Changes to the laws in the state could help to boost competition and strength while boosting protection for consumers.
According to Mary Taylor, the director of the Ohio Insurance Department, as well as its Lieutenant Governor, the latest reforms to the insurance laws in the state could be exceptionally helpful for the maintenance of that industry’s strength and competition, and it may also bring additional protections to consumers.
Senate Bill 140 is now also ready for the Governor, John Kasich’s signature.
Once the Governor signs that bill into a law, it will require Ohio insurance companies to provide consumers with a single page summary of everything that is included within the policy. This is meant to help to ensure that consumers have a more complete understanding of what is and what is not covered by the policies that they have purchased. It is a step being taken by a number of states across the country, particularly those that were affected by Superstorm Sandy.
That devastating storm made it clear that Ohio insurance policyholders didn’t completely understand their coverage.
By adding this provision, it is hoped that it will become much simpler for people in the state to be able to understand exactly what their policies are covering. It requires insurance companies to offer this page to their customers in a clear and well-written way that avoids the use of industry terms and legal jargon that could otherwise cause confusion. The point is to increase the level of clarity.
This bill will also make it possible for consumers to be able to obtain secure access to digital forms of their policy information such as over their laptops, smartphones, or tablets. This would include being able to gain access to the wording of their policy, as it is, or to receive updates with regards to any changes that will be made to the coverage that they are receiving.
The reforms to the Ohio insurance law also include certain provisions that ensure the state’s national accreditation by updating the provisions that have to do with the risk self-assessment conducted by insurers, as well as for reinsurance credit, model holding companies, and even the types of investments that providers are allowed to make.