Lieutenant Governor and Department of Insurance Director Mary Taylor says the passage of reforms to Ohio’s insurance law will help maintain the strength and competitiveness of Ohio’s insurance marketplace while also providing new consumer protections.
Under Senate Bill 140, which is awaiting the signature of Gov. John Kasich, insurance policies must include a one-page summary of what is included in the policy.
Policy summaries came about as a result of Superstorm Sandy when it was discovered that many homeowners did not completely understand what was included in their policy. This provision will make it easier for Ohioans to understand what is in their policy in a more efficient and effective way, Taylor said.
The bill also provides that consumers should have secure access to electronic delivery of information about their policy through newer means of technology. This would include using a desktop computer, mobile device or tablet to access their policy or receive updates regarding any changes to their coverage.
The legislation includes provisions that ensure Ohio’s national accreditation by modernizing provisions related to an insurer’s own risk self-assessment, credit for reinsurance, model holding companies and regulation of the investments insurers are permitted to make.
These changes will help the industry operate more efficiently by updating portions of Ohio law that were outdated in some cases, while ensuring the Department of Insurance has strong oversight and additional regulatory tools needed to protect consumers, Taylor’s announcement said.
Source: Ohio Department of Insurance