This website publishes administrative rules on their effective dates, as designated by the adopting state agencies, colleges, and
universities.
| Rule |
Rule 1301:9-3-01 | Advancement and withdrawal of capital contribution by participating credit unions.
Effective:
January 1, 1991
(A) The credit union share guaranty corporation shall obtain the written approval of the superintendent of insurance as to the percentage amount of the aggregate share capital of a participating credit union, which each participating credit union must contribute and maintain with the credit union share guaranty corporation as a capital contribution, prior to requiring each participating credit union to contribute and maintain such a capital contribution. (B) (1) The credit union share guaranty corporation shall provide the superintendent of insurance and the superintendent of credit unions with written notification at least thirty days prior to the repayment of any capital contribution, in connection with: (a) The liquidation of any participating credit union; (b) The withdrawal of any participating credit union from the credit union share guaranty corporation after such credit union obtains a different form of share guaranty or insurance pursuant to section 1733.041 of the Revised Code or similar state statute; or (c) The merger of a participating credit union with another credit union, if the shares of the surviving credit union are guaranteed or insured by a different form of guaranty or insurance. (2) Such written notification shall include: (a) The name and address of the withdrawing credit union and its state of domicile; (b) The reason for the withdrawal of the credit union; (c) Whether or not the guarantee fund will exceed its normal operating level without the account of the withdrawing credit union; and (d) Any other information which the superintendent of insurance may request. (C) The credit union share guaranty corporation shall provide the superintendent of credit unions with copies of all written approvals or denials of the superintendent of insurance obtained pursuant to paragraphs (A) and (B) of this rule.
Last updated September 8, 2023 at 11:18 AM
Supplemental Information
Authorized By:
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Amplifies:
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Five Year Review Date:
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Rule 1301:9-3-02 | Documents filed with the superintendent of insurance.
Effective:
January 1, 1991
In addition to the applicable requirements set forth in Chapter 1761. and Title XXXIX of the Revised Code, the credit union share guaranty corporation shall simultaneously furnish any documents it is required to file with the superintendent of insurance thereof to the superintendent of credit unions.
Last updated September 8, 2023 at 11:18 AM
Supplemental Information
Authorized By:
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Amplifies:
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Five Year Review Date:
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Rule 1301:9-3-03 | Issuance and renewal of certificate of compliance.
Effective:
January 1, 1991
(A) The credit union share guaranty corporation shall apply to the superintendent of credit unions for a certificate of compliance with Chapter 1761. of the Revised Code prior to obtaining a license from the superintendent of insurance. (B) The superintendent of credit unions shall determine whether the credit union share guaranty corporation is in compliance with Chapter 1761. of the Revised Code. The superintendent of credit unions shall notify the credit union share guaranty corporation and the superintendent of insurance of his determination. (1) If the superintendent of credit unions finds that the credit union share guaranty corporation is in compliance with Chapter 1761. of the Revised Code, the superintendent of credit unions shall issue a certificate of compliance. (2) If the superintendent of credit unions finds that the credit union share guaranty corporation is not in compliance with Chapter 1761. of the Revised Code, the superintendent of credit unions shall issue a denial with supporting evaluation.
Last updated September 8, 2023 at 11:18 AM
Supplemental Information
Authorized By:
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Amplifies:
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Five Year Review Date:
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Rule 1301:9-3-04 | Credit union share guaranty corporation activity.
Effective:
January 1, 1991
The credit union share guaranty corporation shall notify the superintendent of credit unions and the superintendent of insurance, in writing, at least five business days prior to taking any action to aid or assist, by an amount which exceeds one hundred thousand dollars, any participating credit union which is in liquidation or incurs financial difficulty. In the event of an emergency, such action may be taken in less than five business days, after notifying the superintendent of insurance and the superintendent of credit unions. As soon as practical the credit union share guaranty corporation must provide documentation to the superintendent of credit unions and the superintendent of insurance stating the reasons for such an emergency and why action must be taken in less than five days. Such actions requiring notice shall include, but are not limited to: (A) Purchasing an asset from any participating credit union; (B) Assuming control of the property and business of any participating credit union; (C) Assisting in the merger, consolidation or liquidation of any participating credit union; (D) Paying out on behalf of a participating credit union all or a part of any participating credit union's individual member share accounts; or (E) Otherwise advancing funds to a participating credit union.
