Report Report - Ohio Department of Insurance - State of Ohio

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Department Areas Risk Assessment (Continued) Financial Condition Examination Unit The Financial Condition Examination Unit conducts on-site financial examinations of insurance companies that are domiciled in Ohio. Ohio law requires a financial examination be conducted on licensed companies at least once every five years. However, the Financial Condition Examination Unit’s risk based analysis determines the frequency of examinations based on an insurer’s performance and risk management practices. This analysis allows the Department to focus its resources on those companies with the highest degree of regulatory concern. Foreign and Alien Company Analysis Unit The Foreign and Alien Company Analysis Unit is responsible for determining and implementing the appropriate regulatory course of action for companies with weak performance, inadequate risk management practices, and a higher degree of regulatory concern. The professionals in this unit facilitate communications with certain internal and external stakeholders about regulatory actions taken or planned, including requiring a corrective action plan from companies with a higher risk of failure and monitoring the board’s and senior management’s implementation of the corrective actions. Licensing and Administration Unit The Licensing and Administration Unit has varying responsibilities including surveillance technology and automation enhancements, fiscal support and company licensing. Market Conduct Unit The Market Conduct Unit monitors insurers’ compliance with Ohio insurance laws and regulations by examining companies’ business practices, such as underwriting, marketing and claims handling. The professionals in this unit are responsible for gathering industry information from a variety of sources, including consumer complaints, company filings, National Association of Insurance Commissioners (NAIC) databases, and analyzing that information to determine which companies need further scrutiny to determine their compliance with Ohio law. 12 www.insurance.ohio.gov
Department Areas Human Resources and Fiscal Services Division The Human Resources and Fiscal Services Division administers several programs that benefit the health, safety and security of Department employees. Overall administrative services are provided in the areas of security, systems operation and maintenance, and the continual development of the internal auditing control program. Fiscal Unit The Fiscal Unit operations provides accounting and budgeting services. The professionals in this unit prepare the Department’s budget, manages revenue, monitors expenses and payroll, administers grants and workflow for purchases and travel reimbursements and deposits securities. The professionals in this unit are also responsible for the Department’s inventory control, fleet management and mail operations. Human Resources Unit The Human Resources Unit directs and coordinates all personnel and labor relations activities, so that the Department can attract, develop and retain quality personnel in a positive work environment that contributes to effective and efficient departmental operations. Activities of this unit include recruiting, selecting, hiring and training employees, EEO/AA programs, overseeing payroll processing and benefits for Department employees, administering the collective bargaining agreement, responding to grievances, mediating and arbitrating disputes, and developing human resource policy. 13 www.insurance.ohio.gov
Page 1 and 2: 2008 Annual Report Ted Strickland G
Page 3 and 4: Table of Contents About the Directo
Page 5 and 6: About The Ohio Department of Insura
Page 7 and 8: Department Areas Product Regulation
Page 9 and 10: Department Areas Fraud, Enforcement
Page 11: Department Areas Information and Te
Page 15 and 16: Key Department Staff Craig Predieri
Page 17 and 18: Key Department Staff Michelle Brugh
Page 19 and 20: Accomplishments Department Unveils
Page 21 and 22: Accomplishments Director Hudson Opp
Page 23 and 24: Accomplishments Department Investig
Page 25 and 26: Company Financial Information Fire
Page 27 and 28: Fire and Casualty Companies Summary
Page 49 and 50: Health Insuring Corporations Summar
Page 51 and 52: Life Insurance Companies Summary Fi
Page 57 and 58: Multiple Employer Welfare Arrangeme
Page 59: Title Companies Summary Financial I

Report Report - Ohio Department of Insurance - State of Ohio

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