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Product Regulation and Actuarial Services
Property and Casualty is responsible for the review of policy forms, endorsements, and manual rules and rates for products marketed to Ohio consumers by Ohio licensed property and casualty companies. Rates, by law, cannot be excessive, inadequate, or unfairly discriminatory and consumers must be able to understand the policy language. Actuarial standards of practice are used to determine whether rates are in compliance.
Life and Health is charged by statute to review the contractual provisions of all Ohio-licensed life and health and accident policies to ensure they are in compliance with Ohio and federal laws. Along with policy and rate review, the office also licenses multiple employer trusts, alliances and health insuring corporations - also known as HMOs, and accredits independent review organizations.
Staff verify that rates are actuarially sound, values the reserve liabilities for domestic life insurance companies, ensures that contracts adhere to state and federal laws and regulations, and provides guidance to the industry and legislature on life and health insurance issues.
Property and Casualty
Life and Health
Ohio Department of Insurance
50 W. Town Street
Third Floor - Suite 300
Columbus, Ohio 43215