The bill amends section 3905.33 and enacts section 3905.333 of the Revised Code, focusing on regulations for surplus lines insurers in Ohio. It specifies that no licensed person may engage with unauthorized insurers unless certain conditions are met, including due diligence requirements. The bill introduces a new provision that allows surplus lines brokers to bypass these due diligence requirements for insurance coverages or classes listed on an "export list," which will be maintained by the superintendent of insurance. The superintendent is tasked with creating and periodically reviewing this export list based on market conditions and input from various stakeholders.

Additionally, the bill outlines the process for individuals to request changes to the export list and clarifies that the superintendent and the department of insurance will not bear liability for actions taken under this new section. The existing section 3905.33 is repealed, streamlining the regulations surrounding surplus lines insurance and enhancing the ability of brokers to operate in the market without unnecessary barriers when dealing with specific coverages.

Statutes affected:
As Introduced: 3905.33