendent may | 860 |
|
purchase services from financial
institution regulatory | 861 |
|
authorities of
this and other states, the United
States, and other | 862 |
|
countries, including services provided by employees
of other | 863 |
|
financial institution regulatory authorities. The purchase of | 864 |
|
services from one or more financial institution regulatory | 865 |
|
authorities of
this and
other states, the United States, and | 866 |
|
other countries is the
purchase of services from a sole source | 867 |
|
provider and is not the employment of
any financial institution | 868 |
|
regulatory authority or any of its employees. | 869 |
| Sec. 1163.20. (A)(1) Except as provided in division (B)
of | 873 |
this section, the superintendent of
savings banksfinancial | 874 |
|
institutions, his agents,
and
employees shall keep privileged and | 875 |
|
confidential the
examination
reports, information obtained in an | 876 |
|
examination, or
any other
information obtained by reason of their | 877 |
|
official
position. This
section does not prevent the | 878 |
|
superintendent from
properly
releasing to or exchanging | 879 |
|
information relating to a
savings bank,
or its affairs, with the | 880 |
|
governor, the director of
commerce, the
deputy director of | 881 |
|
commerce, or representatives of
state or
federal
financial | 882 |
institution regulatory
agencies or governmental
authorities,
or | 883 |
|
prevent such release by the savings bank or its
officers or | 884 |
|
directors, in the conduct of the business of the
savings bank. | 885 |
| Sec. 1181.25. The superintendent of financial institutions | 927 |
|
may introduce into evidence or disclose, or authorize to be | 928 |
|
introduced into evidence or disclosed, information that, under | 929 |
|
sections 1121.18, 1155.16, 1163.20, 1321.09, 1321.55, 1321.76, | 930 |
|
1322.06, 1322.061,
1733.32, 1733.327, and 4727.18 of the Revised | 931 |
|
Code, is privileged,
confidential, or otherwise not public | 932 |
|
information or a public
record, provided that the superintendent | 933 |
|
acts only as provided in
those sections or in the following | 934 |
|
circumstances: | 935 |
|
(B) When litigation has been initiated by the | 941 |
|
superintendent in furtherance of the powers, duties, and | 942 |
|
obligations imposed upon the superintendent by Chapters 1315., | 943 |
|
1321., 1322., 1733., 4712., 4727., and 4728. of the Revised Code | 944 |
|
or Title XI of the Revised Code; | 945 |
|
(C) When in the opinion of the superintendent, it is | 946 |
|
appropriate with regard to enforcement actions taken or decisions | 947 |
|
made by other financial institution regulatory authorities to whom | 948 |
|
the
superintendent has provided the information pursuant to | 949 |
|
authority
in Chapters 1315., 1321., 1322., 1733., 4712., 4727., | 950 |
|
and 4728. of
the Revised Code or Title XI of the Revised Code.
| 951 |
| Sec. 1321.09. (A) Every licensee shall keep and use in the | 952 |
|
licensee's business such books, accounts, and records as will | 953 |
|
enable the
division of financial institutions to determine
whether | 954 |
|
the licensee is complying with sections 1321.01 to
1321.19 of the | 955 |
|
Revised Code and with the orders and rules made by the division | 956 |
|
under those sections. Every licensee shall preserve such
books, | 957 |
|
accounts,
and records for at least two years after making the | 958 |
|
final entry
on any loan recorded therein. Accounting systems | 959 |
|
maintained in
whole or in part by mechanical or electronic data | 960 |
|
processing
methods that provide information equivalent to that | 961 |
|
otherwise
required are acceptable for this purpose. | 962 |
| As required by the superintendent of financial institutions, | 963 |
|
every
licensee each year
shall file a report with the division | 964 |
|
giving such relevant information
concerning the business and | 965 |
|
operations, during the preceding calendar year, of
each licensed | 966 |
|
place of business conducted by the licensee
within the state. If | 967 |
|
a licensee has more than one place of business
within this state | 968 |
|
it is optional with the licensee to furnish the
report for each | 969 |
|
location, or a composite report for all
locations. Such report | 970 |
|
shall be made under oath in the form
prescribed by the division, | 971 |
|
which shall make and publish annually
an analysis and | 972 |
|
recapitulation of such reports. Such licensee
reports are not | 973 |
|
public records and shall only be used by the
division for the | 974 |
|
purpose of enforcing sections 1321.01 to 1321.19
of the Revised | 975 |
|
Code or any rules or orders made in compliance
with those | 976 |
|
sections.
Such licensee reports may be introduced into evidence or | 977 |
|
disclosed when and in the manner authorized in section 1181.25 of | 978 |
|
the Revised Code, or in connection with criminal proceedings. | 979 |
|
(B) For purposes of this section, "financial institution | 983 |
|
regulatory authority" includes a regulator of a business activity | 984 |
|
in which a licensee is engaged, or has applied to engage in, to | 985 |
|
the extent that the regulator
has jurisdiction over a licensee | 986 |
|
engaged in that business
activity. A licensee is engaged in a | 987 |
|
business activity, and a
regulator of that business activity has | 988 |
|
jurisdiction over the
licensee, whether the licensee conducts the | 989 |
|
activity directly or a
subsidiary or affiliate of the licensee | 990 |
|
conducts the activity.
| 991 |
| Sec. 1321.55. (A) Every registrant shall keep records | 992 |
|
pertaining to loans made under
sections 1321.51 to 1321.60 of the | 993 |
|
Revised Code. Such records
shall be segregated from records | 994 |
|
pertaining to transactions
that are not subject to these sections | 995 |
|
of the Revised Code. Every
registrant shall preserve records | 996 |
|
pertaining to loans made under sections
1321.51 to 1321.60 of
the | 997 |
|
Revised Code for at least two years after making the final
entry | 998 |
|
on such records. Accounting systems maintained in whole
or in | 999 |
|
part by mechanical or electronic data processing methods
that | 1000 |
|
provide information equivalent to that otherwise required
are | 1001 |
|
acceptable for this purpose. At least once each
eighteen-month | 1002 |
|
cycle, the
division of financial institutions shall make
or cause | 1003 |
|
to be made an
examination of records pertaining to loans made | 1004 |
|
under sections 1321.51 to
1321.60 of the Revised Code, for the | 1005 |
|
purpose of determining whether the
registrant is complying with | 1006 |
|
these sections and of verifying the
registrant's annual report. | 1007 |
| (B)(1) As required by the superintendent of financial | 1008 |
|
institutions, each
registrant shall file with the
division each | 1009 |
|
year a
report under oath or affirmation, on forms supplied by the | 1010 |
|
division, concerning the business and operations for the
preceding | 1011 |
|
calendar year. Whenever a registrant operates two or
more | 1012 |
|
registered offices or whenever two or more affiliated
registrants | 1013 |
|
operate registered offices, then a composite report
of the group | 1014 |
|
of registered offices may be filed in lieu of
individual reports. | 1015 |
| (C) All information obtained by the superintendent
or the | 1020 |
|
superintendent's deputies, examiners, assistants, agents, or | 1021 |
|
clerks by reason of their official position, including
information | 1022 |
|
obtained by such persons from the annual report of a
registrant or | 1023 |
|
in the course of examining a registrant or
investigating an | 1024 |
|
applicant for a certificate, is privileged and
confidential. All | 1025 |
|
such information shall remain privileged and
confidential for all | 1026 |
|
purposes except when it is necessary for
the superintendent and | 1027 |
|
the superintendent's deputies, examiners,
assistants, agents, or | 1028 |
|
clerks to take official action regarding
the affairs of the | 1029 |
|
registrant or in connection with criminal
proceedings.
Such | 1030 |
|
information may also be introduced into evidence or disclosed when | 1031 |
|
and in the manner authorized in section 1181.25 of the Revised | 1032 |
|
Code.
| 1033 |
|
(F) For purposes of this section, "financial institution | 1041 |
|
regulatory authority" includes a regulator of a business activity | 1042 |
|
in which a registrant is engaged, or has applied to engage in, to | 1043 |
|
the extent that the regulator
has jurisdiction over a registrant | 1044 |
|
engaged in that business
activity. A registrant is engaged in a | 1045 |
|
business activity, and a
regulator of that business activity has | 1046 |
|
jurisdiction over the
registrant, whether the registrant conducts | 1047 |
|
the activity directly
or a subsidiary or affiliate of the | 1048 |
|
registrant conducts the
activity.
| 1049 |
| Sec. 1321.76. (A) Each licensee shall keep records of its | 1050 |
|
insurance premium
finance transactions conducted under sections | 1051 |
|
1321.71 to 1321.83 of the
Revised Code. Such records shall be | 1052 |
|
maintained separately from any records
pertaining to transactions | 1053 |
|
that are not subject to those sections. Each
licensee shall | 1054 |
|
preserve its records pertaining to insurance premium finance | 1055 |
|
transactions conducted under sections 1321.71 to 1321.83 of the | 1056 |
|
Revised Code
for at least two years after the final entry on such | 1057 |
|
records. Preservation of
records by means of accounting systems | 1058 |
|
maintained in whole or in part by
mechanical or electronic data | 1059 |
|
processing methods constitutes compliance with
this division. | 1060 |
| (B) If a licensee's books, records, data, and other | 1066 |
|
documents are located
outside this state, the licensee shall, upon | 1067 |
|
the request of the superintendent
of financial institutions, | 1068 |
|
deposit with the
division an amount equal to the estimated costs, | 1069 |
|
as determined by the
superintendent, of an examination of the | 1070 |
|
licensee conducted outside this
state. After the actual costs of | 1071 |
|
the examination have been determined and
itemized by the division, | 1072 |
|
the division shall return to the licensee any amount
it had | 1073 |
|
deposited in excess of the actual costs. | 1074 |
| (C) All information obtained by the superintendent or the | 1075 |
|
superintendent's deputies, examiners, assistants, agents, or | 1076 |
|
clerks by
reason of their official position, including information | 1077 |
|
obtained by such
persons in the course of examining a
licensee or | 1078 |
|
investigating an applicant for a license, is privileged and | 1079 |
|
confidential. All such information shall remain privileged and | 1080 |
|
confidential
for all purposes except when, in the opinion of the | 1081 |
|
superintendent, it is
necessary for the superintendent and the | 1082 |
|
superintendent's
deputies, examiners, assistants, agents, or | 1083 |
|
clerks to take official action in
administering and enforcing | 1084 |
|
sections 1321.71 to 1321.83 of the Revised Code or
in connection | 1085 |
|
with criminal proceedings.
Such information may also be introduced | 1086 |
|
into evidence or disclosed when and in the manner authorized in | 1087 |
|
section 1181.25 of the Revised Code.
| 1088 |
|
(E) For purposes of this section, "financial institution | 1092 |
|
regulatory authority" includes a regulator of a business activity | 1093 |
|
in which a licensee is engaged, or has applied to engage in, to | 1094 |
|
the extent that the regulator
has jurisdiction over a licensee | 1095 |
|
engaged in that business
activity. A licensee is engaged in a | 1096 |
|
business activity, and a
regulator of that business activity has | 1097 |
|
jurisdiction over the
licensee, whether the licensee conducts the | 1098 |
|
activity directly or a
subsidiary or affiliate of the licensee | 1099 |
|
conducts the activity.
| 1100 |
| (C)(1) All information obtained by the superintendent or the | 1110 |
|
superintendent's deputies, examiners, assistants, agents, or | 1111 |
|
clerks by reason
of their official position, including information | 1112 |
|
obtained by such persons in
the course of examining a registrant | 1113 |
|
or investigating an applicant for a
certificate of registration, | 1114 |
|
is privileged and confidential. All such
information shall remain | 1115 |
|
privileged and confidential for all purposes except
when it is | 1116 |
necessary for the superintendent
and the superintendent's | 1117 |
deputies,
examiners, assistants, agents, or clerks to take | 1118 |
|
official action regarding the
affairs of the registrant or in | 1119 |
|
connection with criminal proceedings.
This information may also be | 1120 |
|
introduced into evidence or disclosed when and in the manner | 1121 |
|
authorized by section 1181.25 of the Revised Code. | 1122 |
| (2) All application information, except social security | 1123 |
|
numbers, employer identification numbers, financial account | 1124 |
|
numbers, the identity of the institution where financial accounts | 1125 |
|
are maintained, personal financial information, fingerprint cards | 1126 |
|
and the information contained on such cards, and criminal | 1127 |
|
background information, is a public record as defined in section | 1128 |
|
149.43 of the Revised Code. | 1129 |
|
(3) This section does not prevent the division of | 1130 |
|
financial institutions from releasing to or exchanging with other | 1131 |
|
financial institution regulatory authorities information relating | 1132 |
|
to registrants. For this purpose, a "financial institution | 1133 |
|
regulatory authority" includes a regulator of a business activity | 1134 |
|
in which a registrant is engaged, or has applied to engage in, to | 1135 |
|
the extent that the regulator has jurisdiction over a registrant | 1136 |
|
engaged in that business activity. A registrant is engaged in a | 1137 |
|
business activity, and a regulator of that business activity has | 1138 |
|
jurisdiction over the registrant, whether the registrant conducts | 1139 |
|
the
activity directly or a subsidiary or affiliate of the | 1140 |
|
registrant
conducts the activity. | 1141 |
|
(4) This section does not prevent the division from | 1142 |
|
releasing information relating to registrants to the attorney | 1143 |
|
general for purposes relating to the attorney general's | 1144 |
|
administration of Chapter 1345. of the Revised Code. Information | 1145 |
|
the division releases to the attorney general pursuant to this | 1146 |
|
section remains privileged and confidential, and the attorney | 1147 |
|
general may not disclose the information or introduce the | 1148 |
|
information into evidence unless the superintendent authorizes the | 1149 |
|
disclosure or introduction into evidence in connection with the | 1150 |
|
attorney general's administration of Chapter 1345. of the Revised | 1151 |
|
Code.
| 1152 |
| (2) The information described in division (A)(1) of this | 1159 |
|
section shall remain privileged and confidential for all purposes | 1160 |
|
except when it is necessary for the superintendent of financial | 1161 |
|
institutions to take official action regarding the affairs of a | 1162 |
registrant
or licensee, or in connection with
civil or criminal | 1163 |
investigations
or proceedings
conducted by the attorney general or | 1164 |
a county
prosecutor. The superintendent may share examination and | 1165 |
investigation information with any law enforcement agency or any | 1166 |
other state or federal regulatory agency. Any information shared | 1167 |
with the attorney general, a county prosecutor, or a law | 1168 |
enforcement agency or other state or federal regulatory agency | 1169 |
shall remain privileged and confidential and shall only be used in | 1170 |
connection with an official investigation, proceeding, or action. | 1171 |
| This information may also be introduced into evidence or disclosed | 1172 |
|
when and in the manner authorized by section 1181.25 of the | 1173 |
|
Revised Code. | 1174 |
| (B) All application information, except social security | 1175 |
|
numbers, employer identification numbers, financial account | 1176 |
|
numbers, the identity of the institution where financial accounts | 1177 |
|
are maintained, personal financial information, fingerprint cards | 1178 |
|
and the information contained on such cards, and criminal | 1179 |
|
background information, is a public record as defined in section | 1180 |
|
149.43 of the Revised Code. | 1181 |
| (C) This section does not prevent the division of financial | 1182 |
|
institutions from releasing to or exchanging with other financial | 1183 |
|
institution regulatory authorities information relating to | 1184 |
|
registrants and
licensees. For this purpose, a "financial | 1185 |
|
institution regulatory
authority" includes a regulator of a | 1186 |
|
business activity in which a
registrant or licensee is engaged, or | 1187 |
|
has applied to engage in, to the extent
that the regulator has | 1188 |
|
jurisdiction over a registrant or licensee engaged in
that | 1189 |
|
business activity. A registrant or licensee is engaged in a | 1190 |
|
business
activity, and a regulator of that business activity has | 1191 |
|
jurisdiction over the registrant or licensee, whether the | 1192 |
|
registrant or licensee conducts the
activity directly or a | 1193 |
|
subsidiary or affiliate of the registrant or licensee
conducts the | 1194 |
|
activity. | 1195 |
|
(D) This section does not prevent the division from | 1196 |
|
releasing information relating to registrants and licensees to the | 1197 |
|
attorney
general for purposes relating to the attorney general's | 1198 |
|
administration of Chapter 1345. of the Revised Code. Information | 1199 |
|
the division releases to the attorney general pursuant to this | 1200 |
|
section remains privileged and confidential, and the attorney | 1201 |
|
general may not disclose the information or introduce the | 1202 |
|
information into evidence unless the superintendent authorizes the | 1203 |
|
disclosure or introduction into evidence in connection with the | 1204 |
|
attorney general's administration of Chapter 1345. of the Revised | 1205 |
|
Code.
| 1206 |
| Sec. 1707.092. (A) For the
purposes of selling securities | 1207 |
|
in this state,
except securities that are the subject matter of | 1208 |
|
transactions enumerated in section 1707.03 of the
Revised Code, an | 1209 |
|
investment company, as defined by the
Investment Company Act of | 1210 |
|
1940, that is registered
or has filed a registration statement | 1211 |
|
with the securities and
exchange commission under the
Investment | 1212 |
|
Company Act of 1940, shall file the
following with the division of | 1213 |
|
securities: | 1214 |
| (C)(1) For offerings involving covered securities, as | 1259 |
defined in section 18
of the
"Securities
actAct of 1933," 15 | 1260 |
|
U.S.C.
