SB102 Summary

• Exempts surplus lines insurance from Ohio regulation when Ohio is not the insured's "home state," defined as where the insured maintains its principal place of business or principal residence.

• Establishes the definition of "exempt commercial purchaser" based on criteria including net worth exceeding $20 million, annual revenues over $50 million, 500+ employees, or $100,000+ in annual commercial insurance premiums, with ability to procure unauthorized insurance without due diligence requirements.

• Modifies due diligence requirements for surplus lines brokers and agents, allowing exemptions for exempt commercial purchasers and risk retention groups, with required written disclosure and acknowledgment from insureds.

• Changes reporting and tax filing deadlines from January 31 to March 31 for surplus lines brokers and permits alignment with multi-state agreements or compacts established by the superintendent of insurance.

• Adds exemptions from surplus lines tax for political subdivisions and their combinations, and grants superintendent discretion to waive penalties for first-time inadvertent nonpayment of unauthorized insurance taxes.