The Ohio Department of Insurance issued Bulletin 2020-08 which states that the Superintendent of the Department has determined that it is in the public interest to issue temporary resident agent licenses, due to the Stay at Home Orders issued by the Director of the Ohio Department of Health.
The Ohio Superintendent of Insurance issued Bulletin 2020-03 and ordered and directed all health plan issuers, and other entities transacting the business of insurance in the State of Ohio, or that are subject to the jurisdiction of the Superintendent, to comply with new requirements during the COVID-19 state of emergency.
The Ohio Superintendent of Insurance issued Bulletin 2020-05 and ordered and directed all health plan issuers, and other entities transacting the business of insurance in the State of Ohio, or that are subject to the jurisdiction of the Superintendent, to comply with new requirements during the COVID-19 state of emergency.
The Ohio Superintendent of Insurance issued Bulletin 2020-06 and ordered all insurers providing automobile insurance policies in the State of Ohio to temporarily suspend certain actions that they would otherwise be permitted to take due to the expiration of the driver license of a named insured or other covered family member.
The Ohio Superintendent of Insurance issued Bulletin 2020-04 and ordered all third party administrators, including pharmacy benefit managers, health insurance companies, and other entities licensed pursuant to the laws of Ohio relating to insurance to suspend pharmacy audits during this state of emergency.
Tom Szykowny and Anthony Spina, partners in the Vorys Columbus office, co-authored an article for the FORC Journal of Insurance Law and Regulation(Vol. 28 Edition 3 - Winter 2017) titled “Insurance Agents Held To Be Employees for ERISA Purposes.”
On November 1, 2016, the Internal Revenue Service (IRS) issued Notice 2016-66. The Notice designates certain so-called “micro-captive” insurance company transactions as “transactions of interest” for purposes of Treas. Reg. Sec. 1.6011-4(b)(6), Code Sec. 6111, and Code Sec. 6112.
Now that Ohio’s Captive Insurance Legislation is effective, companies are likely thinking: “What are my next steps?” Each Captive is unique and its creation and operation will depend on a number of factors, including the business purpose behind forming the Captive. A company considering the use of a Captive will need to weigh the positives and negatives associated with forming and operating a Captive.
Substitute House Bill Number 117 (Ohio’s Captive Legislation) will become effective mid-September 2014. Ohio’s Captive Legislation creates a regulatory scheme that permits the formation in Ohio of pure captives (a captive that insures only the risks of its parent and affiliates), protected cell captives (a captive that is made up of separate segregated cells that each contain their own assets and liabilities) and a special purpose financial captive. This alert will focus only on pure captives, but we are available to answer any questions you may have regarding protected cell captives and special purpose financial captives.