COLUMBUS – Lieutenant Governor and Department of Insurance Director Mary Taylor today announced a rule change effective Jan.1, 2013 lowering the fee Ohio-licensed insurance agents and agencies pay to have their license renewed late or reinstated by the state.
“After evaluating the impacts of Ohio’s new agent licensing law, we have determined a reduced fee structure is fair and reasonable,” Taylor said. “These are positive changes that will help protect and maintain Ohio’s competitive insurance market.”
The fee Ohio-licensed agents and agencies will pay for renewing their license late decreases from $100 to $50. For license reinstatement, the fee drops from $300 to $100. There is a 30-day timeframe from the original license expiration date to renew before the license then needs reinstated within a year for $100.
Agents and agencies that hold major line, limited line and/or title insurance licenses are required to renew their license every two years. All other types of license must be renewed annually. In addition, agents and agencies are required to notify the Department of biographical changes within 30 days of taking place. The changes can be submitted electronically via the Department’s website at www.insurance.ohio.gov.
Taylor, also the Director of Ohio’s Common Sense Initiative, announced the agency has established a system allowing agents and agencies to print their own licenses and continuing education transcripts.
“As the Director of Ohio’s Common Sense Initiative, I am always looking for opportunities to cut government spending and create efficiencies,” Taylor added. “That is why I am pleased with the launch of our new and secure web-based system allowing agents and agencies to print their licenses and continuing education transcripts.”
A review by the Department found that utilizing web-based technology allowing agents and agencies to print their Ohio insurance licenses or continuing education transcripts from the Department’s website will save the state time and resources. The documents can be immediately downloaded online at www.insurance.ohio.gov in a secure PDF format then printed or saved to a computer.