Ohio HB792 regulates surplus lines insurers, requiring due diligence and acknowledgment from insureds.

Ohio HB792 amends the state's insurance laws to regulate surplus lines insurers. It mandates that surplus lines brokers must complete due diligence before placing insurance with unauthorized insurers. This includes contacting at least five authorized insurers. Brokers must obtain a signed statement from insureds acknowledging the insurer's unauthorized status and the lack of benefits from the Ohio insurance guaranty association in case of insolvency.

Ohio HB792 regulates surplus lines insurers, requiring due diligence and acknowledgment from insureds.

Ohio HB792 amends the state's insurance laws to regulate surplus lines insurers. It mandates that surplus lines brokers must complete due diligence before placing insurance with unauthorized insurers. This includes contacting at least five authorized insurers. Brokers must obtain a signed statement from insureds acknowledging the insurer's unauthorized status and the lack of benefits from the Ohio insurance guaranty association in case of insolvency.