The recent passage of consumer protection legislation provides the Ohio Department of Insurance with better, more common sense tools when it comes to evaluating the financial health of Ohio’s insurance industry, according to Lt. Governor Mary Taylor. Taylor also serves of the director of the insurance department.
Senate Bill 273, sponsored by Senator Kevin Bacon (R-Minerva Park), requires Ohio insurers to file an annual corporate governance disclosure to the department. The law is in line with best practices outlined by National Association of Insurance Commissioners (NAIC) — a group the Ohio Department of Insurance is both a member of and accredited by.
The measure passed with overwhelming bipartisan support in both the Ohio House and Ohio Senate. It awaits the signature of Gov. John Kasich.
The annual disclosure will give Ohio insurers an opportunity to outline their corporate structure to the department, as well as any changes to that structure that have taken place in the past year, the ODI said.
It also provides the department with information necessary to helping ensure Ohio’s insurers are financially stable and well positioned to meet consumers’ needs when it comes to paying claims.
Source: Ohio Department of Insurance
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