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Ohio Insurers by Classification
According to the Ohio Department of Insurance (ODI), 1,693 insurance
companies market insurance products in the state, 55 fewer than
reported in the 2003-04 edition of Ohio Insurance
Facts. Part of
the decrease is due to the fact that home warranty companies are
no longer regulated by the ODI.
There are three types of insurance
company classifications:
- Domestic (Ohio)—referring to an insurance
company having its home office within the state.
- Foreign—referring to an insurance company
whose home office is located elsewhere in the US.
- Alien—referring to an insurance company
domiciled outside the US.
Ohio has one of the most competitive environments for conducting
insurance business, which benefits the consumer. There are 277 insurance
companies domiciled in Ohio. Click here
for a complete list of the state’s domiciled P/C companies.
This chart provides a look at the number of insurance companies
by type licensed in the state as of May 2005.
Source: Ohio Department of Insurance, as of 5/05
Special notes regarding chart: There have been changes in ODI
classifications of insurance companies since previous published
lists. “Accident
Assessment” companies are now known as “Mutual Protective
Associations—Life & Health” and are regulated
under Ohio Revised Code (ORC) Section 3919. “Fire Assessment”
companies are now known as “Mutual Protective Associations—Property”
and are regulated under Ohio Revised Code Section 3939. “Fraternals,”
also known as “Fraternal Benefit Societies,” are regulated
under Ohio Revised Code Section 3921. Examples of licensed fraternal
organizations include the Catholic Knights of Columbus and the
Lutheran Brotherhood. The “Health Insuring Corporation” category
includes all HMOs other than those considered “Casualty/HMOs”. “Casualty/HMOs”
are now listed under “Property & Casualty.” This
includes prepaid dental plans, dental care plans and health care
corporations. These are regulated under Ohio Revised Code Section
1751. “MEWAs” are also known as “Multiple Employer
Welfare Arrangements.” They are employee benefit programs,
usually focusing on health benefits. These are regulated under
ORC
Section 1739.
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According to the National Association of Insurance
Commissioners, there were 3,330 P/C companies in the US in 2002,
compared with 3,188 in 2001. Many are parts of larger organizations.
(Insurance Information Institute, Fact
Book 2005) |
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