OH HB528

Amends sections 3901.62 and 3901.64 of the Revised Code to establish new pathways for domestic ceding insurers to take credit for reinsurance, including through accredited reinsurers, certified reinsurers, and reciprocal jurisdiction reinsurers.

Adds a new category for "reciprocal jurisdiction" reinsurers domiciled in non-U.S. jurisdictions subject to covered agreements with the United States or in accredited U.S. jurisdictions, with requirements for minimum capital, solvency ratios, and regulatory cooperation.

Establishes certification requirements for reinsurers including financial strength ratings from at least two rating agencies, jurisdiction domicile in a qualified jurisdiction, and agreement to submit to Ohio courts and the superintendent's jurisdiction.

Permits certified reinsurers to defer posting security for catastrophe recoverables for up to one year from the date a loss reserve is first entered by the ceding insurer, subject to superintendent oversight.

Requires reinsurance agreements to include provisions ensuring payment to ceding insurers even if the ceding insurer becomes insolvent, and allows assuming insurers to investigate and defend claims at their own expense during insolvency proceedings.