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OH HB259
Bill
Status
7/29/2009
Primary Sponsor
Mark Schneider
Click for details
AI Summary
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Specifies permissible investment classes for workers' compensation funds, including bonds, stocks, mortgages, money market funds, foreign investments (with limits), and small business/venture capital investments, while prohibiting investments in coins, artwork, collectibles, and similar unregulated items.
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Establishes limits on foreign investments at 15% of fund assets for foreign investments overall and 10% for foreign currency investments, with single-jurisdiction limits of 3%.
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Requires criminal background checks through the Bureau of Criminal Identification for employees of investment managers and consultants hired by the Administrator, screening for financial crimes including theft, embezzlement, fraud, and money laundering.
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Creates new section 4123.443 defining authorized investment classes and section 4123.447 addressing short-term borrowing provisions for workers' compensation funds.
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Eliminates the previous system requiring board approval to "open" or "close" investment classes and instead allows the Administrator to invest in any permissible class specified in the statute, subject to the approved investment policy.
Legislative Description
To specify the classes of investments in which the Administrator of Workers' Compensation may invest the funds specified in the Workers' Compensation Law and to require the Administrator to have criminal records checks conducted for employees of investment consultants with whom the Administrator contracts to facilitate the investment of those funds.
Workers' Comp investments-specify classes/consultants-criminal records check
Last Action
To Insurance
7/29/2009