What is required of insurers regarding the Ohio Life and Health Insurance Guaranty Association?

Insurers in Ohio are required to create a disclosure document that informs policyholders about the Ohio Life and Health Insurance Guaranty Association. This document is crucial as it outlines the protections available to insured individuals in the event that an insurance company becomes insolvent. The disclosure serves to educate consumers on how the Guaranty Association can help safeguard their insurance coverage and claims.

Providing this information ensures that consumers are aware of their rights and the financial safety net available to them, which is a key aspect of transparency in the insurance industry. This requirement helps to foster trust between insurers and consumers by ensuring that policyholders have access to vital information regarding the stability of their insurance policies.