HB792
Regards surplus lines insurers
📋 What This Bill Does
The bill seeks to amend regulations regarding surplus lines insurers in Ohio, specifying requirements for insurance placements with unauthorized insurers and creating an insurance export list.
Plain English summary · Non-partisan · Auto-generated
Rationale
The bill aligns with libertarian principles of limiting government intervention in insurance markets and allowing flexibility in insurance placements. However, it falls short in fully embracing free market principles and could impose regulatory burdens on insurance transactions.
Risks and Concerns
- The bill may still restrict the ability of individuals to freely choose insurance providers, especially by maintaining some due diligence requirements.
- Creating an export list could lead to government intervention in determining market conditions, potentially distorting the insurance market.
Platform Citations (2)
2.1 Aggression, Property, and Contract (2_1)
SUPPORTS
The bill aligns with the principle of respecting property rights and freedom to contract in the insurance market.
2.8 Marketplace Freedom (2_8)
NEUTRAL
The bill touches on market freedom in the insurance sector by allowing placements with unauthorized insurers based on the export list.