125.03 Purchasing insurance when annual premium over $1,000. - Ohio Statutes

125.03 Purchasing insurance when annual premium over $1,000.

Except as provided in sections 125.04 and 125.06 of the Revised Code, the department of administrative services shall purchase any policy of insurance, including a surety or fidelity bond, covering officers or employees of a state agency, for which the annual premium is more than one thousand dollars and which the state is authorized to procure. Such insurance shall be purchased in conformity with sections 125.04 to 125.15 of the Revised Code.

“Annual premium” means the total premium for one year for one type of insurance regardless of the number of policies.

Effective Date: 07-01-1993