Welcome to the Business Journal Archives
Search for articles below, or continue to the all new BusinessJournalDaily.com now.
Search
Ohio’s Insurance Regulatory Environment Gets A+
COLUMBUS -- The Ohio Department of Insurance has earned a grade of A+ from the R Street Institute, a national public policy research and educational institution. 2012 marks the second consecutive year the Buckeye State has earned the distinction.
The study analyzed the state-based U.S. insurance regulatory system, examining which states are doing the best job of regulating property and casualty insurance products – for example, homeowners and auto coverage -- through limited, effective and efficient government. Ohio was one of three states to earn a superior grade and finished tied with the second-highest overall score.
“Our focus at the Ohio Department of Insurance is to maintain a predictable, stable and competitive marketplace that benefits Ohio insurance consumers," said Lt. Gov. Mary Taylor, director of the Ohio Department of Insurance. This emphasis has produced some of the lowest homeowners and auto insurance rates in the country. We are very happy with Ohio’s ranking in this year’s study and we will continue to focus on consumer protection while ensuring common sense regulation of Ohio’s insurance industry.”
The report card measures how well states are monitoring insurer solvency and policing fraud, how efficiently they are spending the insurance taxes and fees they collect, how competitive their home and auto insurance markets are, the degree to which they permit insurers to adjust rates and employ rating criteria as they see fit, and finally, the transparency and politicization of insurance regulation in the states.
Published by The Business Journal, Youngstown, Ohio.