Speed to Market Legislation Headed to Ohio Governor’s Desk

Ohio Department of Insurance Director Ann Womer Benjamin announced that legislation that will more quickly provide consumers with access to new life insurance, long-term care insurance, disability income insurance, and annuity products has passed the Ohio legislature and will soon be signed by Governor Bob Taft.

Senate Bill 268 – sponsored by Senator Steve Stivers (R – Columbus) – will make Ohio the 26th state to enact the Interstate Insurance Product Regulation Compact, thereby ratifying it and making the Interstate Compact operational.

“The Interstate Compact is an important initiative that creates uniform regulatory standards among the participating states, promoting greater uniformity and efficiency in an every-changing insurance market,” Director Womer Benjamin said. “This will provide Ohio insurance consumers with greater insurance product selection in the life, annuities, long-term care and disabilities arena while maintaining consumer safeguards. The Ohio Compact Law sends a strong message that Ohio supports the state regulation of insurance.”

The Interstate Compact – developed by the National Association of Insurance Commissioners (NAIC) – would provide a single point of filing for certain insurance products, which would be reviewed by an Interstate Compact Commission before use in participating states. Ohio would be a member of the Commission board under the legislation.

Source: Ohio DOI

Topics Legislation Ohio