OH SB333

Authorizes Ohio domestic insurers to be designated as "domestic surplus lines insurers" if they have minimum capital and surplus of at least $15 million, adopt a board resolution, and receive written authorization from the superintendent of insurance.

Domestic surplus lines insurers are treated as unauthorized insurers for surplus lines purposes, can only write surplus lines insurance in Ohio under Chapter 3905 requirements, and are exempt from Ohio insurance guaranty association coverage.

Surplus lines insurance policies issued by domestic surplus lines insurers are exempt from state requirements regarding insurance rating, policy forms, and policy cancellation/renewal, matching exemptions for out-of-state surplus lines insurers.

Allows surplus lines brokers to procure insurance from both unauthorized insurers and domestic surplus lines insurers designated under the new authorization process.

Surplus lines insurance written by domestic surplus lines insurers is subject to the tax on premiums under section 3905.36 but exempt from the tax under section 5725.18 of the Revised Code.