The bill amends various sections of the Revised Code and introduces a new section focused on insurance transactions, particularly addressing electronic signatures, the Ohio assigned risk insurance plan, and the regulation of repair facilities. It establishes new definitions and requirements for repair facilities, prohibiting them from imposing contractual obligations that interfere with insurance policies or legal actions. Violations of the new section 1345.82 will be classified as unfair or deceptive acts under existing consumer protection laws. Additionally, the bill allows insurers to use electronic signatures to fulfill signature requirements, enhancing efficiency in insurance documentation.

Moreover, the bill outlines operational requirements for captive insurance companies, including the need for detailed coverage descriptions and proposed rates to be submitted for approval to the superintendent, with a thirty-day review period for any material changes. It also revises the definition of "storage facility" to encompass any location charging fees for vehicle storage, while excluding certain entities like motor vehicle dealers. The bill repeals several existing sections of the Revised Code related to towing and storage services, aiming to streamline regulations and clarify the responsibilities of insurance companies and towing services in disputes over charges.

Statutes affected:
As Introduced: 1345.02, 3901.046, 3964.03, 3964.194, 4509.70, 4513.70