Last updated September 8, 2023 at 11:18 AM
Supplemental Information
Authorized By:
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Amplifies:
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Five Year Review Date:
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Rule 1301:9-3-05 | Necessity of reinsurance or line of credit.
Effective:
March 24, 2016
The superintendent of credit unions or the
superintendent of insurance may consider the following criteria, among others,
in determining if it is actuarially or financially necessary for a credit union
share guaranty corporation to obtain reinsurance or a line of credit from one
or more insurance companies or financial institutions: (A) The operating level of the credit
union share guaranty corporation's guarantee fund has not been maintained
at the normal operating level as defined by the board of directors of the
credit union share guaranty corporation and approved by the superintendent of
insurance, and such normal operating level shall at all times not be less than
one per cent of the aggregate share capital of the participating credit
unions. (B) The insured shares for any
participating credit union exceed more than ten per cent of the aggregate
insured shares of the guarantee fund. (C) Reinsurance is obtained from an
insurance company which is not licensed and admitted to do business in the
state of Ohio pursuant to Title XXXIX of the Revised Code and where such
reinsurance is also not authorized in the state of Ohio. (D) Whether reinsurance or a line of
credit is reasonably available, as to amount and/or cost, as demonstrated by
the board and management of the credit union share guaranty
corporation.
Last updated September 8, 2023 at 11:19 AM
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Rule 1301:9-3-06 | Notice of termination, nonrenewal or any other lapse of reinsurance or line of credit.
Effective:
March 24, 2016
In the event of the termination, nonrenewal or any
other lapse of either the credit union share guaranty corporation's
reinsurance or line of credit, without replacement by similar reinsurance or
line of credit, the credit union share guaranty corporation shall immediately
notify the superintendent of credit unions, the superintendent of insurance,
the president of the senate and the speaker of the house. Oral notification
shall be followed immediately by written notification. Such written
notification, delivered certified mail, return receipt requested, shall
include: (A) An assessment of the financial
and actuarial impact and significance of the termination, nonrenewal or other
lapse of the reinsurance or line of credit, without replacement by similar
reinsurance or line of credit, on the credit union share guaranty
corporation; (B) A determination of whether the
termination, nonrenewal or other lapse of the reinsurance or line of credit,
without replacement by similar reinsurance or line of credit, is material or in
the ordinary course of business; (C) The proposed response of the
credit union share guaranty corporation to the termination, nonrenewal or other
lapse of the reinsurance or line of credit without replacement by similar
reinsurance or line of credit; and (D) Any other information which may
be requested by the superintendent of credit unions, the superintendent of
insurance, the president of the senate or the speaker of the
house.
Last updated September 8, 2023 at 11:19 AM
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Rule 1301:9-3-07 | Communication with regulatory significance.
Effective:
January 1, 1991
Written communication with regulatory significance from a credit union supervisory authority of another state to the credit union share guaranty corporation, as set forth in division (C) of section 1761.06 of the Revised Code, shall mean any correspondence, examination reports, supervisory agreements, or orders or any other document received by a credit union share guaranty corporation from a credit union supervisory authority pertaining to: (A) A participating credit union with a capital, assets, management, earnings and liquidity (CAMEL) rating, or its equivalent, of four or below; (B) A participating credit union placed under a supervisory agreement or under any order; or (C) A participating credit union considered substandard by the credit union share guaranty corporation or the state regulatory authority.
Last updated September 8, 2023 at 11:19 AM
Supplemental Information
Authorized By:
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Amplifies:
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Five Year Review Date:
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Rule 1301:9-3-08 | Public representation of credit union share guaranty corporation's status or legal existence.
Effective:
January 1, 1991
(A) The credit union share guaranty corporation shall not publicly represent in any manner that it is an agency of the state or federal government or that it is guaranteed in any way by a governmental agency. (B) The credit union share guaranty corporation shall not publicly represent in any manner that it is licensed under Chapter 3941. of the Revised Code.
Last updated September 8, 2023 at 11:19 AM
Supplemental Information
Authorized By:
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Amplifies:
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Five Year Review Date:
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Rule 1301:9-3-09 | Participating credit union financial information.
Effective:
March 24, 2016
The financial statements, examination reports,
analyses and other information submitted by the superintendent of credit unions
or other credit union supervisory authority, the national credit union
administration or by participating credit unions to the credit union share
guaranty corporation, pursuant to section 1761.08 of the Revised Code, are and
shall remain privileged and confidential while in the custody of the credit
union share guaranty corporation and as shared with credit union supervisory
authorities provided however, that financial statements submitted to the credit
union share guaranty corporation pursuant to division (B) of section 1761.08 of
the Revised Code are public documents.
