Substitute Senate Bill 273 Summary

• Establishes comprehensive cybersecurity standards for Ohio insurance licensees, requiring development and maintenance of written information security programs based on risk assessments to protect nonpublic information.

• Mandates licensees notify the Superintendent of Insurance within three business days of determining a cybersecurity event has occurred that materially harms consumers or operations.

• Creates new "domestic surplus lines insurer" designation allowing domestic insurers with minimum $15 million capital and surplus to write surplus lines insurance under specific conditions.

• Defines "insurance rating agency" to include A.M. Best, Demotech, and nationally certified rating agencies meeting specified approval process requirements.

• Modifies policy cancellation requirements for commercial property, fire, casualty, and medical malpractice insurance, and establishes new regulations for motor vehicle ancillary product protection contracts requiring reimbursement insurance policies.