Ohio: premium trust account rules
What Ohio requires of insurance producers holding premium funds, and what happens when those funds are diverted.
Citation
§§ 3905.73; 3905.14
Source chart last reviewed this jurisdiction: 2/25
What the jurisdiction requires
All funds collected for the account of an insurer will be held by the managing general agent in a fiduciary capacity.
Penalties for diversion
The superintendent may suspend, revoke, or refuse to renew any license of an agent, assess a civil penalty, or impose any other sanction for improperly withholding, misappropriating or converting any money received during the course of doing insurance business.
This reference is not legal advice. Citations and summaries are transcribed from the NAIC's Fiduciary Responsibilities—Premiums chart (Spring 2025) and reflect that chart's own review dates, which vary by jurisdiction. Statutes change, and the chart may lag the current code. Confirm the current text of any provision with the jurisdiction's insurance department or your own counsel before relying on it.
Tie out a Ohio trust account
Tie your premium trust account out three ways — bank, ledger and what you owe — with Ohio's cited rule beside the worksheet. Runs in your browser; nothing is uploaded.
Trust account reconciliation worksheetKeep your trust account provably in balance
Policy Balance Hub tracks premium held in trust against what you owe each carrier, so the reconciliation an examiner asks for already exists.