March 2023
How We Serve and Protect Ohioans
by Judith L. French, Director
National Consumer Protection Week was last month and it provided an opportunity to highlight the Ohio Department of Insurance's services available to consumers and how we protect them each and every day.
Our direct-to-consumer services and information are free and unbiased and truly help Ohioans better grasp insurance and navigate through some of its complexities. Last year, department staff saved insurance consumers more than $57 million by helping them resolve coverage disputes, outline suitable coverage options, and identify financial assistance programs.
Our Ohio Senior Health Insurance Information Program (OSHIIP) saved Ohioans on Medicare more than $46 million, counseled 162,000 people, and welcomed 450,000 people to educational activities. Our Consumer Services Division, which addresses automobile, homeowners, life, health, mental health, and other insurance-type issues, saved consumers more than $11 million and handled nearly 16,900 inquiries and 7,270 complaints.
Department staff also conduct critical regulatory work behind the scenes that protects consumers in other ways. We license insurance companies and agents, monitor the financial solvency of insurance companies, keep watch on the industry's business conduct, review insurance products and rates, fight insurance fraud, and much more. Some of those efforts are mentioned in the articles section of this monthly newsletter.
I encourage consumers to contact us with any insurance questions, complaints, and/or to appeal an insurer's health insurance decision. Dynamic educational insurance information is available at insurance.ohio.gov and naic.org.
We are here to help!
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Director French Talks Insurance Innovation and Regulation
Ohio Department of Insurance Director Judith L. French participated in events hosted by the Ohio Insurance Institute and the Ohio State University in March to discuss the state's competitive and strong insurance market, the impact of insurance innovation, and the department's approach to regulating one of the world's largest, and growing, insurance markets.
Director French also did an interview with Fintech Finance News on these same topics in support of JobsOhio.
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"Past Posting" Insurance Fraud Scheme Trending in Ohio
An insurance fraud scheme committed after an auto accident or property damage is trending in Ohio and it can have impacts on the cost of insurance for consumers.
Named the "past posting" scheme, the term describes the action of a person attempting to secure insurance after an incident in which they did not have coverage or disguising they had insurance when the incident occurred, such as by manipulating paperwork. Insurance fraud increases how much Ohioans pay for insurance and is illegal.
Fix a Leak Week: Water Leaks are Costly and Destructive
The Public Utilities Commission of Ohio, Ohio Environmental Protection Agency, and Ohio Department of Insurance promoted “Fix a Leak Week” in March.
Every day, one out of every ten homes nationwide wastes up to 90 gallons of water due to leaks. Fixing easily corrected leaks can save Ohio homeowners money on their water bills, prevent expensive water damage, and conserve water.
Leaking or burst water fixtures and pipes can cause serious damage to a property and its contents. Repairs can be costly without enough insurance protection. Consumers should conduct a homeowners or renters insurance review with an insurance agent.
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Now is the Time to Get Flood Insurance
Some Ohioans could be without adequate insurance protection for the state's spring and summer flooding season. Flood insurance is not included in most homeowners, renters, and business insurance policies. It has to be purchased separately, typically through an insurance agent, and a 30-day waiting period usually applies before coverage begins.
Just one inch of floodwater can cause $25,000 of damage to a home and flooding is a risk nearly everywhere, according to the federal government's National Flood Insurance Program (NFIP). On average, 40% of the NFIP's flood insurance claims occur outside of high-risk flood areas.
Educational information is also available from the NFIP to help property insurance agents educate their clients about flood damage risks and the importance of flood insurance.
The NFIP's agent information and webinar learning series highlights a wide variety of topics from securing flood insurance to processing insurance claims, and much more.
Free Statewide “Welcome to Medicare” Educational Events Available to Ohioans New to Medicare
The Ohio Senior Health Insurance Information Program (OSHIIP), the state's official Medicare educational and counseling program, is holding free in-person and virtual "Welcome to Medicare" events across Ohio from April through June for Ohioans new to Medicare. OSHIIP is a program of the Ohio Department of Insurance.
During the events, OSHIIP representatives provide an overview of Medicare, Part A and B benefits, Part D prescription drug coverage, Medicare supplemental insurance plans, Medicare Advantage plans, eligibility, enrollment, financial assistance, and important deadlines. One-on-one follow-up counseling sessions can be scheduled.
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NAIC Announces 'State Connected' New Three-Year Strategic Plan
During its recent 2023 Spring National Meeting, the National Association of Insurance Commissioners (NAIC) announced its new three-year strategic plan named "State Connected".
State Connected was produced through the guidance and close coordination of NAIC Officers, the Strategic Planning Steering Committee, members, and staff, and it provides a solid foundation for the future of state-based insurance regulation. The plan has six key strategic focus areas: member connectivity; training, expertise, and technology; data and analytics; consumer education, outreach, and advocacy; committee governance and management; and NAIC operations.
The NAIC also recently issued its 2022 annual report.
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