August 2022
ODI Receives NAIC Reaccreditation
by Judith L. French, Director
I am proud to share that the National Association of Insurance Commissioners has reaccredited the Ohio Department of Insurance for another five-year term. An official announcement was made at the recent NAIC Summer National Meeting in Portland, Oregon.
Our mission is to serve and protect Ohio insurance consumers in one of the world’s largest and most competitive insurance marketplaces. We do this in many different ways, including with a dynamic and robust insurance company financial monitoring process that makes sure that companies are financially sound to pay consumers’ insurance claims.
As part of the reaccreditation process, the department underwent a comprehensive, independent review of its legal, financial, and organizational procedures to ensure insurance company financial solvency oversight met the criteria set by the NAIC. This includes having adequate solvency laws and regulations to protect consumers and safety-net guaranty funds, sufficient financial analysis and examination processes, and effective practices for the review of organization, licensing, redomestication, and change of control of Ohio domestic insurance companies.
This is a major accomplishment and reason for celebration in the department and especially among our staff in the Office of Risk Assessment. I am so impressed with their professional credentials, and I very much value their expertise and drive to successfully monitor the financial solvency of insurance companies to protect insurance consumers.
I am also appreciative of our team who worked closely with the NAIC during the review process. Reaccreditation is a lengthy and labor-intensive process, but one we take seriously in order to ensure our agency is the gold standard for state-based regulation of insurance.
|
Avoid Costly Setbacks: Insurance and Disaster Preparedness
September is National Preparedness Month and the Ohio Department of Insurance is providing insurance information to help Ohioans ensure they have adequate financial protections in place to avoid costly setbacks in the event of a disaster.
For example, did you know that flooding is not covered in a standard property policy? Talk with an insurance agent about purchasing coverage and visit www.floodsmart.gov for flood insurance information.
Ohio Department of Insurance Issues FY2022 Annual Report
The Ohio Department of Insurance has issued its FY2022 annual report.
In the annual report, Director French highlights how the department is protecting insurance consumers and fostering insurance innovation.
Click on the link below to learn more about the department's priorities and objectives, recent accomplishments, insurance company financial information, and more.
|
License Holders Must Respond Promptly to Requests for Information
The Ohio Department of Insurance reminds all license holders that failing to respond to a written inquiry from the department is grounds for administrative action under Ohio Revised Code 3905.14. Unless a license holder has been granted an extension, all inquiries from the department are to be responded to, in writing, within 21 days of receipt of the request.
Contact the department's Agent Licensing division at 614-644-2665 and licensing@insurance.ohio.gov with any questions. Visit the department's website for licensing information and services.
Ohioans Encouraged to Evaluate Life Insurance During Financial Planning
Ohio Governor Mike DeWine has designated September as Life Insurance Awareness Month and Ohio Department of Insurance Director Judith L. French encourages Ohioans to examine the financial impact of losing a primary wage earner and to evaluate life insurance.
A recent national study by Life Happens found that half of the population is financially unprepared in the event that a family’s primary wage earner was to pass away.
|
Careful Evaluation of Insurance is Essential
Director French reminded Ohioans on Financial Awareness Day that the Ohio Department of Insurance can help them be informed and engaged insurance consumers.
Director French provided insights into how to grasp and wisely navigate the complexities of insurance. Whether it’s time for a regular insurance review or a life event necessitates an insurance adjustment, careful evaluation is important.
 Celebrating the Impact of Older Ohioans and OSHIIP on Senior Citizens Day
Senior Citizens Day was recently celebrated and it gave us all an opportunity to honor and give gratitude to older Ohioans for their contributions through the years. Over their lifetimes, older Ohioans have made their families, friends, and communities stronger through connection and engagement.
That same type of commitment and spirit is what our Ohio Senior Health Insurance Information Program works to give back to older Ohioans. Launched in 1992, OSHIIP is the state's official Medicare education and coverage evaluation resource and is celebrating its 30th anniversary this year of helping older Ohioans navigate Medicare.
|
