Product Regulation and Actuarial Services provides basic consumer protections and performs regulatory duties required to ensure that insurance products sold in this state comply with Ohio insurance law. Regulatory goals of Product Regulation and Actuarial Services include increasing the quality, affordability, and availability of insurance and related products for Ohio consumers; ensuring the financial stability of companies selling these products; and supporting a competitive insurance market.
Ohio law provides consumers with the opportunity to request an independent external review for denial, reduction, or termination by their health plan of certain health care services. Product Regulation and Actuarial Services administers the Ohio health external review program to ensure thorough and timely resolution of external review appeals for Ohio consumers.
Life and Health is responsible to review contractual provisions and rates for life, annuity, and health insurance products marketed to Ohio consumers. Policy forms and all health insurance rates are reviewed to ensure they comply with Ohio and federal laws. Life and Health also licenses multiple employer trusts, small employer health care alliances and health insuring corporations (also known as HMOs), and accredits independent review organizations.
Property and Casualty is responsible to review policy forms, endorsements, and manual rules and rates for products marketed to Ohio consumers by Ohio licensed property and casualty insurers. Review standards include ensuring that policy language is understandable to consumers and that rates are not excessive, inadequate, or unfairly discriminatory. Property and Casualty also administers Surplus Lines registration and reporting.
Product Regulation and Actuarial Services staff applies Actuarial Standards of Practice to determine whether rates are actuarially sound and to value domestic life insurance company reserve liabilities.