(A) As used in the Revised Code, "insurance rating agency" means A.M. Best Rating Services, Inc., Demotech, Inc., or a rating agency certified or approved by a national entity that engages in an approval process that includes all of the following:
(1) A requirement for the rating agency to register and provide an annual updated filing;
(2) Record retention requirements;
(3) Financial reporting requirements;
(4) Policies for the prevention of misuse of material, nonpublic information;
(5) Management of conflicts of interest, including prohibited conflicts;
(6) Prohibited acts and practices;
(7) Disclosure requirements;
(8) Required policies, practices, and internal controls;
(9) Standards of training, experience, and competence for credit analysts.
(B) Any reference in the Revised Code to an entity named in division (A) of this section shall be construed as a reference to any insurance rating agency as defined in division (A) of this section. Any reference in the Revised Code to a specific entity not named in division (A) of this section but otherwise meeting the definition of "insurance rating agency" in division (A) of this section shall be construed as a reference to an insurance rating agency as defined by division (A) of this section.
Added by 132nd General Assembly File No. TBD, SB 273, §1, eff. 3/20/2019.
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