The bill amends section 3937.26 and enacts section 3937.261 of the Revised Code to establish new time frames and requirements for insurance policy nonrenewal notifications. Specifically, it changes the notification period from thirty days to sixty days prior to the expiration date of the policy. Insurers are now required to send a written notice of their intention not to renew the policy to both the insured and their agent, and this notice can be sent electronically if the insured has agreed to such communication. The notice must include the policy number, date of the notice, expiration date, and either an explanation for the nonrenewal or a statement that such an explanation will be provided upon request.

Additionally, if the notice is sent less than sixty days before the policy's expiration, the insured's coverage will remain in effect for an additional sixty days unless the insured accepts the nonrenewal. The bill also repeals the existing section 3937.26, consolidating the nonrenewal requirements into the newly enacted section 3937.261. These changes aim to provide clearer communication and more time for insured parties to prepare for policy nonrenewals.

Statutes affected:
As Introduced: 3937.26