3929.42 Urban homeowners insurance definitions.
As used in sections 3929.41 to
3929.49 of the Revised Code, or any
regulations adopted pursuant thereto:
“Basic property insurance” means insurance against direct loss to property
as defined and limited in standard fire policies and extended coverage
endorsements thereon, as approved by the superintendent of insurance, and
insurance for such types, classes and locations of property against the
perils of vandalism, malicious mischief, burglary, or theft, as the
superintendent shall designate. Such insurance shall not include automobile
insurance nor insurance on such types of manufacturing risks as may be
excluded by the superintendent.
“Homeowners insurance” means insurance on owner-occupied dwellings providing
personal multi-peril property and liability coverages commonly known as
homeowners insurance, and is subject to such reasonable underwriting
standards, exclusions, deductibles, rates, and conditions as are customarily
used by member insurers for similar coverages.
“Insurer” includes any insurance company or group of companies under common
ownership which is authorized to engage in the business of property insurance
in this state.
“Association” means the Ohio fair plan underwriting association created by
section 3929.43 of the Revised Code.
“Urban area” means this state or any municipality, or any other political
subdivision or part thereof, as designated by the superintendent of insurance,
or by the association with the approval of the superintendent.
“Fair plan” means a plan to assure fair access to insurance requirements.
“Premiums written” means gross direct premiums, including that portion of
premium which is attributable to a riot loading or factor, excluding that
portion of premium on risks ceded to the association, charged with respect
to property in the state on all policies of basic property insurance and
homeowners insurance and the basic property insurance premium components of
all multi-peril policies, as computed by the association, covering property
in this state, less all premiums and dividends returned, paid, or credited
to policyholders, or the unused or unabsorbed portions of premium deposits.
“Inspection bureau” means any fire insurance rating bureau or other
organization designated by the association, with the approval of the
superintendent of insurance, to perform inspections to determine the condition
of the properties for which the basic property insurance or homeowners
insurance is sought and to perform such other duties as may be authorized by
the association with the approval of the superintendent.