August 2021
Meeting of the Insurance Minds
by Judith L. French, Director
It was such a pleasure for the Ohio Department of Insurance to host the National Association of Insurance Commissioners (NAIC) Summer National Meeting in Columbus, Aug. 14-17.
We had many participants from different spectrums of our country's insurance community - tackling critical marketplace and consumer issues - at the convention center and dialed in virtually. I think the meeting was a great success and have heard great feedback from those who were able to be in Columbus.
Plenty of hard work went into the meeting and I appreciate the efforts of everyone involved, particularly the NAIC team who flawlessly executed the logistics. Also, I would be remiss if I didn't acknowledge Jillian Froment, my predecessor at the department, who successfully pitched bringing the meeting to Columbus.
In my opening remarks, it was a real thrill to share how the state of Ohio is on the rise and that our insurance industry is a significant part of that growth. Ohio is home to one of the most dynamic and largest insurance marketplaces in the world. Not including the thousands of insurance agents, more than 100,000 Ohioans work in our insurance industry. Much is happening and it’s all outlined in the department's recently issued fiscal year 2021 annual report.
As we turn the page to September, it's National Recovery Month and Life Insurance Awareness Month.
National Recovery Month was established to educate Americans about the avenues for substance use treatment and mental health services - which is a department priority. Our staff are working to help people identify insurance benefits in their plan to get care. Visit our mental health and substance use disorder toolkit or call us at 1-800-686-1526 with your insurance questions.
During Life Insurance Awareness Month, I urge Ohioans to include a life insurance review as part of their family financial planning process. Please see the article below to learn why.
For more on the NAIC meeting, committee and task force minutes will be posted to www.naic.org. You will also find the latest action on model laws and white papers.
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September is Life Insurance Awareness Month
Life Insurance Awareness Month is a good time to include reviewing your life insurance needs, current policies, and beneficiaries while reviewing your family's financial plan.
The Ohio Department of Insurance encourages Ohioans to calculate the financial impact of losing a primary wage earner and evaluate the need for life insurance.
A recent national study revealed that 42 percent of American families face financial hardship within six months of a primary wage earner passing away.
For more information about shopping for the right coverage, check out this life insurance information on the National Association of Insurance Commissioner's website.
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Unclaimed Life Insurance Funds Search Service Finds $81 Million for Ohioans
A free web-based search service from the Ohio Department of Insurance and National Association of Insurance Commissioners has matched nearly 5,000 Ohioans with a total of $81 million in unclaimed life insurance beneficiary proceeds.
The Life Insurance Policy Locator identifies the existence of any life insurance policies or annuity contracts that were issued on the life of, or owned by, a deceased individual to determine if that individual's beneficiaries, executors, or legal representatives may be due beneficiary proceeds.
College Year Checklist: Review Insurance
It's not too late for parents and their college students to complete an insurance review to ensure financial protection for this school year.
Use these insurance insights to get started and reach out to an insurance professional.
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Agent Continuing Education: National Flood Insurance Program Webinars
The Federal Emergency Management Agency (FEMA), which administers the National Flood Insurance Program, is conducting a webinar series for licensed insurance agents explaining the federal government's new flood insurance rating system: Risk Rating 2.0 - Equity in Action.
Held every Wednesday from July 21 through Nov. 3, this rotating four-part series is eligible for continuing education credit. Risk Rating 2.0 leverages industry and technology best practices enabling FEMA to provide flood insurance rates more reflective of a consumer's property flood risk.
Consumer Education: Interactive Flood Insurance Quiz
The fun and interactive "What the Flood!" quiz from the National Association of Insurance Commissioners educates consumers about flood risks and the importance of flood insurance.
Financial protection from flood damage is typically not included in a standard homeowners or business insurance policy.
Just one inch of water can cause $25,000 worth of damage to a home. Flood insurance policies are available through the federal government's National Flood Insurance Program (NFIP) and the private market and are sold by insurance agents.
Learn how the NFIP's new flood insurance policies rating methodology, called Risk Rating 2.0 - Equity in Action, impacts you.
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Mental Health Insurance Webinar
Join us for a FREE mental health insurance webinar on Tuesday, Sept. 21, 4-5:00pm. This live webinar, hosted by the Ohio Department of Insurance, will explain:
- how the department regulates mental health and substance use disorder benefits;
- how to figure out what type of mental health and substance use disorder benefits are in your health plan; and,
- provide a tutorial on how to use the mental health and substance use disorder tools and resources on the department's website including how to file a complaint with the department, as well as how to appeal a denied claim.
Sign up today!
Ohioans on Medicare: Sign up for a Virtual Medicare Check-up Day Event and Counseling
Attention Ohioans on Medicare! Register for a Medicare Check-up Day webinar with Medicare experts from the Ohio Senior Health Insurance Information Program (OSHIIP).
Learn about Medicare changes for 2022, how to compare plans and save money, and prepare for Medicare's annual open enrollment period, Oct. 15 to Dec. 7 to select coverage for next year.
Virtual one-on-one meetings are also available! OSHIIP, a program of the Ohio Department of Insurance, provides free and unbiased services and information.
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