Ohio Department of Insurance Director Lee Covington announced that Ohio is among the first states to no longer require insurance companies to make paper financial statement filings to the Department of Insurance. The Department has eliminated almost all of the paper filing requirements by obtaining, organizing, and analyzing electronic data filed by insurers with the National Association of Insurance Commissioners (NAIC).
The Department has adopted a policy to eliminate paper financial statement filings for all property and casualty and life insurers by 2003. This year, the Department will eliminate annual and quarterly financial statement filings for out-of-state property & casualty and life insurance companies and quarterly financial statement filings for in-state property & casualty and life companies. Insurance companies are required to file quarterly and annual financial statements with the state department of insurance in each state in which they conduct business.
According to the NAIC, Ohio, Kansas and Rhode Island are the first states to initiate the process of eliminating paper filings and begin relying on electronic records. Ohio is also encouraging other states to eliminate paper filings.
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