COLUMBUS – The R Street Institute, a national public policy research and educational institution, issued its 2012 Insurance Regulation Report Card and graded Ohio an “A+”. It’s the second consecutive year Ohio has earned such a high distinction.
“Our focus at the Ohio Department of Insurance is to maintain a predictable, stable and competitive marketplace that benefits Ohio insurance consumers. This emphasis has produced some of the lowest homeowners and auto insurance rates in the country,” Ohio Lieutenant Governor and Department of Insurance Director Mary Taylor said. “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 study, available at www.rstreet.org/policy-study/2012-insurance-regulation-report-card, 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.
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.
Consumers with questions about their insurance can call the Department at 1-800-686-1526 and visit www.insurance.ohio.gov for information. You can follow the Department on twitter @OHInsurance and on Facebook at www.facebook.com/OhioDepartmentofInsurance.