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In the ever-evolving landscape of insurance regulation, staying informed is not just beneficial—it’s essential. Partner Richard Rezie presents a comprehensive overview of Ohio’s Unfair Claims Practices regulations, including recent legal developments, compliance requirements, and best practices for claims adjusters handling various types of insurance claims.
What’s Covered:
- Recent Judicial Developments
- The Sherwin-Williams Company v. Certain Underwriters at Lloyd’s London, et al.
- The implications of the Supreme Court’s holding that payments to prevent future harm, rather than compensate for past harm, do not qualify as damages covered by liability insurance.
- Regulatory Framework
- Detailed overview of Ohio Revised Code 3901.20-22
- Examination of OAC 3901-1-54: Unfair Property/Casualty Claims Settlement Practices
- Compliance and Best Practices
- Critical timelines for claim acknowledgment, investigation, and settlement
- Documentation requirements and retention policies
- Strategies for effective communication with claimants
- Specialized Claim Handling
- Protocols for fire and extended coverage policies
- Nuances in auto claims processing for both first and third-party claimants
- Risk Mitigation Strategies
- Identifying and avoiding potential unfair practices
- Proper drafting of denial and reservation of rights letters
- Regulatory Interaction
- Procedures for Department of Insurance communications
- Fraud reporting obligations and protections
Questions? Contact Rich Rezie.