OH HB749

Authorizes Ohio domestic insurers to be designated as "domestic surplus lines insurers" to write surplus lines insurance if they have minimum capital and surplus of at least $15 million and board approval.

Domestic surplus lines insurers are considered unauthorized insurers for surplus lines purposes and must comply with surplus lines broker due diligence requirements.

Surplus lines insurance written by domestic surplus lines insurers is subject to the surplus lines tax under section 3905.36 but exempt from the standard premium tax under section 5725.18.

Policies issued by domestic surplus lines insurers are not subject to Chapter 3955 (insurance guaranty association) protections and are exempt from rating, policy form, and cancellation requirements like other surplus lines policies.

Domestic surplus lines insurers remain subject to financial, reserve, and solvency requirements imposed on domestic admitted insurers unless specifically exempted.