77r, that are not subject to section
1707.02, 1707.03, | 1261 |
|
1707.04,
1707.06,
1707.08,
1707.09, or 1707.091 of the
Revised | 1262 |
|
Code, or
division
(A) of this section, a notice filing
shall be | 1263 |
|
submitted
to the division together with a consent to
service of | 1264 |
|
process
pursuant to section 1707.11 of the
Revised Code
and a | 1265 |
filing fee
as provided in division
(A)(1)(b)(A)(2) of this | 1266 |
|
section. | 1267 |
| Sec. 1707.11. (A) Each person that
is not
organized | 1276 |
|
under the laws of this state, that is
not licensed under section | 1277 |
|
1703.03 of the
Revised Code, or that does not
have its principal | 1278 |
|
place of business in this state, shall
submit to the division of | 1279 |
|
securities an irrevocable consent to
service of process, as | 1280 |
|
described in division (B) of this section,
in connection with any | 1281 |
|
of the following: | 1282 |
| (2) State that
actions growing out of the sale of such | 1299 |
|
securities, the giving of
investment advice, or fraud committed by | 1300 |
|
a person on whose behalf the consent is
submitted may be commenced | 1301 |
|
against the person, in the
proper court of any county in this | 1302 |
|
state in which a cause of
action may arise or in which the | 1303 |
|
plaintiff in the
action may reside, by serving on the secretary of | 1304 |
|
state any
proper process or pleading authorized by the laws of | 1305 |
|
this state; | 1306 |
| (C) Service of any process or pleadings may be made on the | 1311 |
|
secretary of state by duplicate copies, of which one shall be | 1312 |
|
filed in the office of the secretary of state, and the other | 1313 |
|
immediately forwarded by the secretary of state by certified mail | 1314 |
|
to the principal place of business of the person on whose
behalf | 1315 |
|
the consent is submitted or to the
last known address as shown on | 1316 |
|
the filing
made with the
division. However, failure to mail
such | 1317 |
|
copy does
not invalidate the service. | 1318 |
| (B) Information obtained by the division through any | 1330 |
| offering materials filed with the division in connection with | 1331 |
|
exempt transactions under divisions (Q) and (W) of section 1707.03 | 1332 |
|
of the Revised Code or through any
investigation shall be retained | 1333 |
|
by the division and shall not be
available to inspection by | 1334 |
|
persons other than those having a
direct economic interest in the | 1335 |
information or the transaction
under investigation, or by
a law | 1336 |
enforcement officer pursuant to
the duties of his officelaw | 1337 |
|
enforcement agencies, state agencies,
federal agencies, and other | 1338 |
|
entities as set forth by rules adopted
by the division. | 1339 |
| (C) Confidential law enforcement investigatory records and | 1340 |
|
trial preparation records of the division of securities or any | 1341 |
|
other law enforcement or administrative agency which are in the | 1342 |
|
possession of the division of securities shall in no event be | 1343 |
|
available to inspection by other than law enforcement agencies, | 1344 |
|
state agencies, federal agencies, and other entities as set forth | 1345 |
|
by rules adopted by the division. | 1346 |
| (D) All public records shall be prepared and made
available | 1347 |
|
promptly to any member of the general public at all
reasonable | 1348 |
|
times for inspection. Upon request, the custodian of
public | 1349 |
|
records shall make copies of the records available at
cost, within | 1350 |
|
a reasonable period of time. To facilitate public
access, the | 1351 |
|
division shall maintain public records in such a
manner that they | 1352 |
|
can be made available pursuant to this section. | 1353 |
| (2) "Trial preparation record" means any record that | 1374 |
|
contains information that is specifically compiled in reasonable | 1375 |
|
anticipation of, or in defense of, a criminal, quasi-criminal, | 1376 |
|
civil, or administrative action or proceeding, including, but not | 1377 |
|
limited to, the independent thought processes and personal trial | 1378 |
|
preparation of an attorney and division personnel, their notes, | 1379 |
|
diaries, and memoranda. | 1380 |
| (5) The person is a charitable organization, as defined in | 1411 |
|
section 3(c)(10) of the "Investment Company Act of 1940," 54 Stat. | 1412 |
|
797, 15 U.S.C. 80a-3(c)(10), as amended, or is a trustee, | 1413 |
|
director, officer, employee, or volunteer of such a charitable | 1414 |
|
organization acting within the scope of the person's employment or | 1415 |
|
duties with such an organization, whose advice, analysis, or | 1416 |
|
reports are provided only to one or more of the following: | 1417 |
|
(6) The person is a plan described in subsection 414(e) of | 1428 |
|
the "Internal Revenue Code of 1986," 100 Stat. 2085, 26 U.S.C. | 1429 |
|
414, as amended, any person or entity eligible to establish and | 1430 |
|
maintain such a plan under Title 26 of the United States Code, or | 1431 |
|
any trustee, director, officer, or employee of or volunteer for | 1432 |
|
any such plan or person, if such person or entity, acting in such | 1433 |
|
capacity, provides investment advice exclusively to, or with | 1434 |
|
respect to, any plan, person, or entity, or any company, account, | 1435 |
|
or fund that is excluded from the definition of an investment | 1436 |
|
company under section 3(c)(14) of the "Investment Company Act of | 1437 |
|
1940," 54 Stat. 797, 15 U.S.C. 80a-3(c)(14), as amended.
| 1438 |
(2)
A description of the applicant, including, if the | 1463 |
applicant is a partnership, unincorporated association, or any | 1464 |
similar form of business organization, the names and the
residence | 1465 |
and business addresses of all partners, officers,
directors, | 1466 |
trustees, or managers of the organization, and the
limitation of | 1467 |
the liability of any partner or member; if the
applicant is a | 1468 |
corporation, a list of its executive officers and
directors, and | 1469 |
the residence and business addresses of each;
and
if it is a | 1470 |
foreign corporation, a copy of its articles of
incorporation in | 1471 |
addition thereto; | 1472 |
(D)(C) The division shall by rule require one
natural | 1491 |
|
person
who is a principal, officer, director, general partner, | 1492 |
|
manager,
or employee of a dealer to pass an
examination
| 1493 |
|
designated by the
division. Each dealer that is not a natural | 1494 |
|
person shall notify
the division of the name and relationship to | 1495 |
|
the
dealer of the
natural person who has passed the examination on | 1496 |
|
behalf of
the
dealer and who will serve as the designated | 1497 |
|
principal on
behalf of
the dealer. | 1498 |
(F)(E) If the division finds that the applicant is of good | 1503 |
|
business repute, appears qualified to act as a dealer in | 1504 |
|
securities, and has fully complied with this chapter and rules | 1505 |
|
adopted under this
chapter by the division, the division, upon | 1506 |
|
payment
of the fees prescribed by division (B) of
section | 1507 |
|
1707.17 of the Revised Code, shall issue to the
applicant a | 1508 |
|
license authorizing the applicant to act as a
dealer. | 1509 |
(D)(C) The division shall by rule require
onea natural | 1527 |
person
who is
a principal, officer, director, general partner, | 1528 |
manager,
or employee of
an
applicant for an investment
adviser | 1529 |
| adviser's license to pass an examination
designated by the | 1530 |
division or
achieve a specified
professional
designation.
Each | 1531 |
investment
adviser that is not a natural
person shall notify the | 1532 |
division of the name and
relationship to
the investment adviser of | 1533 |
the natural
person who has passed the
examination or achieved the | 1534 |
specified professional
designation on
behalf of the investment | 1535 |
adviser and who will serve as the
designated principal on behalf | 1536 |
of the investment adviser. | 1537 |
(F)(E) If the division finds that the applicant is of good | 1542 |
|
business
repute, appears to be qualified to act as an investment | 1543 |
|
adviser, and has
complied with this chapter and rules adopted | 1544 |
|
under this chapter by the division, the division, upon payment
of | 1545 |
|
the fees prescribed by
division (B) of section 1707.17 of the | 1546 |
|
Revised Code, shall issue to the
applicant a
license authorizing | 1547 |
|
the applicant to act as an investment adviser. | 1548 |
| (2) The person is a natural person who is licensed as an | 1553 |
|
investment
adviser by the division, and does not act as an | 1554 |
|
investment adviser
representative for another investment adviser; | 1555 |
|
however, a natural person who
is licensed as an
investment adviser | 1556 |
|
by the division may act as an investment
adviser representative | 1557 |
|
for another investment adviser if the
natural person also is | 1558 |
|
licensed by the division, or is properly
excepted from licensure, | 1559 |
|
as an investment adviser representative of
the other investment | 1560 |
|
adviser. | 1561 |
| (C) An investment adviser representative's license issued | 1592 |
|
under
this section shall not be effective during any period when | 1593 |
|
the investment
adviser representative is not employed by or | 1594 |
|
associated with an investment
adviser that is licensed by the | 1595 |
|
division or that is in compliance with the
notice filing | 1596 |
|
requirements of
division (B) of section 1707.141 of the Revised | 1597 |
|
Code.
Notice of the commencement and termination of the | 1598 |
|
employment or association of
an investment
adviser representative | 1599 |
|
licensed under this section shall be given to the
division within | 1600 |
|
thirty days after the commencement or termination by either of
the | 1601 |
|
following: | 1602 |
| (E) If the division finds that the applicant is of good | 1627 |
|
business
repute, appears to be qualified to act as an investment | 1628 |
|
adviser
representative, and has complied with
sections 1707.01 to | 1629 |
|
1707.45 of the Revised Code and the
rules adopted under those | 1630 |
|
sections by the division, the division, upon payment
of the fees | 1631 |
|
prescribed by division (B) of
section 1707.17 of the Revised Code, | 1632 |
|
shall
issue to the applicant a license authorizing the applicant | 1633 |
|
to act as an
investment adviser representative for the investment | 1634 |
|
adviser, or investment
advisers that are under common ownership or | 1635 |
|
control, named in the application. | 1636 |
| Sec. 1707.17. (A)(1) The license of every dealer in and | 1637 |
|
salesperson of securities shall expire on the thirty-first day of | 1638 |
|
December of each year, and may be renewed upon the filing with the | 1639 |
|
division
of securities of an application for renewal, and the | 1640 |
payment of
the fee prescribed in this section, between
the first | 1641 |
day of November and the fifteenth day of December
of each year. | 1642 |
The division
may accept an application for renewal filed between | 1643 |
the
fifteenth and the thirty-first day of December of each year.
| 1644 |
The division also may accept an application for renewal received | 1645 |
by the
division not later than the tenth day of January of the | 1646 |
subsequent
calendar year, provided that the
application for | 1647 |
renewal is accompanied by the license renewal
fee and the | 1648 |
additional fee prescribed in division
(B) of this section. The | 1649 |
|
division
shall give notice, without unreasonable delay, of its | 1650 |
|
action on
any application for renewal of a dealer's or | 1651 |
|
salesperson's license. | 1652 |
| (2) The license of every investment adviser and
investment | 1653 |
|
adviser representative licensed under section
1707.141 or 1707.161 | 1654 |
|
of the Revised Code shall
expire on the thirty-first day of | 1655 |
|
December of each year.
The licenses may be renewed upon the | 1656 |
|
filing with the division of
an application for renewal, and the | 1657 |
payment of the
fee prescribed in division (B) of this section, | 1658 |
between the fifteenth day of October and the thirtieth day of | 1659 |
November of each year.
The division may accept an application for | 1660 |
renewal
filed between the first and thirty-first day of December | 1661 |
of each
year. The division also may accept an application
for | 1662 |
renewal received by the division not later than the tenth day of | 1663 |
January of the subsequent calendar year, provided that
the | 1664 |
application
for renewal is accompanied by the license renewal fee | 1665 |
and the
additional
fee prescribed in division (B) of this section. | 1666 |
|
The
division shall give notice, without unreasonable delay, of its | 1667 |
|
action on any application for renewal. | 1668 |
| (3) An investment adviser required to make a notice filing | 1669 |
|
under division (B) of section 1707.141 of the
Revised Code | 1670 |
|
annually shall file with the division
the notice filing and the | 1671 |
|
fee prescribed in division (B)
of this section, no later than the | 1672 |
thirty-first day of
December of each year.
The division may
accept | 1673 |
a notice
filing received by the division not later than the
tenth | 1674 |
day of
January of the subsequent calendar year, provided
that the | 1675 |
notice
filing is
accompanied by the notice filing fee and
the | 1676 |
additional fee prescribed in
division (B) of this section. | 1677 |
| (B)(1) The fee for each dealer's license, and for each | 1678 |
annual
renewal thereof
that is received by the division not later | 1679 |
than the
thirty-first day of December of each year, shall be
one | 1680 |
hundred
dollars.
Upon payment of an
additional fee of one-half
of | 1681 |
the
license renewal fee, the
division may accept an application | 1682 |
for
renewal received by the
division between the first and tenth | 1683 |
day of
January of the
subsequent calendar year. The fee for the | 1684 |
|
examination of
applicant
dealers, when
administered by the | 1685 |
|
division, shall be
seventy-five dollars. | 1686 |
| (3) The fee for each investment adviser's license, and
for | 1691 |
each annual renewal thereof
that is received by the division not | 1692 |
later
than the thirty-first day of December of each year, shall be
| 1693 |
fifty dollars.
Upon the payment of an additional fee
of
one-half | 1694 |
of the license fee,
the division may accept a license
renewal | 1695 |
application
received by the division between the first and
tenth | 1696 |
day
of January of the subsequent
calendar year. | 1697 |
| (4) The fee for each investment adviser notice filing | 1698 |
|
required
by division (B) of section 1707.141 of the Revised
Code | 1699 |
and received by the division not later than the thirty-first day | 1700 |
of December of each year shall be
fifty dollars.
