Consider a Career in the Ohio Insurance Industry
by Judith L. French, Director
Now is the time to consider a career in the Ohio insurance industry.
One of the state's largest employers conducting business in one of the world's largest insurance marketplaces, insurance is big business in Ohio. Insurance companies want to be here, insurance innovation is happening here, and rewarding insurance careers are available here.
February is Insurance Careers Month and the moment to shine a spotlight on the fact that growth and retirements in the Ohio insurance industry have created opportunities for entry and advancement in many different and well-paying career paths. A recent workforce analysis by Regionomics found that nearly 108,000 new workers are needed to fill positions coming open between 2021 and 2031 – newly created through growth or vacant as a result of employee turnover.
To help job-seekers wrap their arms around the possibilities, the Ohio Department of Insurance created a resources toolkit providing direction where to learn more about utilizing transferable skills, insurance-related academic programs, different career path options, and job openings.
We are also working closely with the insurance industry, higher education, and government entity partners in the Insuring Ohio Futures Initiative; the Governor's Office of Workforce Transformation, JobsOhio, and the National Association of Insurance Commissioners to maintain a 360-degree perspective on insurance workforce development in the state, and to ensure an attractive and competitive environment for insurance business and innovation that prioritizes consumer protection.
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Ohio Department of Insurance Selected for NAIC Leadership Roles
Director French has been named Chair of the National Association of Insurance Commissioners (NAIC) Life Insurance and Annuities Committee, highlighting the selection of the Ohio Department of Insurance to 22 NAIC committee and task force roles in 2024. French was also chosen for the Financial Condition Committee; Innovation, Cybersecurity, and Technology Committee, Climate and Resiliency Executive Task Force, and Special Executive Committee on Race and Insurance.
In addition, Ohio Department of Insurance Chief of Regulatory Affairs Dwight Radel, Chief Property and Casualty Actuary of Product Regulation and Actuarial Services Tom Botsko, and Chief Examiner/Analyst of Risk Assessment Tracy Snow have been appointed Chair of the Examination Oversight Task Force, Chair of the Capital Adequacy Task Force, and Vice Chair of the Financial Stability Task Force, respectively.
The NAIC provides expertise, data, and analysis for insurance regulators from the 50 states, the District of Columbia, and five U.S. territories to effectively regulate the U.S. insurance industry and protect consumers.
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NAIC Submits Comments on Proposed Fiduciary Rule
The National Association of Insurance Commissioners, of which the Ohio Department of Insurance is a member, made an official comment, and proposed amendments, to the U.S. Department of Labor's proposed “Retirement Security Rule: Definition of an Investment Advice Fiduciary”. The rule has the potential to significantly impact insurance consumers and access to lifetime income products in retirement.
Ohio State and State of Ohio Launch $20 Million 'SOAR' Study to Identify Risk and Resiliency Factors to Improve Behavioral Health Outcomes
The Ohio State University and Ohio Governor Mike DeWine announced a new research initiative to identify the root causes of the ongoing epidemic of persistent emotional distress, suicide, and drug overdose in the state of Ohio. Led by clinicians and researchers at The Ohio State University Wexner Medical Center and College of Medicine, in collaboration with several Ohio universities, the SOAR Study will investigate the role of biological, psychological, and social factors that underlie this epidemic.
Governor DeWine, in early 2023, signed an executive order creating the Ohio Mental Health Insurance Assistance Office (MHIA) within the Ohio Department of Insurance. MHIA staff work to ensure Ohioans understand their mental health and substance use disorder insurance benefits to access the care they need, and to address complaints from consumers when insurance issues arise.
Visit the MHIA website for more about MHIA's educational information and services.
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Two Medicare Enrollment Periods Available Through March 31
Ohioans on Medicare who did not sign up for Part A (hospital insurance) and/or Part B (medical insurance) during their initial enrollment period, and do not qualify for a special enrollment period, can sign up for Medicare during the Jan. 1 to March 31 general enrollment period. Coverage begins on the first day of the month after signing up.
For Ohioans with a Medicare Advantage Plan, the Medicare Advantage open enrollment period, also from Jan. 1 to March 31, provides an opportunity to switch back to Original Medicare or change to a different Medicare Advantage plan.
Staff from the Ohio Senior Health Insurance Information Program, which is part of the Ohio Department of Insurance, are available at 800-686-1578 and oshiipmail@insurance.ohio.gov to answer any questions.
 Insurance Educator of the Year Nominations Being Accepted
The Ohio Insurance Institute is accepting nominations for its Insurance Educator of the Year award. The effort is a way of recognizing teachers for excellence in insurance and risk management education. Anyone — including educators (nominating themselves or other teachers), principals or administrators, students, insurance professionals, and consumers — can nominate an educator for this award.
Instruction can be part of any course such as financial literacy, family and consumer sciences, business, economics, mathematics, driver education, or social studies. The nomination deadline is Feb. 29, 2024.
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