OH HB122

Exempts surplus lines insurance from Ohio regulation when the insured's home state is outside Ohio, in compliance with the federal Nonadmitted and Reinsurance Reform Act of 2010

Defines "home state" as where an insured maintains its principal place of business or principal residence, with exceptions for out-of-state risks and affiliated groups

Establishes "exempt commercial purchaser" status for entities meeting financial thresholds ($100,000+ in annual premiums, $20+ million net worth or $50+ million revenue) that employ qualified risk managers, allowing streamlined insurance procurement without standard due diligence requirements

Modifies surplus lines broker licensing requirements, due diligence procedures, and reporting deadlines, allowing the superintendent to enter multi-state compacts for tax compliance and eligibility determination

Exempts certain entities including political subdivisions, captive insurers, and hospitals from the 5% tax on unauthorized insurance premiums