Upon
the
payment | 1701 |
of
an additional fee of one-half of the notice filing
fee,
the | 1702 |
division may
accept a notice filing received by the
division | 1703 |
between the first and tenth
day of January of the
subsequent | 1704 |
calendar year. A notice filing may
be
made at any time
during the | 1705 |
calendar year. In that event, the
notice filing fee
shall not be | 1706 |
reduced. | 1707 |
| (5) The fee for each investment adviser representative's | 1708 |
license, and for each annual renewal thereof
that is received by | 1709 |
the division
not later than the thirty-first day of December of | 1710 |
each year, shall
be thirty-five
dollars; however, the fee shall be | 1711 |
waived for the investment
adviser representative designated the | 1712 |
principal of the
investment adviser pursuant to division
(D) of | 1713 |
section 1707.151 of the
Revised Code. Upon the payment of an | 1714 |
additional fee of one-half of the
license fee, the division may | 1715 |
accept a license renewal application
received by the division | 1716 |
between the first and tenth day
of January of the subsequent | 1717 |
calendar year. | 1718 |
| Sec. 1707.20. (A) The division of securities may adopt, | 1723 |
|
amend, and rescind such rules, forms, and orders as are necessary | 1724 |
|
to carry out sections 1707.01 to 1707.45 of the Revised Code, | 1725 |
|
including rules and forms governing registration statements, | 1726 |
|
applications, and reports, and defining any terms, whether or not | 1727 |
|
used in sections 1707.01 to 1707.45 of the Revised Code, insofar | 1728 |
|
as the definitions are not inconsistent with these
sections. For | 1729 |
|
the purpose of rules and forms, the division may
classify | 1730 |
|
securities, persons, and matters within its
jurisdiction, and | 1731 |
|
prescribe different requirements for different
classes. | 1732 |
| (B) No rule, form, or order may be made, amended, or | 1733 |
|
rescinded unless the division finds that the action
is necessary | 1734 |
|
or appropriate in the public interest or for the
protection of | 1735 |
|
investors, clients, or prospective clients and
consistent with the | 1736 |
|
purposes fairly
intended by the policy and provisions of sections | 1737 |
|
1707.01 to
1707.45 of the Revised Code. In prescribing rules and | 1738 |
|
forms and
in otherwise administering sections 1707.01 to 1707.45 | 1739 |
|
of the
Revised Code, the division may cooperate with the | 1740 |
|
securities administrators of the other states and the securities | 1741 |
|
and exchange commission with a view of effectuating the policy of | 1742 |
|
this section to achieve maximum uniformity in the form and
content | 1743 |
|
of registration statements, applications, reports, and
overall | 1744 |
|
securities regulation wherever practicable. | 1745 |
| (E) No provision of sections 1707.01 to 1707.45 of the | 1761 |
|
Revised Code imposing any liability applies to any act done or | 1762 |
|
omitted in good faith in conformity with any rule, form, or order | 1763 |
|
of the division of securities, notwithstanding that the rule, | 1764 |
|
form, or order may later be amended or rescinded or be determined | 1765 |
|
by judicial or other authority to be invalid for any reason, | 1766 |
|
except that the issuance of an order granting effectiveness to a | 1767 |
|
registration under section 1707.09 or 1707.091 of the Revised
Code | 1768 |
|
for the purposes of this division shall not be deemed an
order | 1769 |
|
other than as the establishment of the fact of
registration. | 1770 |
(F) Notwithstanding any provision of Revised Code, if
the | 1771 |
"securities act of 1933," the
"Securities Exchange
Act of
1934," | 1772 |
the
"Investment Company Act of
1940," the
"Investment
Advisers Act | 1773 |
of 1940,"
and any amendments to any of those federal
acts, if any | 1774 |
rule, regulation, release, statement, or position
promulgated or | 1775 |
adopted under the authority of any of those federal
acts, and any | 1776 |
amendments to those federal acts, or if any rule,
regulation, or | 1777 |
guideline of
a self-regulatory organization
registered under the | 1778 |
"Securities and
Exchange Act of 1934," and
any
amendments to that | 1779 |
act, contains a
provision that is not
contained in this chapter or | 1780 |
the rules
adopted under this chapter
and that affects any matter | 1781 |
within the scope of
this
chapter, the
division by rule may | 1782 |
promulgate a similar provision. | 1783 |
A rule adopted under the authority granted in this division | 1784 |
may
delete, modify, or replace an existing rule of the division.
A | 1785 |
rule
adopted under the authority granted in this division
becomes | 1786 |
effective
on the later of the date on which the division
issues | 1787 |
the rule or
the date on which the federal statute or the
rule, | 1788 |
regulation, release,
statement, or position on which the | 1789 |
division's rule
is based becomes effective. The division, upon | 1790 |
thirty days
written notice, may revoke any rule adopted under the | 1791 |
authority
granted in this division. A rule adopted under the | 1792 |
authority
granted in this division, and not revoked by the | 1793 |
commissioner,
lapses and has no further force and effect thirty | 1794 |
months after the
rule's effective date. | 1795 |
| Sec. 1707.201. Notwithstanding any provision of the
Revised | 1796 |
|
Code, if the "Securities Act of 1933," the "Securities
Exchange | 1797 |
|
Act of 1934," the "Investment Company Act of 1940," the | 1798 |
|
"Investment Advisers Act of 1940," and any amendments to any of | 1799 |
|
those federal acts, if any rule, regulation, release, statement, | 1800 |
|
or position promulgated or adopted under the authority of any of | 1801 |
|
those federal acts, and any amendments to those federal acts, or | 1802 |
|
if any rule, regulation, or guideline of a self-regulatory | 1803 |
|
organization registered under the "Securities Exchange Act of | 1804 |
|
1934," and any amendments to that act, contains a provision that | 1805 |
|
is not contained in this chapter or the rules adopted under this | 1806 |
|
chapter and that affects any matter within the scope of this | 1807 |
|
chapter, the division of securities by rule may promulgate a | 1808 |
|
similar provision. | 1809 |
| A rule adopted under the authority granted in this section | 1810 |
|
becomes
effective on the later of the date on which the division | 1811 |
|
issues
the rule or the date on which the federal statute or the | 1812 |
|
rule,
regulation, release, statement, or position on which the | 1813 |
|
division's rule is based becomes effective. The division, upon | 1814 |
|
thirty days' written notice, may revoke any rule adopted under the | 1815 |
|
authority granted in this section. A rule adopted under the | 1816 |
|
authority granted in this section, and not revoked by the | 1817 |
|
commissioner of securities, lapses and has no further force and | 1818 |
|
effect eighteen months after the rule's effective date. | 1819 |
| Sec. 1707.40. Sections 1707.01 to 1707.45 of the Revised | 1820 |
|
Code create no new
civil liabilities, and do not limit or restrict | 1821 |
|
common law liabilities for
deception or fraud other than as | 1822 |
|
specified in sections 1707.042, 1707.043,
1707.41, 1707.42, and | 1823 |
|
1707.43 of the Revised Code, and there is no civil
liability for | 1824 |
|
noncompliance with orders, requirements, rules, or regulations | 1825 |
|
made by the division of securities under sections 1707.19, | 1826 |
|
1707.20,
1707.201, and
1707.23 of the Revised Code. | 1827 |
| (A) "Credit union" means a corporation organized and | 1830 |
|
qualified as such under this chapter. In addition to the powers | 1831 |
|
enumerated in this chapter and unless restricted in this chapter, | 1832 |
|
every credit union has the general powers conferred upon | 1833 |
|
corporations by Chapter 1701. of the Revised Code. A credit
union | 1834 |
|
is a nonprofit cooperative financial institution and as
such is | 1835 |
|
organized and operates for the mutual benefit and general
welfare | 1836 |
|
of its members with the earnings, savings, benefits, or
services | 1837 |
|
of the credit union being distributed to its members as
patron | 1838 |
|
savers and borrowers and not to its members as
individuals. | 1839 |
| (P) "Superintendent of credit unions" means the "division
of | 1881 |
|
financial institutions" or the "superintendent of
the division of | 1882 |
|
financial institutions of this state"; and whenever
the context | 1883 |
|
requires it, may be
read as "director of commerce" or as "chief of | 1884 |
|
the division of
financial institutions." Whenever the division or | 1885 |
|
superintendent of credit unions is referred to or designated in | 1886 |
|
any statute,
rule, contract, or other document, the reference or | 1887 |
|
designation shall be
deemed
to refer to the division or | 1888 |
|
superintendent of financial institutions, as the
case may be. | 1889 |
| (S) "Financial institution regulatory authority" includes a | 1896 |
|
regulator of business activity in which a credit union is engaged, | 1897 |
|
or has applied to engage in,
to the extent that the regulator has | 1898 |
|
jurisdiction over a credit
union engaged in that business | 1899 |
|
activity. A credit union is engaged in a business activity, and a | 1900 |
|
regulator of that business activity has jurisdiction over the | 1901 |
|
credit union, whether the credit union conducts the activity | 1902 |
|
directly or a subsidiary or affiliate of the credit union conducts | 1903 |
|
the activity. | 1904 |
| (2) The deputy superintendent for credit unions
shall be the | 1908 |
|
principal supervisor of credit unions. In that
position the | 1909 |
|
deputy superintendent for credit unions shall,
notwithstanding | 1910 |
|
division (A)(3)
of this section, be responsible for conducting | 1911 |
|
examinations and
preparing examination reports under that | 1912 |
|
division. In addition,
the deputy superintendent for credit | 1913 |
|
unions shall,
notwithstanding sections 1733.191, 1733.41, | 1914 |
|
1733.411, and 1733.412 of the
Revised
Code, have the authority to | 1915 |
|
adopt rules in accordance with those sections, and, | 1916 |
|
notwithstanding section
1733.05 of the Revised Code, shall have | 1917 |
|
the
authority to approve issues and matters
pertaining to fields | 1918 |
|
of membership. In performing or
exercising any of the | 1919 |
|
examination, rule-making, or other
regulatory functions, powers, | 1920 |
|
or duties vested by division
(A)(2) of this section in the
deputy | 1921 |
|
superintendent for credit unions, the deputy
superintendent for | 1922 |
|
credit unions shall be subject to the
control
of the | 1923 |
|
superintendent of financial institutions. | 1924 |
| (3) The superintendent shall develop and implement a system | 1925 |
|
for
evaluating the safety and soundness of credit unions and for | 1926 |
|
determining when examinations and supervisory actions are | 1927 |
|
necessary. Credit unions shall be subject to periodic | 1928 |
|
examinations, as specified in rules adopted by the
superintendent, | 1929 |
|
and their books, records, and accounts shall be
open to the | 1930 |
|
inspection of the superintendent at all times. For
the purpose of | 1931 |
|
such examination or inspection, the superintendent
may subpoena | 1932 |
|
witnesses, administer oaths, receive testimony, and
order the | 1933 |
|
submission of documents. | 1934 |
| (B) Every credit union shall prepare and submit, on forms | 1935 |
|
provided by the superintendent, a financial report to the | 1936 |
|
superintendent showing its assets and liabilities whenever | 1937 |
|
requested to do so by the superintendent. Every financial report | 1938 |
|
shall be verified by the oaths of the two principal officers in | 1939 |
|
charge of the affairs of the credit union at the time of such | 1940 |
|
verification and shall be submitted to the superintendent within | 1941 |
|
thirty days after the superintendent requests the financial | 1942 |
|
report. | 1943 |
| (E)(1) Except as provided in division (E)(2) of this | 1961 |
|
section, each credit union doing business in this state shall | 1962 |
|
remit, semiannually and within fifteen days after billing, to the | 1963 |
|
treasurer of state, a supervisory fee in an amount determined by | 1964 |
|
the superintendent
and confirmed by the credit union council. The | 1965 |
|
supervisory fee
described in division (E)(1) of this section shall | 1966 |
|
be
based on a percentage of the gross assets of
the credit union | 1967 |
|
as shown by its last annual financial report
filed with the | 1968 |
|
superintendent in accordance with division (C) of
this section. | 1969 |
|
The minimum supervisory fee shall be determined by
the | 1970 |
|
superintendent
and confirmed by the credit union council. | 1971 |
| (2) Each corporate credit union doing business in this
state | 1972 |
|
shall remit, semiannually and within fifteen days after
billing, | 1973 |
|
to the treasurer of state, a supervisory fee determined
by rule | 1974 |
|
adopted by the superintendent
and confirmed by the credit union | 1975 |
|
council. The aggregate annual
amount of the fee shall not exceed | 1976 |
|
the annual operating fee that
the national credit union | 1977 |
|
administration charges a federally
chartered credit union pursuant | 1978 |
|
to the "Federal Credit Union
Act," 84 Stat. 994 (1970), 12 | 1979 |
|
U.S.C.A. 1751. | 1980 |
| (5)(a) Subject to division (E)(5)(b) of
this section, the | 1989 |
|
total amount of each semiannual billing to all
credit unions and | 1990 |
|
corporate credit unions combined shall equal
one-half of the | 1991 |
|
appropriation made by the main operating
appropriation act, | 1992 |
|
including any modifications made by the
controlling board, to the | 1993 |
|
division of financial institutions for the
regulation of credit | 1994 |
|
unions for the
fiscal year in which the billings occur, except | 1995 |
|
that the
superintendent, in determining the supervisory fees, may | 1996 |
|
take
into consideration any funds lapsed from the appropriation | 1997 |
|
made
in the previous fiscal year. | 1998 |
| (b) If during the period between the credit union council's | 1999 |
|
confirmation of supervisory fees and when supervisory fees | 2000 |
|
described in this section are collected, the credit union council | 2001 |
|
determines additional money is required to adequately fund the | 2002 |
|
operations of the division of financial institutions for that | 2003 |
|
fiscal year, the credit union council may, by the affirmative vote | 2004 |
|
of five of its members, increase the supervisory fees
billed. The | 2005 |
|
superintendent promptly shall notify each credit
union and | 2006 |
|
corporate credit union of the increased supervisory
fees, and each | 2007 |
|
credit union or corporate credit union shall pay
the increased | 2008 |
|
supervisory fees billed by the superintendent. | 2009 |
| (F) A report of such examination shall be forwarded to the | 2013 |
|
president of each credit union after the completion of the | 2014 |
|
examination. Such report may contain comments relative to the | 2015 |
|
management of the affairs of the credit union and also as to the | 2016 |
|
general condition of its assets. Within thirty days of the | 2017 |
|
receipt of such report, a meeting of the directors shall be
called | 2018 |
|
to consider matters contained in the report, and the
president | 2019 |
|
shall notify the superintendent of any action taken at
such | 2020 |
|
meeting. | 2021 |
| (2) A report of examination furnished pursuant to division | 2029 |
|
(G)(1) of this section is the property of the division of credit | 2030 |
|
unions and may be used by the examined credit union only in the | 2031 |
|
conduct of its business. Under no circumstances may the credit | 2032 |
|
union, its current or former directors, officers, employees, | 2033 |
|
agents, shareholders, participants in the conduct of its affairs, | 2034 |
|
or their agents disclose or make public, in any manner, a report | 2035 |
|
of examination or its contents. | 2036 |
| (H) Except as provided in this division, information | 2037 |
obtained by the superintendent of
credit unionsfinancial | 2038 |
|
institutions and the
superintendent's employees
as a result of or | 2039 |
|
arising out of the
examination or independent
audit of a credit | 2040 |
|
union, from required
reports, or because of
their official | 2041 |
|
position, shall be
confidential. Such information
may be | 2042 |
|
disclosed only in
connection with criminal proceedings or,
subject | 2043 |
|
to section
1733.327 of the Revised Code, when it is
necessary for | 2044 |
|
the
superintendent to take official action pursuant
to Chapter | 2045 |
|
1733.
of the Revised Code and the rules adopted
thereunder | 2046 |
|
regarding the
affairs of the credit union examined.
