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Advocating for Ohio Insurance Consumers and the Industry in Nation's Capital
by Judith L. French, Director
The annual gathering of state-based insurance regulator leadership in Washington D.C., facilitated by the National Association of Insurance Commissioners (NAIC), of which the Ohio Department of Insurance is a member, is at a crucial juncture on the insurance regulation calendar.
The late May visit proved productive for the Ohio Department of Insurance as we spoke with federal lawmakers on many insurance fronts to advocate for Ohio insurance consumers and the state's insurance industry.
Key priorities discussed included the following:
Strengthening Property Insurance Markets
In light of the increasingly frequent and severe natural disasters sweeping the nation, it is imperative that Ohio's property insurance market remains robust. The NAIC is advocating for federal funding, tax incentives, and research to bolster Ohio's mitigation and resilience efforts.
Protecting Consumers
From shielding seniors from financial abuse to clarifying the Consumer Financial Protection Bureau's authority to ensuring that insurance policyholders are safeguarded in the event of insurance company failures, we are advocating for consumer interests at the federal level.
Supporting State Regulatory Authority
Here in Ohio, we firmly believe that insurance regulation is most effective when it is done at the state level. That is why the NAIC is staunchly opposing any federal legislation that could preempt Ohio's data privacy, cybersecurity, or artificial intelligence protections.
Additional priorities addressed by the states included combating improper health insurance marketing, securing funding for state health grants, and standing against federal preemption in the Liability Risk Retention Act, which allows certain types of insurance companies, known as risk retention groups, to provide liability insurance coverage across state lines without state insurance regulation requirements.
Through engagement and collaboration with stakeholders, including federal lawmakers, the Ohio Department of Insurance strives to uphold the highest standards of consumer protection while fostering a dynamic and competitive insurance marketplace that is sound, stable, and predictable.
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Director French Speaks at Insurance Guaranty Funds and Ohio Insurance Institute Engagements
Director French took the podium to address state guaranty association representatives from across the country at the National Conference of Insurance Guaranty Funds annual conference in Columbus.
Director French spoke about Ohio's robust insurance market and insurance consumer protection, which she emphasized involves financial safety nets, such as insurance guaranty funds to protect consumers in the event an insurance company fails.
Director French sat down with Ohio Insurance Institute President and CEO Dean Fadel in front of a large audience of insurance professionals for an "interview-style" interaction covering a wide range of insurance topics.
She highlighted Ohio's competitive and innovative insurance landscape, the many insurance career opportunities in the state, and the Ohio Department of Insurance's regulatory work in the cybersecurity, data privacy, and AI space, and consumer protection efforts.
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ODI Staff Support Ohioans During Severe Weather Damage Recovery, Visit Indian Lake Community
Ohio Department of Insurance staff is available to help Ohioans who have insurance questions and/or concerns as they work through the insurance claim filing process after the state's recent destructive weather.
As a result of tornadoes across Ohio on March 14, Governor DeWine and Ohio Emergency Management staff secured a Presidential Disaster Declaration for the Federal Emergency Management Association (FEMA) Individual Assistance Program to support recovery in Auglaize, Crawford, Darke, Delaware, Hancock, Licking, Logan, Mercer, Miami, Richland, and Union counties.
This federal assistance supplements local and state efforts and provides assistance directly to homeowners, renters, and businesses affected by these storms, including for the uninsured.
Ohio Department of Insurance staff have been in Logan County in the Indian Lake community speaking at business recovery workshops and engaging community members who have insurance matters at FEMA's Disaster Recovery Center.
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Why to Consider a Flood Insurance Policy
Flooding is the most frequent and expensive natural disaster in the U.S., according to the Federal Emergency Management Agency (FEMA). However, standard homeowners insurance policies usually do not cover flood damage. The coverage has to be purchased separately.
What are the financial risks associated with flooding? FEMA says just an inch of water can cause more than $25,000 worth of damage. Without a flood policy, you would have to pay for repairs and replacements on your own. Contact your insurance agent or insurance company to buy a flood policy through the National Flood Insurance Program to protect your property and financial security.
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Five Insights to Help Ohioans Navigate Trending Medicare Challenges
During Older Americans Month in May, the Ohio Senior Health Insurance Information Program (OSHIIP), the state's official Medicare educational and counseling assistance program, identified five trending issues that it is helping Ohioans on Medicare navigate.
Last year OSHIIP, a program of the Ohio Department of Insurance, saved Medicare consumers $37.2 million through suitable plan comparison support and financial assistance identification, counseled nearly 161,000 people, and welcomed 454,700 people to educational activities.
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#TeamODI is Hiring!
There are open positions at the Ohio Department of Insurance (ODI)!
Enjoy fulfilling work in one of the state's most important industries while making a difference for Ohioans!
Join #TeamODI #TeamOhio!
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NAIC Home Inventory App: Track Possessions, Simplify Claim Filing
The NAIC Home Inventory App allows you to quickly capture pictures of belongings and group them by room or category. Scan barcodes for accurate information about your items and export your inventory at any time. And if you need to file an insurance claim, the app provides details about steps to take and useful resources to help you through the claims process.
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The 988 Lifeline provides 24/7, free, and confidential support for people in distress, prevention and crisis resources for you or your loved ones, and best practices for professionals in the United States. Text 988 or CHAT WITH THE 988 LIFELINE.
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