Bill > SB306

This bill makes several modifications to Ohio's insurance laws, covering a range of topics. It allows insurers to use electronic signatures for official documents, updates regulations for special purpose financial captive insurance companies by providing more flexibility in their accounting practices, and modifies the Ohio assigned risk insurance plan to enhance its operations. The bill introduces new provisions for repair facilities, prohibiting them from requiring consumers to sign contracts that interfere with insurance policies or limit their rights, such as preventing title transfers or demanding legal fees. For towing services and storage facilities, the bill extends the timeframe for insurance companies to file civil actions from 30 to 45 days and mandates that storage facilities release vehicles within two business days after receiving payment of the undisputed bill amount. The legislation also strengthens rules around insurance applications, requiring insurance agents to exercise due diligence when submitting applications to the assigned risk insurance plan and imposing penalties for submitting fraudulent information. Additionally, the bill clarifies definitions, adds protections for consumers, and provides more oversight for insurance-related transactions.

Business and Industry

https://www.legislature.ohio.gov/legislation/136/sb306