Such | 2047 |
|
information may also be
introduced into evidence or disclosed when | 2048 |
|
and in the manner
authorized in section 1181.25 of the Revised | 2049 |
|
Code. This division
does not prevent the superintendent from | 2050 |
|
properly
exchanging
information relating to an examined credit | 2051 |
|
union
pursuant to
division (F) or (G) of this section or with | 2052 |
officials
of properly
authorized state or federal
supervisory | 2053 |
| financial institution
regulatory authorities
or with any insurer | 2054 |
|
recognized under
section 1733.041 or any
surety recognized under | 2055 |
|
section 1733.23 of
the Revised Code.
This division also does not | 2056 |
|
prevent the
superintendent from
disclosing information contained | 2057 |
|
in the
financial reports or
annual financial reports described in | 2058 |
|
division (B) or (C) of this
section to recognized credit union | 2059 |
|
trade associations. | 2060 |
| Sec. 1733.327. (A) All conferences and administrative | 2061 |
|
proceedings under sections 1733.324 and 1733.325 of the Revised | 2062 |
|
Code, the fact of their actual or anticipated occurrence, and all | 2063 |
|
notices, agreements, hearings, orders, records, evidence, | 2064 |
|
transcripts, and other writings, happenings, or things pertaining | 2065 |
|
to those conferences or proceedings, shall be kept confidential
as | 2066 |
among the superintendent of
credit unionsfinancial institutions, | 2067 |
|
the director of
commerce, the deputy director of financial | 2068 |
|
institutions, the
governor, the credit union or regulated | 2069 |
|
individual who is party
to
the conference or proceedings, | 2070 |
|
witnesses in the conference or
proceedings, and other persons | 2071 |
|
specifically designated by the
superintendent or director. In | 2072 |
|
designating specific persons who
may be present or acquire | 2073 |
|
knowledge of matters made confidential
by this division, the | 2074 |
|
superintendent and director shall not
exclude attorneys or other | 2075 |
|
suitable representatives of the credit
union, or of any regulated | 2076 |
|
individual, who is party to the
conference or proceedings. If the | 2077 |
|
conference or proceedings
apply
to a regulated individual, the | 2078 |
|
superintendent and director
shall
not exclude suitable | 2079 |
|
representatives of the credit union of
which
such regulated | 2080 |
|
individual is an officer, director, or
employee. | 2081 |
| (1) An action is brought to recover a forfeiture for the | 2084 |
|
violation of an agreement concluded, or a final or summary | 2085 |
|
cease-and-desist order issued, under section 1733.324 or 1733.325 | 2086 |
|
of the Revised Code. A forfeiture, in the absence of such an | 2087 |
|
action for recovery, does not waive division (A) of this section | 2088 |
|
except insofar as the forfeiture must be reflected or reported in | 2089 |
|
the financial records or reports of the credit union or regulated | 2090 |
|
individual. | 2091 |
| Sec. 1751.19. (A) A health insuring corporation shall | 2109 |
|
establish
and maintain a complaint system that has been approved | 2110 |
|
by the
superintendent of insurance to provide adequate and | 2111 |
|
reasonable
procedures for the expeditious resolution of written | 2112 |
|
complaints
initiated by subscribers or enrollees concerning any | 2113 |
|
matter
relating to services provided, directly or indirectly, by | 2114 |
|
the
health insuring corporation, including, but not limited to, | 2115 |
|
complaints regarding cancellations or nonrenewals of coverage.
| 2116 |
|
Complaints regarding a health insuring corporation's decision to | 2117 |
|
deny, reduce, or terminate coverage for health care services are | 2118 |
|
subject to section 1751.83 of the Revised Code. | 2119 |
| (2) Notwithstanding division (C)(1) of this section, the | 2129 |
|
superintendent may share documents and information that contain a | 2130 |
|
medical record in connection with the investigation or prosecution | 2131 |
|
of any illegal or criminal activity with the chief deputy | 2132 |
|
rehabilitator, the chief
deputy liquidator, other deputy | 2133 |
|
rehabilitators and liquidators,
and any other person employed by, | 2134 |
|
or acting on behalf of, the
superintendent pursuant to Chapter | 2135 |
|
3901. or 3903. of the Revised
Code, with other local, state, | 2136 |
|
federal, and international
regulatory and law enforcement | 2137 |
|
agencies, with local, state, and
federal prosecutors, and with the | 2138 |
|
national association of
insurance commissioners and its affiliates | 2139 |
|
and subsidiaries,
provided that the recipient agrees to maintain | 2140 |
|
the confidential or
privileged status of the confidential or | 2141 |
|
privileged document or
information and has authority to do so. | 2142 |
| Sec. 3901.045. (A) The superintendent of insurance may | 2164 |
|
receive
documents and information, including otherwise | 2165 |
|
confidential or
privileged documents and information, from local, | 2166 |
|
state, federal,
and international regulatory and law enforcement | 2167 |
|
agencies, from
local, state, and federal prosecutors, and from the | 2168 |
|
national
association of insurance commissioners and its affiliates | 2169 |
|
and
subsidiaries, provided that the superintendent maintains as | 2170 |
|
confidential or privileged any document or information received | 2171 |
|
with notice or the understanding that the document or information | 2172 |
|
is confidential or privileged under the laws of the jurisdiction | 2173 |
|
that is the source of the document or information. | 2174 |
| (B) The
superintendent may also receive documents and | 2175 |
|
information,
including otherwise confidential or privileged | 2176 |
|
documents and
information, from the chief deputy rehabilitator, | 2177 |
|
the chief deputy
liquidator, other deputy rehabilitators and | 2178 |
|
liquidators, and from
any other person employed by, or acting on | 2179 |
|
behalf of, the
superintendent pursuant to Chapter 3901. or 3903. | 2180 |
|
of the Revised
Code, provided that the superintendent maintains as | 2181 |
|
confidential
or privileged any document or information received | 2182 |
|
with the
notice or understanding that the document or information | 2183 |
|
is
confidential or privileged, except that the superintendent may | 2184 |
|
share and disclose such a document or information when authorized | 2185 |
|
by other sections of the Revised Code. | 2186 |
| (D) The superintendent's
authority to receive documents and | 2190 |
|
information under this section,
from the persons and subject to | 2191 |
|
the conditions listed in this
section, is not limited in any way | 2192 |
|
by section 1751.19, 3901.36,
3901.44, 3901.48, 3901.70, 3901.83, | 2193 |
|
3903.11, 3903.72, 3903.88,
3905.492, 3905.50, or 3999.36 of the | 2194 |
|
Revised Code.
| 2195 |
| Sec. 3901.36. (A) All information, documents, and copies | 2196 |
|
thereof obtained by or disclosed to the superintendent
of | 2197 |
|
insurance or any
other person in the course of an examination or | 2198 |
|
investigation
made pursuant to section 3901.35 of the Revised Code | 2199 |
|
and all
information reported pursuant to section 3901.33 of the | 2200 |
|
Revised
Code shall be given confidential
and privileged treatment | 2201 |
|
and shall not be
subject to subpoena or be made public by the | 2202 |
superintendent or
any other person, except to insurance regulatory | 2203 |
authorities of
other states, without the prior written consent of | 2204 |
the insurer to
which it pertains, unless the superintendent, after | 2205 |
giving the
insurer and its affiliates who would be affected | 2206 |
thereby notice
and opportunity to be heard, determines that the | 2207 |
interests of
policyholders, shareholders, or the public will be | 2208 |
served by the
publication thereof, in which event he may
publish | 2209 |
all or any part thereof in such manner as he considers | 2210 |
appropriate. | 2211 |
|
(2) Disclose documents and information that are the subject | 2217 |
|
of this section in such a manner as the superintendent considers | 2218 |
|
appropriate, after giving the insurer and those affiliates that | 2219 |
|
are the subject of the documents and information notice
and an | 2220 |
|
opportunity to
be heard in accordance with Chapter 119. of
the | 2221 |
|
Revised Code, if
the superintendent determines that the
interests | 2222 |
|
of policyholders,
shareholders, or the public will be
served by | 2223 |
|
the disclosure; | 2224 |
|
(3) Share documents and information that are the subject of | 2225 |
|
this section with the chief deputy rehabilitator, the chief deputy | 2226 |
|
liquidator, other deputy rehabilitators and liquidators, and any | 2227 |
|
other person employed by, or acting on behalf of, the | 2228 |
|
superintendent pursuant to Chapter 3901. or 3903. of the Revised | 2229 |
|
Code, with other local, state, federal, and international | 2230 |
|
regulatory and law enforcement agencies, with local, state, and | 2231 |
|
federal prosecutors, and with the national association of | 2232 |
|
insurance commissioners and its affiliates and subsidiaries, | 2233 |
|
provided that the recipient agrees to maintain the confidential or | 2234 |
|
privileged status of the confidential or privileged document or | 2235 |
|
information and has authority to do so; | 2236 |
|
(C) Notwithstanding divisions (A) and (B) of this section, | 2242 |
|
the superintendent may authorize the national association of | 2243 |
|
insurance commissioners and its affiliates and subsidiaries by | 2244 |
|
agreement to share confidential or privileged documents or | 2245 |
|
information received pursuant to division (B)(3) of this section | 2246 |
|
with local, state, federal, and international regulatory and law | 2247 |
|
enforcement agencies and with local, state, and federal | 2248 |
|
prosecutors, provided that the recipient agrees to maintain the | 2249 |
|
confidential or privileged status of the confidential or | 2250 |
|
privileged document or information and has authority to do so. | 2251 |
|
(D) Notwithstanding divisions (A) and (B) of this section, | 2252 |
|
the chief deputy rehabilitator, the chief deputy liquidator, and | 2253 |
|
other deputy rehabilitators and liquidators may disclose documents | 2254 |
|
and information that are the subject of this section in the | 2255 |
|
furtherance of any regulatory or legal action brought by or on | 2256 |
|
behalf of the superintendent, the rehabilitator, the liquidator, | 2257 |
|
or the state resulting from the
exercise of the superintendent's | 2258 |
|
official duties in any capacity. | 2259 |
(B) All
papers, documents, reports, and
evidence in the | 2284 |
|
possession of the superintendent or the superintendent's
designee | 2285 |
|
that pertain to an insurance fraud investigation
are confidential | 2286 |
|
law
enforcement investigatory records under section 149.43 of the | 2287 |
|
Revised Code. Notwithstanding such section, the
superintendent | 2288 |
|
shall
not prohibit public inspection of such records that pertain | 2289 |
|
to an insurance
fraud
investigation after the expiration of all | 2290 |
|
federal and state
statutes of limitations applicable to the | 2291 |
|
particular offense to
which the papers, documents, reports, and | 2292 |
|
evidence relate. | 2293 |
(D) All
papers, documents, reports, and evidence in the | 2299 |
|
possession of the superintendent or the
superintendent's designee | 2300 |
|
that pertain to
such an insurance fraud investigation are not | 2301 |
|
subject to subpoena in
civil
actions by any court of this state | 2302 |
|
until opened for public
inspection by the superintendent in | 2303 |
|
accordance with
division (B) of
this section or with section | 2304 |
|
149.43 of the Revised Code, unless
the superintendent or the | 2305 |
|
superintendent's
designee consents, or
until after reasonable | 2306 |
|
notice to the superintendent and
opportunity for
hearing, the | 2307 |
|
court determines the superintendent would
not be hindered | 2308 |
|
unnecessarily by such subpoena. | 2309 |
| (1) Share documents, reports, and evidence that are the | 2312 |
|
subject of this section with the chief deputy rehabilitator, the | 2313 |
|
chief deputy liquidator, other deputy rehabilitators and | 2314 |
|
liquidators, and any other person employed by, or acting on behalf | 2315 |
|
of, the superintendent pursuant to Chapter 3901. or 3903. of the | 2316 |
|
Revised Code, with other local, state, federal, and international | 2317 |
|
regulatory and law enforcement agencies, with local, state, and | 2318 |
|
federal prosecutors, with the national association of insurance | 2319 |
|
commissioners and its affiliates and subsidiaries, with insurers, | 2320 |
|
and with investigators hired by insurers, provided that the | 2321 |
|
recipient agrees to maintain the confidential or privileged status | 2322 |
|
of the confidential or privileged document, report, or evidence | 2323 |
|
and has authority to do so; | 2324 |
| (F) Notwithstanding divisions (B), (C), (D), and (E) of this | 2330 |
|
section, the superintendent may authorize the national association | 2331 |
|
of insurance commissioners and its affiliates and subsidiaries by | 2332 |
|
agreement to share confidential or privileged documents, reports, | 2333 |
|
and evidence received pursuant to division (E)(1) of this section | 2334 |
|
with local, state, federal, and international regulatory and law | 2335 |
|
enforcement agencies and with local, state, and federal | 2336 |
|
prosecutors, provided that the recipient agrees to maintain the | 2337 |
|
confidential or privileged status of the confidential or | 2338 |
|
privileged document, report, or evidence and has authority to do | 2339 |
|
so. | 2340 |
| (G) Notwithstanding divisions (B), (C), (D), and (E) of this | 2341 |
|
section, the chief deputy rehabilitator, the chief deputy | 2342 |
|
liquidator, and other deputy rehabilitators and liquidators may | 2343 |
|
disclose documents, reports, and evidence that are the subject of | 2344 |
|
this section in the furtherance of any regulatory or legal action | 2345 |
|
brought by or on behalf of the superintendent, the rehabilitator, | 2346 |
|
the liquidator, or the state
resulting from the exercise of the | 2347 |
|
superintendent's official
duties in any capacity. | 2348 |
| (2) The disclosure of a document, report, or evidence in | 2360 |
|
connection with a regulatory or legal action pursuant to
divisions | 2361 |
|
(E)(2) and (G) of this section does not prohibit an
insurer or any | 2362 |
|
other person from taking steps to limit the dissemination of the | 2363 |
|
document, report, or evidence to persons not involved in or the | 2364 |
|
subject of the regulatory or legal action on the basis of any | 2365 |
|
recognized
privilege arising under any other section of the | 2366 |
|
Revised Code or the common law. | 2367 |
| Sec. 3901.48. (A) The original work papers of a certified | 2373 |
|
public accountant performing an audit of an insurance company
or | 2374 |
|
health insuring corporation doing business in this state that is | 2375 |
|
required by rule or by any
section of the Revised Code to file an | 2376 |
|
audited financial report
with the superintendent of insurance | 2377 |
|
shall remain the property of
the certified public accountant. Any | 2378 |
|
copies of these work papers
voluntarily given to the | 2379 |
|
superintendent shall be the property of
the superintendent. The | 2380 |
|
original work papers or any copies of
them, whether in possession | 2381 |
|
of the certified public accountant or
the department of insurance, | 2382 |
|
are confidential
and privileged and are not a public
record as | 2383 |
|
defined in section 149.43 of the Revised Code.
The original work | 2384 |
|
papers and any copies of them are not
subject to subpoena and | 2385 |
|
shall not be made public by the
superintendent or any other | 2386 |
person.
