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FR limits to increase in December 22, 2013

Reminder: Provisions of FR Bill Take Effect March 22

Ohio's financial responsibility (FR) limits will increase to 20/50/25 on all policies issued or renewed on or after Dec. 22, 2013

March 22, 2013
House Bill 278 officially takes effect March 22, and with that, several provisions will kick in which may result in your carriers making changes.

HB 278 removes the requirement that rating territories be based upon municipal boundaries, meaning that carriers can now charge differing rates within a municipal boundary, as long as the rates are not excessive, inadequate, or unfairly discriminatory. Carriers can choose to define territories in ways such as zip codes, city names, village names, etc. The rating change takes effect March 22.

Another provision of HB 278 that takes effect March 22 prohibits an auto insurance policy from excluding intra-family claims involving wrongful death. The bill requires all insurers in Ohio to cover the death of a family member of the insured either under the liability coverage or uninsured driver policy. The insurer is permitted to decline coverage only under one of those policies. This restriction applies to motor vehicle insurance policies issued or renewed in Ohio on or after March 22. A policy in effect immediately prior to March 22 shall remain in effect for the remainder of the term of that policy.
Posted 10:17 AM

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