About Ohio Insurance Laws, Health Insurance and Regulations…
Ohio is home to a robust insurance industry that is capable of meeting the needs of the state’s consumers. The industry provides various forms of protection for consumers and businesses alike, ensuring that these parties are protected against financial loss in some degree. In order to operate effectively, the Ohio insurance industry must adhere to a strict set of regulations. These regulations are enforced by the Ohio Insurance Department. Companies that do not comply with the state’s regulations run the risk of losing their license to do business within Ohio as well as face serious fines and potential legal action.
All drivers in Ohio are required to carry auto insurance coverage for their vehicles. This coverage comes in a variety of forms, some of which is determined on the type of vehicle that is being covered. The Ohio Insurance Department has established a minimum level of insurance coverage drivers may carry for their vehicles. This coverage must account for: $12,500 bodily injury coverage per person; $25,000 bodily injury coverage for an accid
ent involving two or more people; and $25,000 property damage coverage. Drivers are not required to carry personal injury protection (PIP) coverage.
According to the Ohio Insurance Department, the average cost of auto insurance coverage in the state is $1,418.
As in other states, Ohio homeowners insurance is not mandatory. Those with property are encouraged to protect their homes with some form of insurance coverage in order to mitigate the impact of natural disasters. The Ohio Insurance Department enforces regulations that are meant to govern the property insurance sector, ensuring that insurers do not take advantage of consumers and that property insurance rates remain at a reasonable level.
Ohio is home to more than 11 million people. Approximately 11% of the state’s total population currently has no health insurance coverage. For many, health insurance is simply too expensive and some consumers cannot justify the cost. The uninsured may find some relief when the state establishes a fully functional health insurance exchange by 2014. The exchange is meant to provide consumers with access to affordable, yet comprehensive insurance plans that are suited for their needs.
Insurance News Update: Ohio has determined that it will partner with the federal government for the formation of an exchange program. Through this partnership, both parties will be responsible for the development and governance of t he exchange. According to Ohio law, health insurance policies that are sold through the exchange cannot provide coverage for abortions, the exceptions being in cases of rape, incest, or to prevent the death of a pregnant woman.
Ohio Insurance Resources:
Ohio Insurance Commissioner: Jullian Froment
Ohio Department of Insurance Website: http://www.insurance.ohio.gov/Pages/default.aspx
Ohio Insurance Licensing Info: http://www.insurance.ohio.gov/Agent/Pages/renewlicense.aspx
File Insurance Complaint: http://www.insurance.ohio.gov/Consumer/OCS/Pages/ConsCompl.aspx