However, the original work
papers and any copies of them | 2387 |
may be released by the
superintendent to the insurance regulatory | 2388 |
authority of any
other state if that authority agrees to maintain | 2389 |
the
confidentiality of the work papers or copies and if the work | 2390 |
papers and copies are not public records under the laws of that | 2391 |
state. | 2392 |
| (B) The work papers of the superintendent or of the person | 2393 |
|
appointed by the superintendent, resulting from the conduct
of an | 2394 |
|
examination
made pursuant to section 3901.07 of the Revised Code | 2395 |
| or from the conduct of a financial analysis of any entity subject | 2396 |
|
to examination by the superintendent, including but not limited to | 2397 |
|
any insurance company, health insuring corporation, fraternal | 2398 |
|
benefit society, or multiple employer welfare arrangement, are | 2399 |
|
confidential
and privileged and
are not a public record as defined | 2400 |
|
in section 149.43 of the Revised Code.
The original work papers | 2401 |
|
and any copies of them are not
subject to subpoena and shall not | 2402 |
be made public by the
superintendent or any other person.
However, | 2403 |
the original work
papers and any copies of them may be released by | 2404 |
the
superintendent to the insurance regulatory authority of any | 2405 |
other state if that authority agrees to maintain the | 2406 |
confidentiality of the work papers or copies and if the work | 2407 |
papers and copies are not public records under the laws of that | 2408 |
state. | 2409 |
| (C) The work papers of the superintendent or of any person | 2410 |
|
appointed by the
superintendent, resulting from the conduct of a | 2411 |
|
performance
regulation examination made pursuant to authority | 2412 |
|
granted under section
3901.011 of the Revised Code, are | 2413 |
|
confidential
and privileged and are not a public record as
defined | 2414 |
|
in section 149.43 of the Revised Code. The original work papers | 2415 |
|
and
any copies of them are not subject to subpoena and shall not | 2416 |
be made public by the superintendent or any other person.
However, | 2417 |
the original work papers and any copies of them may be
released by | 2418 |
the superintendent to the insurance regulatory
authority of any | 2419 |
other state if that authority agrees to
maintain the | 2420 |
confidentiality of the work papers or copies and if
the work | 2421 |
papers and copies are not public records under the laws
of that | 2422 |
state. | 2423 |
| (1) Share work papers that are the subject of this section | 2426 |
|
with the chief deputy rehabilitator, the chief deputy liquidator, | 2427 |
|
other deputy rehabilitators and liquidators, and any other person | 2428 |
|
employed by, or acting on behalf of, the superintendent pursuant | 2429 |
|
to Chapter 3901. or 3903. of the Revised Code, with other local, | 2430 |
|
state, federal, and international regulatory and law enforcement | 2431 |
|
agencies, with local, state, and federal prosecutors, and with the | 2432 |
|
national association of insurance commissioners and its affiliates | 2433 |
|
and subsidiaries, provided that the recipient agrees to maintain | 2434 |
|
the confidential or privileged status of the confidential or | 2435 |
|
privileged work paper and has authority to do so; | 2436 |
| (E) Notwithstanding divisions (A), (B), (C), and (D) of this | 2442 |
|
section, the superintendent may authorize the national association | 2443 |
|
of insurance commissioners and its affiliates and subsidiaries by | 2444 |
|
agreement to share confidential or privileged work papers
received | 2445 |
|
pursuant to division (D)(1) of this section with local,
state, | 2446 |
|
federal, and international regulatory and law enforcement
agencies | 2447 |
|
and with local, state, and federal prosecutors, provided
that the | 2448 |
|
recipient agrees to maintain the confidential or
privileged status | 2449 |
|
of the confidential or privileged work paper and
has authority to | 2450 |
|
do so. | 2451 |
| (F) Notwithstanding divisions (A), (B), (C), and (D) of this | 2452 |
|
section, the chief deputy rehabilitator, the chief deputy | 2453 |
|
liquidator, and other deputy rehabilitators and liquidators may | 2454 |
|
disclose work papers that are the subject of this section in the | 2455 |
|
furtherance of any regulatory or legal action brought by or on | 2456 |
|
behalf of the superintendent, the rehabilitator, the liquidator, | 2457 |
|
or the state resulting from the
exercise of the superintendent's | 2458 |
|
official duties in any capacity. | 2459 |
| Sec. 3901.70. (A) Each report obtained by or
disclosed to | 2478 |
|
the superintendent of insurance pursuant to
sections 3901.67 to | 2479 |
|
3901.70 of the Revised Code is confidential
and privileged and is | 2480 |
not
subject to subpoena. Except as provided in
divisionsdivision | 2481 |
(B)
and (C) of this
section, the report shall not be made public | 2482 |
by the superintendent, the
national association of insurance | 2483 |
commissioners, or any other persons. | 2484 |
(C) The superintendent, after conducting a hearing in | 2489 |
accordance with Chapter
119. of the Revised
Code, may determine | 2490 |
that the
interest of policyholders, shareholders, or the public | 2491 |
will be
served by the publication of the report and may publish | 2492 |
all or
any part of the report in such manner as the superintendent | 2493 |
may
consider appropriate.Notwithstanding division (A) of this | 2494 |
|
section, the superintendent may do any of the following: | 2495 |
| (2) Share a report that is the subject of this section with | 2499 |
|
the chief deputy rehabilitator, the chief deputy liquidator, | 2500 |
|
other deputy rehabilitators and liquidators, and any other person | 2501 |
|
employed by, or acting on behalf of, the superintendent pursuant | 2502 |
|
to Chapter 3901. or 3903. of the Revised Code, with other local, | 2503 |
|
state, federal, and international regulatory and law enforcement | 2504 |
|
agencies, with local, state, and federal prosecutors, and with the | 2505 |
|
national association of insurance commissioners and its affiliates | 2506 |
|
and subsidiaries, provided that the recipient agrees to maintain | 2507 |
|
the confidential or privileged status of the confidential or | 2508 |
|
privileged report and has authority to do so; | 2509 |
| (C) Notwithstanding divisions (A) and (B) of this section, | 2520 |
|
the superintendent may authorize the national association of | 2521 |
|
insurance commissioners and its affiliates and subsidiaries by | 2522 |
|
agreement to share confidential or privileged reports received | 2523 |
|
pursuant to division (B)(2) of this section with local, state, | 2524 |
|
federal, and international regulatory and law enforcement agencies | 2525 |
|
and with local, state, and federal prosecutors, provided that the | 2526 |
|
recipient agrees to maintain the confidential or privileged status | 2527 |
|
of the confidential or privileged report and has authority to do | 2528 |
|
so. | 2529 |
| (D) Notwithstanding divisions (A) and (B) of this section, | 2530 |
|
the chief deputy rehabilitator, the chief deputy liquidator, and | 2531 |
|
other deputy rehabilitators and liquidators may disclose a report | 2532 |
|
that is the subject of this section in the furtherance of any | 2533 |
|
regulatory or legal action brought by or on behalf of the | 2534 |
|
superintendent, the rehabilitator, the liquidator, or the state | 2535 |
|
resulting from the exercise of the
superintendent's official | 2536 |
|
duties in any capacity. | 2537 |
| Sec. 3901.83. (A) When a record containing information | 2555 |
|
pertaining to
the medical history, diagnosis, prognosis, or | 2556 |
|
medical condition of
an enrollee of a health insuring corporation, | 2557 |
|
insured of an
insurer, or plan member of a public employee benefit | 2558 |
|
plan is
provided to the superintendent of insurance for any reason | 2559 |
|
under
sections 1751.77 to 1751.88, 3923.66 to 3923.70, or 3923.75 | 2560 |
|
to
3923.79 of the Revised Code, regardless of the source, the | 2561 |
|
superintendent shall maintain the confidentiality of the record.
| 2562 |
|
The record in the superintendent's possession is not a public | 2563 |
|
record under section 149.43 of the Revised Code, except to the | 2564 |
|
extent that information from the record is used in preparing | 2565 |
|
reports under section 3901.82 of the Revised Code. | 2566 |
| (B) Notwithstanding division (A) of this section, the | 2567 |
|
superintendent may share a record that is the subject of this | 2568 |
|
section
in connection with the investigation or prosecution of | 2569 |
|
any
illegal or criminal activity with the chief deputy | 2570 |
|
rehabilitator,
the chief deputy
liquidator, other deputy | 2571 |
|
rehabilitators and
liquidators, and any
other person employed by, | 2572 |
|
or acting on behalf
of, the
superintendent pursuant to Chapter | 2573 |
|
3901. or 3903. of the
Revised
Code, with other local, state, | 2574 |
|
federal, and international
regulatory and law enforcement | 2575 |
|
agencies, with local, state, and
federal prosecutors, and with the | 2576 |
|
national association of
insurance commissioners and its affiliates | 2577 |
|
and subsidiaries,
provided that the recipient agrees to maintain | 2578 |
|
the confidential or
privileged status of the confidential or | 2579 |
|
privileged record and has
authority to do so. | 2580 |
| Sec. 3903.11. (A) In all proceedings and judicial reviews | 2591 |
|
thereof under sections
3903.09 and 3903.10 of the Revised Code, | 2592 |
|
all records of the insurer, other
documents, and all department of | 2593 |
|
insurance files and court records
and papers, so far as they | 2594 |
|
pertain to or are a part of the record of the
proceedings, shall | 2595 |
|
be and remain confidential
and privileged except as is necessary | 2596 |
|
to
enforce compliance with those sections, unless and until the | 2597 |
|
court of common
pleas, after hearing arguments from the parties in | 2598 |
|
chambers, shall order
otherwise, or unless the insurer requests in | 2599 |
|
writing that the matter be made
public. Until such court order or | 2600 |
|
such request from the insurer, all papers
filed with the clerk of | 2601 |
|
the court shall be held by the clerk in a confidential
file. | 2602 |
| (1) Share the documents and information that are the subject | 2605 |
|
of this section with the chief deputy rehabilitator, the chief | 2606 |
|
deputy liquidator, other deputy rehabilitators and liquidators, | 2607 |
|
and
any other person employed by, or acting on behalf of, the | 2608 |
|
superintendent pursuant to Chapter 3901. or 3903. of the Revised | 2609 |
|
Code, with other local, state, federal, and international | 2610 |
|
regulatory and law enforcement agencies, with local, state, and | 2611 |
|
federal prosecutors, and with the national association of | 2612 |
|
insurance commissioners and its affiliates and subsidiaries, | 2613 |
|
provided that the recipient agrees to maintain the confidential or | 2614 |
|
privileged status of the confidential or privileged document or | 2615 |
|
information and has authority to do so; | 2616 |
|
(C) Notwithstanding divisions (A) and (B) of this section, | 2622 |
|
the superintendent may authorize the national association of | 2623 |
|
insurance commissioners and its affiliates and subsidiaries by | 2624 |
|
agreement to share confidential or privileged documents or | 2625 |
|
information received pursuant to division (B)(1) of this section | 2626 |
|
with local, state, federal, and international regulatory and law | 2627 |
|
enforcement agencies and with local, state, and federal | 2628 |
|
prosecutors, provided that the recipient agrees to maintain the | 2629 |
|
confidential or privileged status of the confidential or | 2630 |
|
privileged document or information and has authority to do so. | 2631 |
| (D) Notwithstanding divisions (A) and (B) of this section, | 2632 |
|
the chief deputy rehabilitator, the chief deputy liquidator, and | 2633 |
|
other deputy rehabilitators and liquidators may disclose
documents | 2634 |
|
and information that are the subject of this section in
the | 2635 |
|
furtherance of any regulatory or legal action brought by or on | 2636 |
|
behalf of the superintendent, the rehabilitator, the liquidator, | 2637 |
|
or the state resulting from
the
exercise of the superintendent's | 2638 |
|
official duties in any capacity. | 2639 |
| Sec. 3903.72. (A) The superintendent of insurance shall | 2659 |
|
annually value, or cause to be valued, the reserve liabilities, | 2660 |
|
referred to in this section as reserves, for all outstanding life | 2661 |
|
insurance policies and annuity and pure endowment contracts of | 2662 |
|
every life insurance company doing business in this state. The | 2663 |
|
superintendent may certify the amount of such reserves,
specifying | 2664 |
|
the mortality tables, rates of interest, and net level
premium | 2665 |
|
method and other methods used to calculate reserves. In | 2666 |
|
calculating reserves, the superintendent may use group methods
and | 2667 |
|
approximate averages for fractions of a year or otherwise.
The | 2668 |
|
valuation of the reserves of a company organized under the
laws of | 2669 |
|
a foreign government shall be limited to its United
States | 2670 |
|
business. | 2671 |
| In lieu of a valuation of the reserves of a foreign
company, | 2672 |
|
the superintendent may accept the valuation made, or
caused to be | 2673 |
|
made, by the insurance supervisory official of any
state or other | 2674 |
|
jurisdiction when such valuation complies with the
minimum | 2675 |
|
standards required by this section, provided such
official accepts | 2676 |
|
the certificate of valuation of the
superintendent when such | 2677 |
|
certificate states that the valuation
was made in a specified | 2678 |
|
manner and when such valuation complies
with the minimum standards | 2679 |
|
required by the law of that state or
jurisdiction. | 2680 |
| A company, which adopts a standard of valuation producing | 2681 |
|
aggregate reserves greater than those required by this section, | 2682 |
|
may adopt a lower standard of valuation with the approval of the | 2683 |
|
superintendent, but not lower than the minimum provided by this | 2684 |
|
section. However, the holding of additional reserves previously | 2685 |
|
determined by a qualified actuary to be necessary for the
actuary | 2686 |
|
to render the opinions required by divisions (B)(1) and (2) of | 2687 |
|
this
section shall not be deemed to be the adoption of a higher | 2688 |
|
standard of
valuation. | 2689 |
| (B)(1) Every life insurance company doing
business in this | 2690 |
|
state shall annually submit to the
superintendent the opinion of a | 2691 |
|
qualified actuary as to whether
the reserves and related actuarial | 2692 |
|
items held in support of the
policies and contracts specified by | 2693 |
|
rule by the superintendent
are computed appropriately, are based | 2694 |
|
on assumptions that
satisfy contractual provisions, and are | 2695 |
|
consistent with prior
reported amounts. The opinion shall be | 2696 |
|
submitted no later than
March 1, 1996, and no later than the first | 2697 |
|
day of March of
each year thereafter. The superintendent shall | 2698 |
|
adopt rules establishing
the form and content of this opinion, and | 2699 |
|
may require the life
insurance company to supply information in | 2700 |
|
addition to that
contained in the actuarial opinion. | 2701 |
| (2)(a) Every life insurance company, except as exempted by | 2706 |
|
rule adopted by
the superintendent, shall also include in the | 2707 |
|
annual opinion required by
division (B)(1) of this section an | 2708 |
|
opinion of the same qualified actuary as to
whether the reserves | 2709 |
|
and related actuarial items held in support of the policies and | 2710 |
|
contracts specified by rule by the superintendent, when
considered | 2711 |
|
in light of the assets held by the
company with respect to the | 2712 |
|
reserves and related actuarial
items, including, but not limited | 2713 |
|
to, the investment earnings on
the assets and the considerations | 2714 |
|
anticipated to be received and
retained under the policies and | 2715 |
|
contracts, make adequate
provision for the company's obligations | 2716 |
|
under the policies and
contracts, including, but not limited to, | 2717 |
|
the benefits under and
the expenses associated with the policies | 2718 |
|
and contracts. | 2719 |
| (d) If a life insurance company fails
to provide a | 2727 |
|
supporting memorandum within the period of time
specified by rule | 2728 |
|
by the superintendent, or if the
superintendent determines that a | 2729 |
|
supporting memorandum fails to
meet the standards set out in the | 2730 |
|
rule, or is otherwise
unacceptable to the superintendent, the | 2731 |
|
superintendent may
employ, at the expense of the insurance | 2732 |
|
company, a qualified
actuary to review the opinion and the basis | 2733 |
|
for the opinion and
prepare such supporting memorandum as is | 2734 |
|
required by the
superintendent. | 2735 |
| (g) The superintendent shall keep
as confidential
and | 2760 |
|
privileged any memorandum received in support of a qualified | 2761 |
|
actuary's opinion and also any other
material provided by the | 2762 |
|
insurance company to the superintendent
in connection with the | 2763 |
|
opinion. The memorandum and other
materials shall not be made | 2764 |
|
public, and shall not be subject to
subpoena other than for the | 2765 |
|
purpose of defending an action
required by this section or rules | 2766 |
adopted under this section.
