Report Report - Ohio Department of Insurance - State of Ohio

Department Areas
Information and Technology Division
The Information and Technology (IT) Division assists the Department in achieving its regulatory oversight
responsibilities through the application of technology. IT designs, implements and maintains computer
programs and applications, and maintains the technology infrastructure that assists the Department in
achieving its goals. IT also administers the Department’s telecommunications system. In addition, the
office produces the Department’s user-friendly web site that offers consumers, insurers, and agents online
services 24-hours a day.
Risk Assessment Division
The Risk Assessment Division monitors the financial solvency of insurance companies licensed in the state
of Ohio. The professionals in this division review financial statements of every company licensed in Ohio
and complex transactions to ensure that insurance companies are safe, sound and have enough money
to pay claims filed by consumers. The professionals in this division closely monitor the financial condition
of insurance companies doing business in Ohio by conducting in-house analyses of financial statements
and all other supplemental filings made by insurers. Risk Assessment professionals also monitor insurers’
statutory and solvency compliance on an ongoing basis and conducts periodic on-site field examinations.
The Risk Assessment Division has five main areas: Domestic Company Analysis, Foreign and Alien
Company Analysis, Financial Condition Examination, Licensing and Administration and Market Conduct.
Domestic Company Analysis Unit
Domestic Company Analysis monitors the risk profile, financial condition and operating performance
of insurance companies transacting business in Ohio using risk and company ratings processes.
This unit updates each insurer’s risk and company ratings quarterly based on an assessment and
evaluation of corporate governance and other qualitative and quantitative measures. Based on
each insurer’s risk and company ratings, the Domestic Company Analysis Unit works to allocate
resources and develop a surveillance strategy, including timing and nature of full scope and limited
scope examinations. The unit is also responsible for reviewing financial transactions such as mergers,
acquisitions, re-domestications, dividends, reinsurance agreements and inter-company agreements.
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www.insurance.ohio.gov