Last updated September 8, 2023 at 11:19 AM
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Rule 1301:9-3-10 | Qualified audit report of a participating credit union.
Effective:
January 1, 1991
The credit union share guaranty corporation shall notify the superintendent of credit unions immediately whenever the credit union share guaranty corporation shall require that an audit be conducted of the books and records of a participating credit union. In the event that the audit report, certificate or opinion of the independent certified public accountant is in any way qualified and such qualification is not remedied within three months of the date the participating credit union becomes aware of the qualification, or such shorter period as required by the credit union share guaranty corporation, the credit union share guaranty corporation shall immediately report such qualification in writing to the superintendent of credit unions and the superintendent of insurance.
Last updated September 8, 2023 at 11:23 AM
Supplemental Information
Authorized By:
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Amplifies:
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Five Year Review Date:
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Rule 1301:9-3-11 | Normal operating level of guarantee fund.
Effective:
January 1, 1991
(A) The credit union share guaranty corporation shall notify the superintendent of credit unions and the superintendent of insurance of the normal operating level of the guarantee fund, as approved by its board of directors, and of any change in the normal operating level of the guarantee fund. (B) The credit union share guaranty corporation shall request, in writing, the written approval of the superintendent of insurance of any change in such normal operation level as approved by its board of directors. (C) The credit union share guaranty corporation shall notify the superintendent of credit unions of the approval or disapproval of such normal operating level of the guarantee fund by the superintendent of insurance. (D) The credit union share guaranty corporation shall notify the superintendent of insurance and the superintendent of credit unions, in writing, within twenty-four hours after the guarantee fund is reduced below the normal operating level approved by the superintendent of insurance.
Last updated September 8, 2023 at 11:23 AM
Supplemental Information
Authorized By:
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Amplifies:
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Five Year Review Date:
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Rule 1301:9-3-12 | Credit union share guaranty corporation payout on shares.
Effective:
January 1, 1991
When the property and business of a participating credit union have been liquidated or are in the process of liquidation and the proceeds of liquidation are insufficient to pay the full guaranteed amount of each credit union share account, the credit union share guaranty corporation shall notify the superintendent of credit unions and the superintendent of insurance of the amount of the share deficiency upon verification of the share account balances and the date on which such deficiency has been paid.
Last updated September 8, 2023 at 11:23 AM
Supplemental Information
Authorized By:
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Amplifies:
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Five Year Review Date:
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Rule 1301:9-3-13 | Approval of investments.
Effective:
March 24, 2016
(A) Except as provided in divisions
(A)(1) to (A)(8) of section 1761.13 of the Revised Code, a credit union share
guaranty corporation shall not invest or deposit its funds in any manner or
make any investment in any company, related or unrelated, without obtaining the
prior written approval of the superintendent of credit unions. (B) As used in paragraph (A) of this
rule: (1) "Company" means any
corporation, partnership, association, joint stock company or unincorporated
organization. (2) "Investment" means any
equity interest, including, general partnership interests, limited partnership
interests in which liability is limited to the amount of the investment, and
any bonds, notes, debentures or other evidence of indebtedness of any
company. (3) "Related" means the
business or activities of the company are similar to the business and
activities of the credit union share guaranty corporation with respect to
business, trade, products or services. (4) "Unrelated" means the
business or activities of the company are not similar to the business and
activities of the credit union share guaranty corporation with respect to
business, trade, products or services.
Last updated September 8, 2023 at 11:23 AM
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Rule 1301:9-3-14 | Credit union share guaranty corporation annual report.