However,
the memorandum and other | 2767 |
materials may be released by
the superintendent with the written | 2768 |
consent of the company, and
may be released to the American | 2769 |
academy of actuaries upon the superintendent's receipt of a | 2770 |
request from the academy stating that the memorandum and other | 2771 |
materials are required for the purpose of professional | 2772 |
disciplinary proceedings. A request from the
American academy of | 2773 |
actuaries
shall set forth the procedures to be used by the academy | 2774 |
for
preserving the confidentiality of the memorandum and other | 2775 |
materials, which procedures shall be satisfactory to the | 2776 |
superintendent prior to the superintendent's release of the | 2777 |
memorandum and other materials. Ifif any portion of a | 2778 |
|
confidential
and privileged memorandum is cited by the company in | 2779 |
|
its
marketing, is cited before any governmental agency other than | 2780 |
|
a
state insurance regulatory authority, or is released by the | 2781 |
|
company to the news media, the entire memorandum shall no longer | 2782 |
|
be confidential
and privileged. | 2783 |
| (ii) Disclose memoranda and other materials described in | 2789 |
|
this section to the American academy of actuaries upon receipt of | 2790 |
|
a written request from the academy stating that a memorandum or | 2791 |
|
other material is required for the purpose of professional | 2792 |
|
disciplinary proceedings. A request from the American academy of | 2793 |
|
actuaries shall set forth the procedures to be used by the academy | 2794 |
|
for preserving the confidential and privileged status of the | 2795 |
|
memorandum or other
material. If the procedures set forth are not | 2796 |
|
satisfactory to the
superintendent, the superintendent shall not | 2797 |
|
release the
memorandum or other material to the academy. | 2798 |
| (iii) Share memoranda and other materials described in this | 2799 |
|
section with the chief deputy rehabilitator, the chief deputy | 2800 |
|
liquidator, other deputy rehabilitators and liquidators, and any | 2801 |
|
other person employed by, or acting on behalf of, the | 2802 |
|
superintendent pursuant to Chapter 3901. or 3903. of the Revised | 2803 |
|
Code, with other local, state, federal, and international | 2804 |
|
regulatory and law enforcement agencies, with local, state, and | 2805 |
|
federal prosecutors, and with the national association of | 2806 |
|
insurance commissioners and its affiliates and subsidiaries, | 2807 |
|
provided that the recipient agrees to maintain the confidential or | 2808 |
|
privileged status of any confidential or privileged memorandum or | 2809 |
|
other material and has authority to do so; | 2810 |
| (i) Notwithstanding divisions (B)(3)(g) and (h) of this | 2816 |
|
section, the superintendent may authorize the national association | 2817 |
|
of insurance commissioners and its affiliates and subsidiaries by | 2818 |
|
agreement to share confidential or privileged memoranda and other | 2819 |
|
material received pursuant to division (B)(3)(h)(iii) of this | 2820 |
|
section with local, state, federal, and international regulatory | 2821 |
|
and law enforcement agencies and with local, state, and federal | 2822 |
|
prosecutors, provided that the recipient agrees to maintain the | 2823 |
|
confidential or privileged status of the confidential or | 2824 |
|
privileged memorandum or other material and has authority to do | 2825 |
|
so. | 2826 |
| (j) Notwithstanding divisions (B)(3)(g) and (h) of this | 2827 |
|
section, the chief deputy rehabilitator, the chief deputy | 2828 |
|
liquidator, and other deputy rehabilitators and liquidators may | 2829 |
|
disclose memoranda and other material described in this section in | 2830 |
|
the furtherance of any regulatory or legal action brought by or on | 2831 |
|
behalf of the superintendent, the rehabilitator, the liquidator, | 2832 |
|
or the state resulting from
the exercise of the superintendent's | 2833 |
|
official duties in any capacity. | 2834 |
| (ii) The disclosure of any memorandum or material in | 2846 |
|
connection with a regulatory or legal action pursuant to
divisions | 2847 |
|
(B)(3)(h)(iv) and (B)(3)(j) of this section does not
prohibit an | 2848 |
|
insurer or any other person from taking steps to limit the | 2849 |
|
dissemination
of the memorandum or material to persons not | 2850 |
|
involved in or the
subject of the regulatory or legal action on | 2851 |
|
the basis of any recognized
privilege arising under any other | 2852 |
|
section of the Revised Code or the common law.
| 2853 |
| (C) Except in the case of policies and contracts to which | 2854 |
|
division (D) of this section applies, the minimum standard for
the | 2855 |
|
valuation of reserves shall be the method set forth in
section | 2856 |
|
3915.04 of the Revised Code, using four per cent interest
and the | 2857 |
|
American experience table of mortality; provided that in
no event | 2858 |
|
shall a company's aggregate reserves for policies and
contracts | 2859 |
|
which guarantee nonforfeiture benefits be less than the
aggregate | 2860 |
|
reserves calculated in accordance with the standard
used in | 2861 |
|
calculating nonforfeiture benefits for such policies and | 2862 |
|
contracts. | 2863 |
| (D) This division applies to all life insurance policies
and | 2867 |
|
annuity and pure endowment contracts issued on and after
November | 2868 |
|
5, 1959, or each earlier date not before July 17, 1947,
elected by | 2869 |
|
the company for one or more of such policies or
contracts as the | 2870 |
|
date on which it would comply with the
provisions of the | 2871 |
|
nonforfeiture law for life insurance provided
in section 3915.07 | 2872 |
|
of the Revised Code or with the provisions of
this division. The | 2873 |
|
minimum standard for the valuation of all
such policies and | 2874 |
|
contracts shall be the commissioners reserve
valuation method | 2875 |
|
defined in division (E), (F), (H), or (K) of
this section and the | 2876 |
|
following tables and interest rates: | 2877 |
| (a) On and after November 5, 1959, or an earlier date, not | 2881 |
|
before July 17, 1947, specified in a written notice by the
company | 2882 |
|
to the superintendent of its election to use this table
and before | 2883 |
|
division (D)(1)(b) of this section became operative
for subsequent | 2884 |
|
policy issues, the commissioners 1941 standard
ordinary mortality | 2885 |
|
table and three and one-half per cent
interest; | 2886 |
| (b) On and after January 1, 1966, or an earlier date, not | 2887 |
|
before November 5, 1959, specified in a written notice by the | 2888 |
|
company to the superintendent of its election to use this table | 2889 |
|
and before division (D)(1)(c) of this section becomes operative | 2890 |
|
for subsequent policy issues, the commissioners 1958 standard | 2891 |
|
ordinary mortality table and three and one-half per cent interest | 2892 |
|
before January 1, 1975; four per cent interest on and after | 2893 |
|
January 1, 1975 and before January 1, 1979; and four and one-half | 2894 |
|
per cent interest on and after January 1, 1979; provided that | 2895 |
|
modified premiums and present values for female risks may be | 2896 |
|
calculated at an age three years younger than the actual age of | 2897 |
|
the insured for policies issued before January 1, 1979, and at an | 2898 |
|
age six years younger for policies issued on and after January 1, | 2899 |
|
1979. | 2900 |
| (c) On and after January 1, 1989, or an earlier date, not | 2901 |
|
before January 1, 1983, specified in a written notice by the | 2902 |
|
company to the superintendent of its election to use this table, | 2903 |
|
the commissioners 1980 standard ordinary mortality table and the | 2904 |
|
applicable valuation interest rate as defined in section 3903.721 | 2905 |
|
of the Revised Code. The company may elect to use the | 2906 |
|
commissioners 1980 standard ordinary mortality table with
ten-year | 2907 |
|
select mortality factors for any specified plan of life
insurance. | 2908 |
|
The superintendent may approve the use of any
ordinary mortality | 2909 |
|
table adopted after 1980 by the national
association of insurance | 2910 |
|
commissioners for determining the
minimum standard for the | 2911 |
|
valuation of such policies. | 2912 |
| (a) On and after November 5, 1959, or an earlier date, not | 2916 |
|
before July 17, 1947, specified in a written notice by the
company | 2917 |
|
to the superintendent of its election to use this table
and before | 2918 |
|
division (D)(2)(b) of this section became operative
for subsequent | 2919 |
|
policy issues, the 1941 standard industrial
mortality table and | 2920 |
|
three and one-half per cent interest; | 2921 |
| (b) On and after January 1, 1968, or an earlier date, not | 2922 |
|
before September 2, 1963, specified in a written notice by the | 2923 |
|
company to the superintendent of its election to use this table, | 2924 |
|
the commissioners 1961 standard industrial mortality table and | 2925 |
|
three and one-half per cent interest before January 1, 1975; four | 2926 |
|
per cent interest on and after January 1, 1975 and before January | 2927 |
|
1, 1979; four and one-half per cent interest on and after January | 2928 |
|
1, 1979 and before January 1, 1989, or before an earlier date,
not | 2929 |
|
before January 1, 1983, specified in a written notice by the | 2930 |
|
company to the superintendent of its election to issue such | 2931 |
|
policies pursuant to the provisions of the nonforfeiture law for | 2932 |
|
life insurance provided in section 3915.071 of the Revised Code. | 2933 |
|
On and after
January 1, 1989, or such earlier date, the interest | 2934 |
|
rate to be used in calculating the minimum reserve for such | 2935 |
|
policies is the applicable valuation interest rate as defined in | 2936 |
|
section 3903.721 of the Revised Code. The superintendent may | 2937 |
|
approve the use of any industrial mortality table adopted after | 2938 |
|
1980 by the national association of insurance commissioners for | 2939 |
|
determining the minimum standard for the valuation of such | 2940 |
|
policies. | 2941 |
| (a) On and after November 5, 1959, or an earlier date, not | 2944 |
|
before July 17, 1947, as of which the company elected to comply | 2945 |
|
with this division (D)(3)(a) and before division (D)(3)(b) of
this | 2946 |
|
section became operative for subsequent contract issues, the
1937 | 2947 |
|
standard annuity mortality table, or, at the option of the | 2948 |
|
company, the annuity mortality table for 1949, ultimate, or any | 2949 |
|
modification of either table approved by the superintendent and | 2950 |
|
three and one-half per cent interest; | 2951 |
| (b) On and after January 1, 1979, or an earlier date, not | 2952 |
|
before January 1, 1975, specified by the company in a written | 2953 |
|
notice to the superintendent of its election to use this table, | 2954 |
|
the 1971 individual annuity mortality table or any modification
of | 2955 |
|
that table approved by the superintendent and four per cent | 2956 |
|
interest on and after January 1, 1975 and before January 1, 1979; | 2957 |
|
four and one-half per cent interest on and after January 1, 1979, | 2958 |
|
and before January 1, 1983; and the valuation interest rate as | 2959 |
|
defined in section 3903.721 of the Revised Code on and after | 2960 |
|
January 1, 1983, except that on and after January 1, 1975, and | 2961 |
|
before January 1, 1979, the interest rate is six per cent for | 2962 |
|
single premium immediate contracts and on and after January 1, | 2963 |
|
1979, and
before January 1, 1983, the interest rate is five and | 2964 |
|
one-half
per cent for single premium deferred contracts and seven | 2965 |
|
and
one-half per cent for single premium immediate contracts. The | 2966 |
|
superintendent may approve the use of any individual annuity | 2967 |
|
mortality table adopted after 1980 by the national association of | 2968 |
|
insurance commissioners, either as adopted or as modified by the | 2969 |
|
superintendent, for determining the minimum standard for the | 2970 |
|
valuation of such contracts. | 2971 |
| (a) On and after November 5, 1959, or an earlier date, not | 2975 |
|
before July 17, 1947, as of which the company elected to comply | 2976 |
|
with this division (D)(4)(a) and before division (D)(4)(b) of
this | 2977 |
|
section became operative for subsequent contract purchases,
the | 2978 |
|
group annuity mortality table for 1951, any modification of
this | 2979 |
|
table approved by the superintendent, or either of the
tables, or | 2980 |
|
modification of either of them, specified in division
(D)(3)(a) of | 2981 |
|
this section for individual annuity and pure
endowment contracts | 2982 |
|
and three and one-half per cent interest; | 2983 |
| (b) On and after January 1, 1979, or an earlier date, not | 2984 |
|
before January 1, 1975, specified by the company in a written | 2985 |
|
notice to the superintendent of its election to use this table, | 2986 |
|
the 1971 group annuity mortality table, or any modification of | 2987 |
|
that table approved by the superintendent, and six per cent | 2988 |
|
interest on and after January 1, 1975, and before January 1,
1979; | 2989 |
|
seven and one-half per cent interest on and after January
1, 1979, | 2990 |
|
and before January 1, 1983, and the valuation interest
rate as | 2991 |
|
defined in section 3903.721 of the Revised Code on and
after | 2992 |
|
January 1, 1983. The superintendent may approve the use of
any | 2993 |
|
group annuity mortality table adopted after 1980 by the
national | 2994 |
|
association of insurance commissioners, either as
adopted or as | 2995 |
|
modified by the superintendent, for determining the
minimum | 2996 |
|
standard for the valuation of such contracts. | 2997 |
| (b) On and after January 1, 1961, the tables of period 2 | 3005 |
|
disablement rates and the 1930 to 1950 termination rates of the | 3006 |
|
1952 disability study of the society of actuaries, with due
regard | 3007 |
|
for the type of benefit; except that a company may, at its
option, | 3008 |
|
use the class (3) disability table (1926) for policies
and | 3009 |
|
contracts issued on and after January 1, 1961, and before
January | 3010 |
|
1, 1966. Any such table, for active lives, shall be
combined with | 3011 |
|
a mortality table permitted for calculating the
reserves for life | 3012 |
|
insurance policies. The interest rate to be
used in calculating | 3013 |
|
minimum reserves for such benefits may not
exceed the applicable | 3014 |
|
rate specified in division (D)(1) of this
section for ordinary | 3015 |
|
life insurance policies. The superintendent
may approve the use | 3016 |
|
of any table of disablement rates and
termination rates adopted | 3017 |
|
after 1980 by the national association
of insurance commissioners | 3018 |
|
for determining the minimum standard
for the valuation of such | 3019 |
|
total and permanent benefits. | 3020 |
| (b) On and after January 1, 1961, the 1959 accidental
death | 3028 |
|
benefits table; except that a company may, at its option,
use the | 3029 |
|
inter-company double indemnity mortality table for
policies issued | 3030 |
|
on and after January 1, 1961, and before January
1, 1966. Either | 3031 |
|
table shall be combined with a mortality table
permitted for | 3032 |
|
calculating the reserves for life insurance
policies. The | 3033 |
|
interest rate to be used in calculating the
minimum reserves for | 3034 |
|
such benefits may not exceed the applicable
rate specified in | 3035 |
|
division (D)(1) of this section for ordinary
life insurance | 3036 |
|
policies. The superintendent may approve the use
of any | 3037 |
|
accidental death benefits table adopted after 1980 by the
national | 3038 |
|
association of insurance commissioners for determining
the minimum | 3039 |
|
standard for the valuation of such accidental death
benefits. | 3040 |
| (E) This division defines the commissioners reserve | 3046 |
|
valuation method for all policies, riders, and supplemental
