Legislative Service Commission
Sub. H.B. 300
128th General Assembly
(S. Insurance, Commerce and Labor)
Excludes from the franchise tax calculation for a domestic insurance company's health insuring corporation line of business payments received pursuant to the Medical Assistance Program (Medicaid) for the period ending September 30, 2009.
Transfers from the Board of Directors of the Ohio Health Reinsurance Program to the Superintendent of Insurance the authority to design Ohio Health Care (OHC) plans (OHC plans in effect as of June 1, 2009, remain in effect until those plans are amended or new plans are adopted in accordance with the bill).
Adds to the list of "company action level events" upon which a health insuring corporation or property and casualty insurer must file a risk-based capital (RBC) plan, the filing of an RBC report for the insurer that indicates that the insurer's total adjusted capital is greater than or equal to its company action level RBC but less than the product of its authorized control level RBC and 3.0, and that triggers the trend test determined in accordance with the trend test calculation included in the RBC instructions (effective January 1, 2012, for year-end 2012 results).
Allows the National Association of Insurance Commissioners' (NAIC) amendments to RBC instructions to take effect without the Superintendent of Insurance's adoption of those amended instructions.
Removes the requirement that the annual statement of the condition of an insurance company include a statement from a member of the American Academy of Actuaries certifying that the loss and loss adjustment reserves established for medical malpractice business are computed in accordance with accepted loss reserving standards and are fairly stated in accordance with sound loss reserving principles.
Removes an additional reporting requirement for property and casualty insurers that have annual total direct premiums written in Ohio of $5 million or more.
Health insuring corporations
Changes the method by which a health insuring corporation can deliver certain information to its subscribers by allowing the health insuring corporation to provide subscribers with a document that identifies a web site where the subscriber can view the information instead of providing the information by mail.
The Ohio Life and Health Insurance Guaranty Association
Increases the amount of annuity benefits for which the Ohio Life and Health Guaranty Association may become liable, from $100,000 to $250,000.
Health insurance continuation coverage
Temporarily extends the time after employment during which a person can keep the person's health insurance coverage from 12 months to up to 15 months, dependent on whether federal subsidies are available for the continuation coverage premiums.
Declares an emergency and takes immediate effect.
Delays the effective date of changes to codified law until the 90th day after the bill's effective date.
Requires the Superintendent to include on the Department of Insurance's web site the effective date of any provisions delayed under authority granted to the Superintendent under the House-passed version of the bill.
Revises the time period for which the $10 application fee must be paid from ending on June 1, 2010, to ending on the Superintendent's enforcement of the bill's changes to R.C. 3905.40.