OH SB292

Increases caps on noneconomic damages in tort actions from $250,000 to $415,000 (or 3x economic loss), with maximums raised from $350,000 to $580,000 per plaintiff and from $500,000 to $830,000 per occurrence

Raises the punitive damages cap for small employers and individuals from $350,000 to $580,000

Applies the same increased damage caps to medical malpractice claims, political subdivision liability cases, and state university liability cases

Establishes annual inflation adjustments by the Department of Taxation based on the Consumer Price Index, with calculations due by January 31 and reports transmitted to the General Assembly by February 15 each year

Removes the previous higher cap ($500,000 per plaintiff, $1 million per occurrence) for severe medical malpractice injuries, making those cases subject to no limitation for permanent physical deformity, loss of limb, or permanent functional injury