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Thursday, July 24th, 2014
Current Time 7:53:41pm
Sunday, 06 July 2014 08:38

Insurance Changes in Ohio

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Insurers to save $11 million with Ohio rule change
   COLUMBUS, Ohio (AP) - The state says insurance companies are expected to save more than $11 million annually under an Ohio rule change that recently took effect.
 
   The Ohio Department of Insurance says the savings comes after a reduction in the fee companies pay to "appoint" insurance agents who can act on their behalf to sell insurance products.
 
   A rule change that took effect on June 30 cuts the agent appointment fee to $15 from $20.
 
   Insurers mostly pay the agent appointment fee. Though agents also could stand to benefit because insurance companies can pass the cost onto them.
 
   The department trimmed other insurance industry-related fees in 2013, including those for renewing licenses late.
 

Associated Press

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