policy | 3047 |
|
provisions, with life insurance or endowment benefits, or
both, | 3048 |
|
providing for uniform amounts of life insurance and
requiring | 3049 |
|
uniform premiums. Reserves for such policies, riders,
and | 3050 |
|
provisions, except as otherwise provided in divisions
(F) and (K) | 3051 |
|
of this section, shall be
the excess, if any, of the present
value | 3052 |
|
on the valuation date of the future guaranteed benefits
over the | 3053 |
|
present value on that date of the future modified net
premiums. | 3054 |
|
The modified net premium is a uniform percentage of
each contract | 3055 |
|
premium specified for the guaranteed benefits such
that the | 3056 |
|
present value, at the date of issue, of all modified net
premiums | 3057 |
|
shall be equal to the present value, on the date of
issue, of the | 3058 |
|
future guaranteed benefits plus the excess of
division (E)(1) over | 3059 |
|
division (E)(2) of
this section, as follows: | 3060 |
| (1) A net level annual premium equal to the present value, | 3061 |
|
at the date of issue, of such benefits provided for after the | 3062 |
|
first policy year, divided by the present value, at the date of | 3063 |
|
issue, of an annuity of one per annum payable on the first and | 3064 |
|
each subsequent anniversary of the policy on which a premium
falls | 3065 |
|
due; provided that such net level annual premium shall not
exceed | 3066 |
|
the net level annual premium on the nineteen-year premium
whole | 3067 |
|
life plan for insurance of the same amount at an age one
year | 3068 |
|
higher than the age at issue of the policy. | 3069 |
| (F) This division defines the commissioners reserve | 3072 |
|
valuation method for all life insurance policies issued on or | 3073 |
|
after January 1, 1989, that have a first year premium in excess
of | 3074 |
|
the premium for the second policy year and for which excess no | 3075 |
|
comparable benefit is provided in the first year and that provide | 3076 |
|
either an endowment benefit or cash surrender value, or both, in | 3077 |
|
an amount greater than the excess. Reserves for such policies | 3078 |
|
before the assumed ending date shall be the greater of the amount | 3079 |
|
calculated in accordance with division (E) of this section and
the | 3080 |
|
reserve calculated in accordance with that division but with
the | 3081 |
|
following changes: | 3082 |
| (2) Group annuity and pure endowment contracts purchased | 3103 |
|
under a retirement plan or plan of deferred compensation, | 3104 |
|
established or maintained by an employer, including a partnership | 3105 |
|
or sole proprietorship, or by an employee organization, or by | 3106 |
|
both, other than a plan providing individual retirement accounts | 3107 |
|
or individual retirement annuities under section 408 of the | 3108 |
|
Internal Revenue Code of 1954, as amended; | 3109 |
| (H) This division defines the commissioners annuity reserve | 3119 |
|
valuation method for all annuity and pure endowment contracts | 3120 |
|
other than group annuity and pure endowment contracts purchased | 3121 |
|
under a retirement plan or plan of deferred compensation, | 3122 |
|
established or maintained by an employer, including a partnership | 3123 |
|
or sole proprietorship, or by an employee organization, or by | 3124 |
|
both, other than a plan providing individual retirement accounts | 3125 |
|
or individual retirement annuities under section 408 of the | 3126 |
|
Internal Revenue Code of 1954, as amended. | 3127 |
| Reserves for benefits under such contracts, excluding | 3128 |
|
disability and accidental death benefits, shall be the greatest
of | 3129 |
|
the respective excesses of the present values, at the date of | 3130 |
|
valuation, of the future guaranteed benefits, including
guaranteed | 3131 |
|
nonforfeiture benefits, provided for by such contract
at the end | 3132 |
|
of each respective contract year, over the present
value, at the | 3133 |
|
date of valuation, of any future valuation
considerations derived | 3134 |
|
from future gross considerations required
by the terms of the | 3135 |
|
contract that become payable prior to the end
of each such | 3136 |
|
respective contract year. The future guaranteed
benefits shall be | 3137 |
|
determined by using the mortality table, if
any, and the interest | 3138 |
|
rate, or rates, specified in such contracts
for determining | 3139 |
|
guaranteed benefits. The valuation
considerations are the | 3140 |
|
portions of the respective gross
considerations applied under the | 3141 |
|
terms of such contracts to
determine nonforfeiture values. | 3142 |
| (I) In no event shall a company's aggregate reserves for
all | 3143 |
|
life insurance policies, to which division (D) of this
section | 3144 |
|
applies, excluding disability and accidental death
benefits, be | 3145 |
|
less than the aggregate reserves calculated in
accordance with the | 3146 |
|
method set forth in divisions (E), (F),
(G), (K), and (L) of this | 3147 |
|
section and the mortality table or tables
and rate or rates of | 3148 |
|
interest used in calculating nonforfeiture
benefits for such | 3149 |
|
policies. | 3150 |
| (J) Reserves for any category of policies, contracts, or | 3155 |
|
benefits as established by the superintendent may be calculated, | 3156 |
|
at the option of the company, according to any standards which | 3157 |
|
produce aggregate reserves for such category greater than those | 3158 |
|
calculated according to the minimum standards provided in this | 3159 |
|
section, but the rate or rates of interest used for policies and | 3160 |
|
contracts, other than annuity and pure endowment contracts, shall | 3161 |
|
not be higher than the corresponding rate or rates of interest | 3162 |
|
used in calculating any nonforfeiture benefits provided for in | 3163 |
|
such standards. | 3164 |
| (K) If in any contract year the valuation net premium | 3165 |
|
calculated by the method used in calculating the reserve for a | 3166 |
|
policy or contract but using the minimum valuation standards of | 3167 |
|
mortality and rate of interest is more than the gross premium for | 3168 |
|
such policy or contract, the minimum reserve required for such | 3169 |
|
policy or contract shall be the greater of either the reserve | 3170 |
|
calculated according to the mortality table, rate of interest,
and | 3171 |
|
method actually used for such policy or contract, or the
reserve | 3172 |
|
calculated by such method but using the minimum valuation | 3173 |
|
standards of mortality and rate of interest and replacing the | 3174 |
|
valuation net premium by the actual gross premium in each
contract | 3175 |
|
year for which the valuation net premium exceeds the
actual gross | 3176 |
|
premium. The minimum valuation standards of
mortality and rate of | 3177 |
|
interest referred to in this division are
those required by | 3178 |
|
division (D) of this section. | 3179 |
| (L) Methods for determining the reserves for plans of life | 3187 |
|
insurance or annuity which are of such a nature that minimum | 3188 |
|
reserves cannot be determined by the methods described in this | 3189 |
|
section shall be promulgated by rule adopted by the | 3190 |
|
superintendent. The reserves to be held under such plans must be | 3191 |
|
appropriate in relation to the benefits and the pattern of | 3192 |
|
premiums for each plan and must be computed by methods which are | 3193 |
|
consistent with the principles of this section. This division | 3194 |
|
applies to any plan of life insurance which provides for future | 3195 |
|
premium determination, the amounts of which are to be determined | 3196 |
|
by the company on the basis of an estimate of future experience | 3197 |
|
made at the time of any such determination. | 3198 |
| (3) Provide projections of the insurer's financial results | 3234 |
|
in the current year and at least the four succeeding years, both | 3235 |
|
in the absence of the proposed corrective actions and giving | 3236 |
|
effect to the proposed corrective actions. The projections
shall | 3237 |
|
include projections of statutory operating income, net
income, | 3238 |
|
capital, and surplus. Projections for both new and
renewal | 3239 |
|
business may include separate projections for each major
line of | 3240 |
|
business, and may separately identify each significant
income, | 3241 |
|
expense, and benefit component of the projection. | 3242 |
| (C) The RBC plan shall be submitted within forty-five days | 3251 |
|
after a
company action level event. However, if an insurer has | 3252 |
|
challenged an adjusted
RBC report pursuant to section 3903.87 of | 3253 |
|
the Revised Code, the
RBC plan need not be submitted until after | 3254 |
|
the hearing required under
section 3903.87 of the Revised Code.
If | 3255 |
|
the superintendent rejects the
insurer's challenge, the RBC
plan | 3256 |
|
shall be submitted within
forty-five days after the | 3257 |
|
superintendent's notification to the insurer of the
rejection of | 3258 |
|
the challenge. | 3259 |
| (D)(1) Within sixty days after an insurer submits an RBC | 3260 |
|
plan to the superintendent, the superintendent shall either | 3261 |
|
require the insurer to implement the RBC plan or shall notify the | 3262 |
|
insurer that the RBC plan is unsatisfactory in the judgment of the | 3263 |
|
superintendent. If the superintendent has determined that the RBC | 3264 |
|
plan is unsatisfactory, the notification to the insurer shall set | 3265 |
|
forth the
reasons for the determination, and may set forth | 3266 |
|
proposed revisions that will
render the RBC plan satisfactory in | 3267 |
|
the judgment of the
superintendent. Upon such notification from | 3268 |
|
the superintendent, the insurer
shall prepare and submit a revised | 3269 |
|
RBC plan,
which may incorporate by reference any revisions | 3270 |
|
proposed by the
superintendent. | 3271 |
| (2) If an insurer challenges, under section 3903.87 of the | 3272 |
|
Revised Code, a notification from the Superintendent that the | 3273 |
|
insurer's
RBC plan or a revised RBC plan is unsatisfactory, | 3274 |
|
submission
of a revised RBC plan need not be made unless the | 3275 |
|
superintendent
rejects the insurer's challenge following the | 3276 |
|
hearing required by section
3903.87 of the Revised Code and then | 3277 |
|
notifies the insurer of this rejection. | 3278 |
| (E) Notwithstanding division (D) of this section, if the | 3284 |
|
superintendent
notifies an insurer that its RBC plan or revised | 3285 |
|
RBC plan is
unsatisfactory, the superintendent may, at the | 3286 |
|
superintendent's discretion,
but subject to the insurer's right to | 3287 |
|
a hearing under section 3903.87 of the
Revised Code, specify in | 3288 |
|
the notification that the notification constitutes a
regulatory | 3289 |
|
action level event. | 3290 |
| (F) Every domestic insurer that submits an RBC
plan or | 3291 |
|
revised RBC plan to the superintendent shall file a copy of
the | 3292 |
|
RBC plan or revised RBC plan with the insurance
regulatory | 3293 |
|
authority of every state in which the insurer is authorized to do | 3294 |
|
business upon receiving the insurance regulatory authority's | 3295 |
|
written request
for a copy of the plan, if the state has a | 3296 |
|
confidentiality law
with provisions substantially
similar to
those | 3297 |
|
set forth in divisions (A) and (B) of section 3903.88 of the | 3298 |
|
Revised Code. The insurer shall file the
copy in that state no | 3299 |
|
later than the later of: | 3300 |
| (2) Share the plans, reports, information, and orders that | 3325 |
|
are the subject of this section with the chief deputy | 3326 |
|
rehabilitator, the chief deputy liquidator, other deputy | 3327 |
|
rehabilitators and liquidators, and any other person employed by, | 3328 |
|
or acting on behalf of, the superintendent pursuant to Chapter | 3329 |
|
3901. or 3903. of the Revised Code, with other local, state, | 3330 |
|
federal, and international regulatory and law enforcement | 3331 |
|
agencies, with local, state, and federal prosecutors, and with the | 3332 |
|
national association of insurance commissioners and its affiliates | 3333 |
|
and subsidiaries, provided that the recipient agrees to maintain | 3334 |
|
the confidential or privileged status of the confidential or | 3335 |
|
privileged plan, report, information, or order and has authority | 3336 |
|
to do so; | 3337 |
| (D) Notwithstanding divisions (A), (B), and (C) of this | 3343 |
|
section, the superintendent may authorize the national association | 3344 |
|
of insurance commissioners and its affiliates and subsidiaries by | 3345 |
|
agreement to share confidential or privileged plans, reports, | 3346 |
|
information, and orders received pursuant to division (C)(2) of | 3347 |
|
this section with local, state, federal, and international | 3348 |
|
regulatory and law enforcement agencies and with local, state, and | 3349 |
|
federal prosecutors, provided that the recipient agrees to | 3350 |
|
maintain the confidential or privileged status of the confidential | 3351 |
|
or privileged plan, report, information, or order and has | 3352 |
|
authority to do so. | 3353 |
| (E) Notwithstanding divisions (A), (B), and (C) of this | 3354 |
|
section, the chief deputy rehabilitator, the chief deputy | 3355 |
|
liquidator, and other deputy rehabilitators and liquidators may | 3356 |
|
disclose plans, reports, information, and orders that are the | 3357 |
|
subject of this section in the furtherance of any regulatory or | 3358 |
|
legal action brought by or on behalf of the superintendent, the | 3359 |
|
rehabilitator, the liquidator, or the state resulting from the | 3360 |
|
exercise of the superintendent's
official duties in any capacity. | 3361 |
| (H)(1) No waiver of any applicable privilege or claim of | 3368 |
|
confidentiality in the plans, reports, information, and orders | 3369 |
|
that are the subject of this section shall occur as a result of | 3370 |
|
sharing or receiving plans, reports, information, and orders as | 3371 |
|
authorized in divisions (C)(2), (D), and (F) of this section. | 3372 |
| (2) The disclosure of a plan, report, information, or order | 3373 |
|
in connection with a regulatory or legal action pursuant to | 3374 |
|
divisions (C)(3) and (E) of this section does not prohibit an | 3375 |
|
insurer or any other person from taking steps to limit the | 3376 |
|
dissemination of the plan,
report, information, or order to | 3377 |
|
persons not involved in or the
subject of the regulatory or legal | 3378 |
|
action on the basis of any recognized
privilege arising under any | 3379 |
|
other section of the Revised Code or the common law. | 3380 |
(D)(J) RBC instructions, RBC reports, adjusted RBC
reports, | 3383 |
|
RBC plans, and revised RBC plans, shall not be used
by the | 3384 |
|
superintendent for ratemaking, considered or introduced as | 3385 |
|
evidence in any rate proceeding, or used by the superintendent
to | 3386 |
|
calculate or derive any elements of an appropriate premium level | 3387 |
|
or rate of
return for any line of insurance that an
insurer or any | 3388 |
|
affiliate is authorized to write. | 3389 |
(E)(K) Except as otherwise required under Title XXXIX of the | 3390 |
|
Revised Code, it is
an unfair and
deceptive act or practice in the | 3391 |
|
business of insurance for any
person, as defined in division (A) | 3392 |
|
of section 3901.19 of the
Revised Code, to make, publish, | 3393 |
|
disseminate, circulate, or place before the public, or to cause, | 3394 |
|
directly or indirectly, to be made, published, disseminated, | 3395 |
|
circulated, or placed before the public, in a newspaper,
magazine, | 3396 |
|
or other publication, in the form of a notice,
circular, pamphlet, | 3397 |
|
letter, or poster, or over any radio or
television station, or in | 3398 |
|
any other manner, an advertisement,
announcement, or statement, | 3399 |
|
written or oral, that contains an
assertion, representation, or | 3400 |
|
statement, regarding the
RBC levels of any insurer or
any | 3401 |
|
component derived in the calculation of the
