Amendments to Ohio’s Hazardous Financial Condition Rule are finalized. The amendments to Ohio Administrative Code 3901-3-04 are aimed at facilitating the Ohio Department of Insurance’s surveillance of the financial condition of insurers. While the rule changes are philosophically consistent with the NAIC approach, the proposed revisions do not specifically track the relevant NAIC Model Regulation. The amendments codify specific “tests” currently utilized by the Department.
The amendments to OAC 3901-3-04 became effective on July 10.