Effective:
January 1, 1991
(A) The credit union share guaranty corporation shall submit its annual report to the superintendent of credit unions, department of commerce, within one hundred days after the close of the fiscal year. The annual report shall be certified by the oath of the president and secretary of the credit union share guaranty corporation which shall state that the annual report is true and correct in all respects to the best of the knowledge and belief of the signatories. The annual report shall include: (1) Audited financial statements, prepared in accordance with generally accepted accounting principles, for the fiscal year. Audited financial statements shall include, but not be limited to, a balance sheet and an income statement for the year ended on the balance sheet date. The audited financial statements shall be accompanied by an opinion of an independent certified public accountant. If the opinion of the independent certified public accountant is qualified pursuant to generally accepted auditing standards, the superintendent of credit unions shall require the credit union share guaranty corporation to take such action as he considers appropriate to effect removal of such qualification from the opinion. (2) Special reports addressing the following areas: (a) Guarantee fund; (b) Capital deposits; (c) Reserves; (d) Additions; and (e) Excess premiums. (3) A report on the standard contract used by the credit union share guaranty corporation. In addition to any standard contract of share guaranty and any amendments thereto not previously submitted, the report shall address the following issues: (a) The terms of the standard contract and any amendments thereto; (b) State by state variations in the contract, including any amendments thereto made in the previous calendar year; and (c) Marketing material and any and all other membership documents and publications used in each state for primary and excess coverage including any changes thereto made in the previous calendar year. (4) A report on reinsurance and lines of credit in effect for the credit union share guaranty corporation. This report shall include the following items: (a) Description of the coverage which shall include sources, amount and exceptions; (b) Credit union share guaranty corporation evaluation of financial need to support the coverage amount; and (c) Credit union share guaranty corporation evaluation of actuarial need to support the coverage amount. (5) A report on the risk eligibility standards for participating credit unions. (6) A crisis contingency plan providing for an event in which the credit union share guaranty corporation is unable to restore its guarantee fund to its normal operating level following the payment of any deficiencies in credit union share accounts or it is otherwise in financially hazardous condition. (7) A reconciliation of generally accepted accounting principles to statutory accounting principles, including a written description of such difference. Such reconciliation shall include, but not be limited to, the normal operating level of the guarantee fund, as defined in section 1761.10 of the Revised Code. (B) The annual report shall be in such format and include such additional items as the superintendent of credit unions may from time to time require. The superintendent of credit unions may reject any report or financial statement contained in the annual report or filed pursuant to division (A) of section 1761.16 of the Revised Code, and the superintendent of credit unions shall notify the credit union share guaranty corporation of such rejection and the reasons therefor. Within thirty days after receipt of the rejection notice the credit union share guaranty corporation shall correct any report or financial statement so rejected. Failure to timely correct any report or financial statement is a violation of division (B) of section 1761.16 of the Revised Code. (C) The credit union share guaranty corporation shall furnish a copy of the annual report to the superintendent of insurance within one hundred days after the close of the fiscal year.
Last updated September 8, 2023 at 11:23 AM
Supplemental Information
Authorized By:
–
Amplifies:
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Five Year Review Date:
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Rule 1301:9-3-15 | Actuarial study of capital adequacy and disclosure of examination reports.
Effective:
March 24, 2016
(A) The audit examination of the
credit union share guaranty corporation by the superintendent of credit unions,
conducted not more often than annually and not less than every three years,
shall include an actuarial study of the capital adequacy of the credit union
share guaranty corporation. The credit union share guaranty corporation will be
assessed the costs of the actuarial study. (B) The superintendent of credit
unions shall determine when an actuarial study of the capital adequacy of the
credit union share guaranty corporation shall be conducted in accordance with
division (C) of section 1761.16 of the Revised Code and shall approve in
advance any proposal submitted by the share guaranty corporation concerning the
scope of, and the company to perform, such study. (C) The credit union share guaranty
corporation shall provide the superintendent of insurance with a copy of the
audit examination report upon completion of such examination. (D) The credit union share guaranty
corporation shall provide the superintendent of credit unions with a copy of
the examination report prepared by the superintendent of
insurance. (E) The officers, employees, and
agents of a credit union share guaranty corporation shall not disclose the
contents of the audit examination report and any other special examination
report prepared by the superintendent of credit unions to any person other than
to the superintendent of insurance and to those officers, employees or agents
of the credit union share guaranty corporation and other state regulatory
agencies who have a need for such records in the performance of their duties,
unless such disclosure has been approved in advance by the superintendent of
credit unions.
Last updated September 8, 2023 at 11:23 AM
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Rule 1301:9-3-16 | Quarterly reporting.
Effective:
January 1, 1991
The credit union share guaranty corporation shall submit a quarterly report to the superintendent of credit unions within thirty days after the close of the calendar quarter. The quarterly report shall include a financial statement, a guarantee fund report and any other information considered necessary by the superintendent of credit unions in order to assess the financial condition of the credit union share guaranty corporation.
Last updated September 8, 2023 at 11:24 AM
Supplemental Information
Authorized By:
–
Amplifies:
–
Five Year Review Date:
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