Statute
Information
§ 3929.42 Definitions.
Text of Statute
As used in sections 3929.41 to 3929.49 of
the Revised Code, or any regulations adopted pursuant thereto:
(A) "Basic property insurance" means insurance against direct loss to
property as defined and limited in standard fire policies and extended
coverage endorsements thereon, as approved by the superintendent of insurance,
and insurance for such types, classes and locations of property against
the perils of vandalism, malicious mischief, burglary, or theft, as the
superintendent shall designate. Such insurance shall not include automobile
insurance nor insurance on such types of manufacturing risks as may be
excluded by the superintendent.
(B) "Homeowners insurance" means insurance on owner-occupied dwellings
providing personal multi-peril property and liability coverages commonly
known as homeowners insurance, and is subject to such reasonable underwriting
standards, exclusions, deductibles, rates, and conditions as are customarily
used by member insurers for similar coverages.
(C) "Insurer" includes any insurance company or group of companies under
common ownership which is authorized to engage in the business of property
insurance in this state.
(D) "Association" means the Ohio fair plan underwriting association
created by section 3929.43 of the
Revised Code.
(E) "Urban area" means this state or any municipality, or any other
political subdivision or part thereof, as designated by the superintendent
of insurance, or by the association with the approval of the superintendent.
(F) "Fair plan" means a plan to assure fair access to insurance requirements.
(G) "Premiums written" means gross direct premiums, including that portion
of premium which is attributable to a riot loading or factor, excluding
that portion of premium on risks ceded to the association, charged with
respect to property in the state on all policies of basic property insurance
and homeowners insurance and the basic property insurance premium components
of all multi-peril policies, as computed by the association, covering
property in this state, less all premiums and dividends returned, paid,
or credited to policyholders, or the unused or unabsorbed portions of
premium deposits.
(H) "Inspection bureau" means any fire insurance rating bureau or other
organization designated by the association, with the approval of the
superintendent of insurance, to perform inspections to determine the
condition of the properties for which the basic property insurance or
homeowners insurance is sought and to perform such other duties as may
be authorized by the association with the approval of the superintendent.
History
HISTORY: 133 v H 465 (Eff 7-31-69); 138 v H 792. Eff 7-18-80.
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