Ohio Recognized As Having Some of The Top Countrywide Insurance Companies

COLUMBUS - Following a rigorous on-site review of its staff, procedures and performance, the Ohio Department of Insurance has been recognized as one of the top insurance agencies in the country. Governor Bob Taft and Director Lee Covington during an Employee Recognition Ceremony today recognized Department employees who were recently awarded some of the highest scores in the nation by a National Association of Insurance Commissioners (NAIC) Accreditation Review Team. In July, the Ohio Department of Insurance underwent an accreditation review by a Review Team appointed by the NAIC. The NAIC Accreditation Review Team awarded the Department some of the highest scores in the country, including the highest score ever given for quality of staff. When compared to other states with a similarly sized insurance markets, Ohio ranked first in the nation for its financial analysis process, surveillance of troubled companies, and overall average. The Department was the second-highest rated state insurance agency in the area of examinations.

The record high scores validate the significant effort undertaken over the past two years to reorganize and retool the Department's financial regulation function, which is responsible for effectively and efficiently monitoring the corporate and financial affairs of approximately 1,800 insurance companies licensed in Ohio. Under the guidance of Director Covington and Assistant Director Barry Ward, the Department set out to establish a financial solvency regulation process that would serve as a model for other departments in terms of financial examinations, analysis of regulated insurers, communication with other states, and procedures for identifying and addressing troubled insurance companies. The goal of this effort has been to give the citizens of Ohio confidence in the important oversight work of the agency. "This department has now been recognized as one of the top state insurance agencies in the country," Governor Taft told employees at the Department employee recognition event. "When I appointed Director Covington, I asked him to raise the bar, and all of you have worked hard for the past two years to clear that bar. You now set the standard for state insurance agencies across the nation."

"One of the first goals we established when I joined Governor Taft's administration was to create one of the best financial surveillance systems in the country," said Covington. "After a lot of hard work and perseverance, and with strong support from the Governor and legislature, everyone involved in our financial surveillance process did their part to take the Department to this level of achievement." The mission of the Department of Insurance is consumer protection through financial solvency regulation, market conduct regulation and consumer education. "When Governor Taft gave me the honor of leading this great Department, he said he wanted to ensure that every Ohioan had confidence that this agency was protecting their interests," Covington said. "This accreditation score means that Ohioans can be certain that this agency is among the best in the nation at protecting its insurance consumers. We can say with confidence and with independent confirmation that we provide the highest level of protection available in the country. I am proud to recognize all the individuals in the Department who have played such key roles in our collective success."