Ohio Department of Insurance – Month in Review

Uncategorized  |  July 1, 2020

Working to Maintain Ohio’s Financially Sound Insurance Marketplace

By Jillian Froment, Director of the Ohio Department of Insurance

In the early days of the COVID-19 pandemic, the Ohio Department of Insurance took prompt action with a focus on consumer protection and regulatory flexibility. Quick action was needed to help Ohioans get through a challenging time. Throughout the process, our department collaborated with state insurance commissioners across the country to ensure that we were using the best data available to protect Ohioans and those relationships continue today as we navigate this uncharted territory.

As state insurance regulators and the National Association of Insurance Commissioners (NAIC) collaborate and share information, we are also monitoring the impact of this pandemic on different insurance product lines, and participating with other states by collecting data that will inform decision-making as we look ahead.

Engagement between regulators and the industry occurs through different channels, such as an NAIC COVID-19 special online session which was held in March. You can find the session archived on the website’s NAIC resources tab. Close to 2,700 industry, stakeholder, and regulator representatives participated. Another big turnout is expected for the NAIC Summer National Meeting, being held in a virtual format allowing for a safer and more engaging experience. The meeting sessions start in late July and continue over three-weeks. This is a great opportunity for those who normally cannot attend NAIC national meetings to be a part of the process.

Maintaining a financially sound insurance marketplace is one of the best ways to protect consumers. We will continue a thorough approach in our regulation of one of the strongest and most competitive insurance markets in the country – and communicate our activities. As always, if you have information to share, or feel there is something we can do better, please let us know.

What Business Income Loss Coverages Are Available?

Businesses face risks every day, and insurance is one of the most common ways to manage them. An important coverage for companies is business income loss insurance, also known as business interruption coverage. This provides coverage for lost income when a business is forced to close. Often this is due to property damage or physical damage resulting in loss of use to the insured premises.

Tips for Businesses When Purchasing Cyber Insurance

Cyber insurance is one option that can help businesses protect against losses resulting from a cyberattack. If you’re thinking about cyber insurance, discuss with your insurance agent what policy would best fit your company’s needs.

License Renewal and Continuing Education Relief During COVID-19 Emergency

On Friday, March 27, 2020, Governor DeWine signed House Bill 197 which includes many provisions intended to respond to the ongoing COVID-19 pandemic. This bill includes relief to insurance license-holders whose license expires during the state of emergency declared by the Governor through Executive Order 2020-01D, issued March 9, 2020. In order to implement this provision, the following information applies to any individual or business entity that holds an active license with the Ohio Department of Insurance.

Health Insurance Options for Ohioans During the COVID-19 Pandemic

During this pandemic, a record number of Ohioans have lost their jobs, and for a number of them, that has resulted in the loss of their health insurance. While other Ohioans that were uninsured may now want to sign up for health insurance. This column by Director Froment outlines coverage options and provides tips on how to secure health insurance.

Protect Yourself and Property From Severe Thunderstorms

In coordination with the National Weather Service, the Ohio Committee for Severe Weather Awareness, which includes the Ohio Department of Insurance, encourages all Ohioans to know what to do before, during, and after thunderstorms, and to practice severe weather safety and preparedness throughout the summer. Also, be sure to conduct an insurance review!

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OSHIIP Providing Virtual Counseling Appointments to Ohio Medicare Beneficiaries 

To combat the challenge of restricted in-person events due to COVID-19, the department’s Ohio Senior Health Insurance Information Program (OSHIIP) is providing virtual counseling appointments to help consumers apply for assistance programs and compare plans that meet their unique needs. Participants must have internet and video capability. Consumers may register for an appointment by calling the OSHIIP hotline at 800-686-1578 or by email at oshiipmail@insurance.ohio.gov. OSHIIP hours are 7:30 a.m. to 5 p.m. Monday to Friday.