H.B. 368 Summary

• Amends Ohio Revised Code sections 3956.01 and 3956.04 regarding the Ohio life and health insurance guaranty association's coverage of policies and contracts issued by impaired or insolvent member insurers.

• Revises the definition of "resident" to clarify that U.S. citizens residing in foreign countries or U.S. possessions without similar guaranty associations are considered residents of the insurer's domicile state.

• Adds "structured settlement annuity" to the chapter definitions and reorganizes lettering of defined terms (relabeling existing definitions J and K as K and L).

• Clarifies coverage eligibility for structured settlement annuity payees and beneficiaries, extending protection to nonresident payees under specified conditions involving domiciled insurers and state association coverage.

• Repeals existing sections 3956.01 and 3956.04 in their entirety and replaces them with the amended versions.