Following the signing of legislation allowing Ohio businesses to form captive insurance companies, the Ohio Department of Insurance tapped Tracy Snow as chief of its newly established Office of Captive Insurance.
Snow has more than 12 years of insurance regulatory experience, including overseeing or directly performing risk-focused analysis of nearly 240 Ohio-based insurance companies.
Ohio has joined more than 30 states that allow the formation of captives. They have become a popular risk-management tool for businesses seeking greater control over managing their commercial insurance needs.
HB 117 gives the DOI regulatory authority over captives. It sets forth certain capital and financial reserve, organizational, general application and fee requirements and gives the department authority to monitor the relationship/transaction between a parent business and its Ohio formed captive(s) instead of relying exclusively on another state’s regulator.
Source: Ohio Department of Insurance
Topics Legislation Ohio
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