The Ohio Life Insurance and Trust Company was founded in 1852 in Columbus, Ohio, with a focus on providing financial security to its policyholders and trust clients.
The company's early success was driven by its conservative investment policies and strong management.
In 1865, the Ohio Life Insurance and Trust Company was one of the first insurance companies in the United States to issue a policy with a cash value component, offering a unique product to its customers.
The company's commitment to innovation and customer satisfaction helped it grow rapidly in the late 19th century, expanding its operations and services to meet the needs of a growing population.
Historical Context
In 1834, the Legislature of Ohio passed an act incorporating the Ohio Life Insurance & Trust Company, giving it the power to issue bills or notes until 1833.
The company's charter also included a provision that no higher taxes should be levied on the capital stock or dividends than those levied on banking institutions in the state.
In 1836, the legislature passed an act to prohibit the circulation of small bills, which would later impact the company.
This act provided for a tax of five percent on dividends if a bank surrendered its right to issue small notes, or twenty percent if it didn't.
The Life Insurance & Trust Company surrendered its right to issue small notes, which meant it had to pay a five percent tax on its dividends.
In 1838, the law prohibiting the circulation of small bills was repealed.
An act passed in 1845 incorporated the State Bank of Ohio and other banking companies, requiring each to pay six percent on its profits annually in lieu of all taxes.
This act did not exempt the Life Insurance & Trust Company from taxes, despite its unique circumstances.
In 1851, an act was passed to tax banks and other stocks the same as other property in the state.
This act did not include any exemptions for the Life Insurance & Trust Company.
Featured Images: pexels.com
