June | 2023
Ohio, The Heart of Insurance
by Judith L. French, Director
Governor DeWine recently announced the State of Ohio will resume the popular "Ohio, The Heart of it All" tagline to promote Ohio -- not only as a great place to visit; but also as a great place to live, learn, work, and raise a family.
"Our state is thriving, and we want the world to know that Ohio is the heart of technology, the heart of opportunity, the heart of adventure, and the heart of family," the governor said. "This is a brand for all of Ohio, uniting everything we love about our great state under one powerful phrase."
Ohio is thriving and the tagline timing aligns with Ohio's rise as "The Heart of Insurance".
Ohio has become one of the largest and most important insurance states in the country and insurance marketplaces in the world by many measurements. Insurance companies want to be here, insurance innovation is happening here, diverse and well-paying insurance careers are available here -- all of it underpinned by a flexible, engaging, and responsive governing approach that first and foremost prioritizes consumer protection.
Please take a moment to read below about our recent activities on some of these fronts and always feel free to contact us with your thoughts to ensure that Ohio is "The Heart of Insurance".
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ODI at the Ohio State Fair
The Ohio Department of Insurance is continuing its long-standing annual tradition of staff engaging visitors at the Ohio State Fair by providing insurance information and answering insurance questions.
The department will have a booth, with educational materials and giveaways, near the food court in the Bricker Marketplace Building for the duration of the fair. Staff from the department's Ohio Mental Health Insurance Assistance Office will be at the booth July 28 on RecoveryOhio's Mental Health Awareness Day. And the department's Ohio Senior Health Insurance Information Program Medicare experts are participating in the Ohio Department of Aging's “Well Beyond 60! EXPO” on the fairgrounds August 1 on Senior Day.
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Cost of Doing Insurance Business in Ohio Reduced
The Ohio Department of Insurance has decreased the insurance agent appointment fee in Ohio from $15 to $10, which should lead to an estimated $11 million annual savings for the state's insurance industry. The savings provide a growing Ohio insurance industry with more stability, predictability, and reason to expand operations and create jobs in Ohio. The change becomes effective on July 1, 2023.
Increased department operational efficiency paired with a growing insurance industry led to increased department revenue without significant expenditures, making the fee change possible. Amendments to department rule 3901-1-57, which authorizes statutorily required fees to be collected for certain services performed by the department for financial transactions and insurance product review, authorized the fee change.
Agent appointments are statutorily required to ensure that only properly licensed individuals are selling insurance products, and only through authorized relationships with each insurance company.
Director French Attends Agent Advocacy Day Event
Director French participated in the Ohio Insurance Agents Association Advocacy Day on June 21 in Columbus. She highlighted the regulatory work of the Ohio Department of Insurance and the important role of insurance agents, and interacted with many of the participants.
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Ohio at Forefront of InsurTech Revolution
The June 20 episode of The Insurtech Show, "Tech, Talent and Timezones," focused on Ohio's insurance industry and technological innovation that's putting the state at the forefront of the InsurTech revolution. Director French was among the guests who spoke about the state's business-friendly policies and supportive ecosystem.
Ohio's Recovery Within Reach Announces New PSA, Educational Symposiums
Ohio's Recovery Within Reach announced the launch of a new public service announcement (PSA) aimed to assist families and individuals prepare for a circumstance many typically don't plan for: addiction.
Through the PSA and comprehensive education programs tailored for Ohioans and financial advisers across Ohio, families, coworkers, and communities can receive guidance through the challenges and costs associated with substance misuse. Watch the PSA and join the effort in talking about addiction and the resources available to help those in need by sharing it on social media.
In addition, Recovery Within Reach educational symposiums are planned in the coming months (August 10 Toledo, September 27 Cincinnati, and November 10 Cleveland) for financial professionals and community members to hear from state and local experts on the prevalence of substance use disorder and its effects, as well as the financial consequences.
Severe Weather Preparation and Recovery Safety and Insurance Information
The Ohio Department of Insurance's Severe Weather Preparation and Recovery Toolkit helps Ohioans be safer and more financially prepared when severe weather strikes and more familiar with how to navigate the recovery and insurance claim process.
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Surprise Billing Arbitration Fee Increase
Maximus, the state's sole arbitration entity for Ohio's Surprise Billing Law, notified the Ohio Department of Insurance that it intends to renew its current contract for a six-month period with a fee increase.
Maximus is increasing its fee to $650 per arbitration effective July 1, 2023. This is an increase from $425 currently charged for arbitrations submitted through June 30, 2023. The fee will continue to be split between the parties (70% non-prevailing/30% prevailing party) pursuant to R.C. 3902.52.
The department will soon begin the competitive bidding process to find a new arbitration vendor starting on January 1, 2024.
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