Governor John Kasich signed Ohio House Bill 117 into law on June 17, 2014, becoming the 31st state to join the captive market. The legislation allows Ohio-domiciled companies to form their own “captive” insurance companies, which operate for the most part like other insurers, but which serve only the parent or affiliated companies. The legislation allows companies to insure and reinsure risks “in house”, subject to certain reserve requirements and other regulations governing insurers generally.