The American Insurance Association called the elimination of Ohio’s certificate of compliance publishing requirement a welcome move that reaffirms the state’s commitment to a modern, vibrant insurance market. According to AIA, the requirement was a decades-old regulatory burden on out-of-state insurers.
“The requirement on insurers doing business in Ohio to annually publish their compliance certificate in local newspapers was tedious, outdated and becoming an ever increasing cost burden with little or no consumer value,” said Steve Schneider, AIA vice president of the Midwest region. “The elimination of this archaic regulation is a positive development for insurers and allows them to focus more on serving policyholders and running their business.”
The state’s requirement forced insurers not headquartered in Ohio to annually publish copies of their Ohio Department of Insurance license in general circulation newspapers in every single county where they do business in order to prove their ability to conduct business in the state. For most insurers, this has meant the forced purchase of ads in papers in all 88 Ohio counties.
The ODI offers consumers a complete list of insurance companies on its Web site that are authorized to do business in the state and an option to search for companies by name.
The provision removing the requirement was included in ODI’s 2006 budget and passed as part of the state’s omnibus budget bill, House Bill 66.
Topics Ohio
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