Senate Bill 140, introduced by State Senator Kevin Bacon (R-Minerva Park), was signed into law today by Governor Kasich. Senate Bill 140 will enact sweeping reforms to Ohio’s insurance industry by freeing up large amounts of capital for investment, bringing off-shore re-insurance companies under the jurisdiction of the Ohio Department of Insurance, bolstering consumer protections, and stabilizing rates. Provisions in the law also allow Ohio to maintain its accreditation with the National Association of Insurance Commissioners (NAIC).

The law will further permit the use of electronic documents for insurance purposes, so that business can be conducted electronically. Additionally, the law allows companies to provide a one-page summary of a consumer’s insurance policy.

“Insurance documents are complex,” said Senator Bacon. “This bill allows companies to provide the tools necessary for Ohioans to understand their policies, while strengthening government oversight and keeping rates low.”

With the signing of Senate Bill 140 into law, Ohio will be consistent with the most recent version of the NAIC Model Holding Company Act, which will give the Ohio Department of Insurance more authority in reviewing financial transactions. Increased transparency between the department and insurance companies improves the solvency of insurance providers as well as allows the department to more accurately monitor the providers. Increased solvency will result in more stable financial premiums to consumers as well as increased availability of products.

“Senate Bill 140 is long overdue and badly needed,” said Senator Bacon. “It will impact Ohio citizens across the state and strengthen our insurance market.”

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