Substitute Senate Bill 175 Summary

• Amends Ohio insurance laws and creates new pet insurance regulations (sections 3970.01-3970.08) covering policy disclosures, waiting periods, preexisting conditions, wellness programs, and agent training requirements

• Modifies insurance regulations related to regulatory restriction inventories, health insurance coverage requirements, unfair trade practices, and licensing enforcement procedures for agents and viatical settlement providers

• Changes assigned risk insurance plan provisions to permit direct issuance of policies and require agent registration procedures

• Reduces insurance tax rates for domestic insurance companies by excluding bail bond premiums and adjusting franchise tax calculations, effective for annual statements filed in 2021 and thereafter

• Directs the Superintendent of Insurance to amend regulatory restriction inventories to remove restrictions necessary for National Association of Insurance Commissioners' accreditation compliance