RBC levels. | 3402 |
(F)(L) If any materially
false statement is published | 3403 |
|
comparing an insurer's total
adjusted capital to its RBC
levels, | 3404 |
|
or any inappropriate comparison of any other amount to
any of the | 3405 |
|
insurers' RBC levels
is published, and the insurer is able to | 3406 |
|
demonstrate to the
superintendent with substantial proof the | 3407 |
|
falsity of the
statement or the inappropriateness of the | 3408 |
|
comparison, then the
insurer may publish with the superintendent's | 3409 |
|
approval an
announcement in a written publication to rebut the | 3410 |
|
materially
false statement or inappropriate comparison. | 3411 |
| Sec. 3905.492. (A)(1) All records and other information | 3412 |
|
obtained by the superintendent of insurance or the | 3413 |
|
superintendent's deputies, examiners, assistants, or other | 3414 |
|
employees, or
agents relating to an investigation of an applicant | 3415 |
|
for licensure under
this chapter, or of an agent, solicitor, | 3416 |
|
broker, or other person
licensed under this chapter or Chapter | 3417 |
|
3951., 3957., or 3959. of the Revised
Code,
are confidential and | 3418 |
|
are not public records as defined in section 149.43
of
the Revised | 3419 |
|
Code
until the applicant or licensee is provided
notice and | 3420 |
|
opportunity for hearing
pursuant to Chapter 119. of the
Revised | 3421 |
|
Code with respect to such records or
information. If no | 3422 |
|
administrative action is initiated with respect to a
particular | 3423 |
|
matter about which the superintendent obtained records or other | 3424 |
|
information as part of an investigation, all such records and | 3425 |
|
information
relating to that matter shall remain confidential for | 3426 |
|
three years after the
file on the matter is
closed. | 3427 |
| (B) The records and other information
described in division | 3431 |
|
(A) of
this section shall remain confidential for
all
purposes | 3432 |
|
except when it is appropriate for the superintendent
and
the | 3433 |
|
superintendent's deputies, examiners, assistants, or other | 3434 |
|
employees, or
agents
to take official action regarding the affairs | 3435 |
|
of the applicant
or licensee or in connection with actual or | 3436 |
|
potential criminal
proceedings. | 3437 |
| (1) Share records and other information that are the subject | 3447 |
|
of this section with the chief deputy rehabilitator, the chief | 3448 |
|
deputy liquidator, other deputy rehabilitators and liquidators, | 3449 |
|
and any other person employed by, or acting on behalf of, the | 3450 |
|
superintendent pursuant to Chapter 3901. or 3903. of the Revised | 3451 |
|
Code, with other local, state, federal, and international | 3452 |
|
regulatory and law enforcement agencies, with local, state, and | 3453 |
|
federal prosecutors, and with the national association of | 3454 |
|
insurance commissioners and its affiliates and subsidiaries, | 3455 |
|
provided that the recipient agrees to maintain the confidential | 3456 |
|
status of the confidential record or
other information and has | 3457 |
|
authority to do so; | 3458 |
| (D) Notwithstanding divisions (A), (B), and (C) of this | 3464 |
|
section, the superintendent may authorize the national association | 3465 |
|
of insurance commissioners and its affiliates and subsidiaries by | 3466 |
|
agreement to share confidential records and other
information | 3467 |
|
received pursuant to division (C)(1) of this section
with local, | 3468 |
|
state, federal, and international regulatory and law
enforcement | 3469 |
|
agencies and with local, state, and federal
prosecutors, provided | 3470 |
|
that the recipient agrees to maintain the
confidential status of | 3471 |
|
the confidential record or other information and has authority to | 3472 |
|
do so. | 3473 |
| (E) Notwithstanding divisions (A), (B), and (C) of this | 3474 |
|
section, the chief deputy rehabilitator, the chief deputy | 3475 |
|
liquidator, and other deputy rehabilitators and liquidators may | 3476 |
|
disclose records and other information that are the subject of | 3477 |
|
this section in the furtherance of any regulatory or legal action | 3478 |
|
brought by or on behalf of the superintendent, the rehabilitator, | 3479 |
|
the liquidator, or the state
resulting from the exercise of the | 3480 |
|
superintendent's official
duties in any capacity. | 3481 |
| (2) The disclosure of records or other information in | 3490 |
|
connection with a regulatory or legal action pursuant to
divisions | 3491 |
|
(C)(2) and (E) of this section does not prohibit an
insurer or any | 3492 |
|
other person from taking steps to limit the dissemination of the | 3493 |
|
record
or other information to persons not involved in or the | 3494 |
|
subject of
the regulatory or legal action on the basis of any | 3495 |
|
recognized privilege arising
under any other section of the | 3496 |
|
Revised Code or the common law. | 3497 |
| (3) This section does not apply to an agent whose license | 3514 |
|
has been suspended or revoked by the superintendent of insurance, | 3515 |
|
an agent who has demonstrated gross incompetence, or an agent | 3516 |
|
whose contract has been terminated for insolvency, abandonment, | 3517 |
|
gross or willful misconduct, or failure to pay to the insurer, in | 3518 |
|
accordance with the agency contract, moneys due to the insurer | 3519 |
|
upon written demand of the insurer. | 3520 |
| (C) During the one hundred eighty day notice period, an | 3529 |
|
independent insurance agent shall not write or bind any new | 3530 |
|
policies on behalf of an insurer without written approval from
the | 3531 |
|
insurer. However, during such period, an independent
insurance | 3532 |
|
agent, subject to the current underwriting rules,
guidelines, | 3533 |
|
commission rates, and practices of the insurer, may
renew or | 3534 |
|
effect any necessary changes or endorsements of
outstanding | 3535 |
|
policies of insurance that are in force prior to the
date of | 3536 |
|
receipt of the notice of termination. | 3537 |
| (E) An agent aggrieved by the conduct of an insurer in its | 3545 |
|
breach or termination of a contract of agency may file with the | 3546 |
|
superintendent a request that the superintendent review the
action | 3547 |
|
to determine whether it is in accord with this section and
the | 3548 |
|
lawful provisions of the contract of agency and send a copy
of the | 3549 |
|
request to the insurer at the address of the office
issuing the | 3550 |
|
notice of termination. Upon receipt of such a
request, an insurer | 3551 |
|
shall promptly provide the independent
insurance agent and | 3552 |
|
superintendent with documentation in support
of the insurer's | 3553 |
|
stated reason for termination. | 3554 |
| (F) The superintendent shall promptly investigate the | 3555 |
|
allegation. If the superintendent has reasonable cause to
believe | 3556 |
|
that this section or the lawful provisions of the
contract of | 3557 |
agency have been violated,
hethe superintendent
shall, within | 3558 |
|
thirty days of receipt of a request for review, conduct an | 3559 |
|
adjudication hearing subject to Chapter 119. of the Revised Code, | 3560 |
|
held upon
not less than ten days' written notice to the agent and | 3561 |
|
the
insurer. Pending a final order in the adjudication hearing, | 3562 |
|
the
superintendent may take such interim action as necessary to | 3563 |
|
protect the parties or the public. During the pendency of the | 3564 |
|
proceeding before the superintendent, the contract of agency | 3565 |
|
subject to the proceeding continues in force and divison (C) of | 3566 |
|
this section applies. The superintendent shall, within thirty | 3567 |
|
days following such hearing, issue an order approving or | 3568 |
|
disapproving the action of the insurer. All final orders and | 3569 |
|
decisions of the superintendent are subject to judicial review as | 3570 |
|
provided in Chapter 119. of the Revised Code. | 3571 |
| (G) An insurer shall not cancel or nonrenew any policy of | 3572 |
|
insurance written through an agent upon the sole ground of the | 3573 |
|
termination of the agency until the expiration of the policy term | 3574 |
|
or the twelve-month period following the effective date of the | 3575 |
|
termination of the contract of agency, whichever is earlier. | 3576 |
|
However, during such period, an independent insurance agent may, | 3577 |
|
subject to the current underwriting rules, guidelines, commission | 3578 |
|
rates, and practices of the insurer, effect any necessary changes | 3579 |
|
or endorsements to outstanding policies of insurance that are in | 3580 |
|
force prior to the date of termination. | 3581 |
| (H) Any information or documentation provided to an agent
or | 3585 |
|
the superintendent by an insurer under this section is | 3586 |
|
confidential and shall be used by the
superintendent only in the | 3587 |
|
exercise of the proper functions
authorized by this section. No | 3588 |
|
insurer is liable for furnishing
information or documentation in | 3589 |
|
compliance with this section if
the insurer acts without malice | 3590 |
|
and in the reasonable belief that
such information or | 3591 |
|
documentation is warranted by this section. | 3592 |
| (1) Share the information or documentation that is the | 3595 |
|
subject of this section with the chief deputy rehabilitator, the | 3596 |
|
chief deputy liquidator, other deputy rehabilitators and | 3597 |
|
liquidators, and any other person employed by, or acting on behalf | 3598 |
|
of, the superintendent pursuant to Chapter 3901. or 3903. of the | 3599 |
|
Revised Code, with other local, state, federal, and international | 3600 |
|
regulatory and law enforcement agencies, with local, state, and | 3601 |
|
federal prosecutors, and with the national association of | 3602 |
|
insurance commissioners and its affiliates and subsidiaries, | 3603 |
|
provided that the recipient agrees to maintain the confidential | 3604 |
|
status of the confidential information or
documentation and has | 3605 |
|
authority to do so; | 3606 |
| (J) Notwithstanding divisions (H) and (I) of this section, | 3612 |
|
the superintendent may authorize the national association of | 3613 |
|
insurance commissioners and its affiliates and subsidiaries by | 3614 |
|
agreement to share confidential information and
documentation | 3615 |
|
received pursuant to division (I)(1) of this section
with local, | 3616 |
|
state, federal, and international regulatory and law
enforcement | 3617 |
|
agencies and with local, state, and federal
prosecutors, provided | 3618 |
|
that the recipient agrees to maintain the
confidential status of | 3619 |
|
the confidential information or documentation and has authority to | 3620 |
|
do
so. | 3621 |
| (K) Notwithstanding divisions (H) and (I) of this section, | 3622 |
|
the chief deputy rehabilitator, the chief deputy liquidator, and | 3623 |
|
other deputy rehabilitators and liquidators may disclose | 3624 |
|
information and documentation that is the subject of this section | 3625 |
|
in the furtherance of any regulatory or legal action brought by or | 3626 |
|
on behalf of the superintendent, the rehabilitator, the | 3627 |
|
liquidator, or the state resulting
from the exercise of the | 3628 |
|
superintendent's official duties in any capacity. | 3629 |
| (2) The disclosure of information or documentation in | 3641 |
|
connection with a regulatory or legal action pursuant to
divisions | 3642 |
|
(I)(2) and (K) of this section does not prohibit an
insurer or any | 3643 |
|
other person from taking steps to limit the dissemination of the | 3644 |
|
information or documentation to persons not involved in or the | 3645 |
|
subject of the regulatory or legal action on the basis of any | 3646 |
|
recognized
privilege arising under any other section of the | 3647 |
|
Revised Code or the common law. | 3648 |
| (B) Whenever a chief executive officer of an insurer knows | 3668 |
|
or has reason to know that the insurer is impaired, the chief | 3669 |
|
executive officer shall
provide written notice of the impairment | 3670 |
|
to the superintendent of
insurance and to each member of the board | 3671 |
|
of directors or
trustees of the insurer. The chief executive | 3672 |
|
officer shall
provide the notice as soon as reasonably possible, | 3673 |
|
but no later
than thirty days after the chief executive officer | 3674 |
|
knows or
has reason to know of the
impairment. No chief executive | 3675 |
|
officer shall fail to provide
notice in compliance with this | 3676 |
|
division. | 3677 |
| (2) Share the notice that is the subject of this section | 3685 |
|
with the chief deputy rehabilitator, the chief deputy liquidator, | 3686 |
|
other deputy rehabilitators and liquidators, and any other person | 3687 |
|
employed by, or acting on behalf of, the superintendent pursuant | 3688 |
|
to Chapter 3901. or 3903. of the Revised Code, with other local, | 3689 |
|
state, federal, and international regulatory and law enforcement | 3690 |
|
agencies, with local, state, and federal prosecutors, and with the | 3691 |
|
national association of insurance commissioners and its affiliates | 3692 |
|
and subsidiaries, provided that the recipient agrees to maintain | 3693 |
|
the confidential status of the notice and has
authority to do so; | 3694 |
| (E) Notwithstanding divisions (C) and (D) of this section, | 3699 |
|
the superintendent may authorize the national association of | 3700 |
|
insurance commissioners and its affiliates and subsidiaries by | 3701 |
|
agreement to share confidential notices received
pursuant to | 3702 |
|
division (D)(2) of this section with local, state,
federal, and | 3703 |
|
international regulatory and law enforcement agencies
and with | 3704 |
|
local, state, and federal prosecutors, provided that the
recipient | 3705 |
|
agrees to maintain the confidential status
of the notice and has | 3706 |
|
authority to do so. | 3707 |
| (F) Notwithstanding divisions (C) and (D) of this section, | 3708 |
|
the chief deputy rehabilitator, the chief deputy liquidator and | 3709 |
|
other deputy rehabilitators and liquidators may disclose notices | 3710 |
|
in the furtherance of any regulatory or legal action brought by or | 3711 |
|
on behalf of the superintendent, the rehabilitator, the | 3712 |
|
liquidator, or the state resulting
from the exercise of the | 3713 |
|
superintendent's official duties in any capacity. | 3714 |
Sec. 4727.18. (A) Except as
otherwise provided in
this | 3732 |
|
division
(C) of this section,
any information arising from, | 3733 |
|
obtained by, or
contained
in an investigation of a person licensed | 3734 |
|
as a pawnbroker under
this
chapter performed
by the superintendent | 3735 |
|
of financial
institutions is confidential
information and is not a | 3736 |
public
record under section 149.43 of the Revised Code.
The | 3737 |
superintendent, however, may
share investigation information with | 3738 |
a law enforcement agency. | 3739 |
(B) Except as
otherwise provided in
this division
(C) of | 3740 |
|
this section, any
information arising from, obtained by, or | 3741 |
|
contained in an
investigation by the superintendent of any person | 3742 |
|
the
superintendent
reasonably suspects has violated or is | 3743 |
|
violating
this chapter is
confidential information and not a | 3744 |
public record
under section 149.43 of the Revised Code.
The | 3745 |
superintendent,
however, may share investigation information with | 3746 |
a law
enforcement
agency. | 3747 |
| Section 2. That existing sections 111.15, 119.01, 1121.01, | 3758 |
|
1121.11, 1121.18,
1155.01, 1155.091, 1155.16, 1163.01, 1163.121, | 3759 |
|
1163.20, 1321.09,
1321.55, 1321.76, 1322.06, 1322.061, 1707.092, | 3760 |
|
1707.11, 1707.12, 1707.141,
1707.15, 1707.151, 1707.161, 1707.17, | 3761 |
|
1707.20, 1707.40, 1733.01, 1733.32, 1733.327,
1751.19, 3901.36, | 3762 |
|
3901.44, 3901.48, 3901.70, 3901.83, 3903.11,
3903.72, 3903.83, | 3763 |
|
3903.88, 3905.492, 3905.50, 3999.36, and 4727.18
of the Revised | 3764 |
|
Code are hereby repealed. | 3765 |