3901-1-48 "Ohio mine subsidence insurance underwriting association" and "mine subsidence insurance fund" plan of operation.  

  • Text Box: ACTION: No Change Text Box: DATE: 08/19/2016 2:44 PM

     

     

     

    Rule Summary and Fiscal Analysis (Part A)

     

    Department of Insurance

    Agency Name

     

    Tina Chubb

    Division                                                                  Contact

     

    50 W Town Street Suite 300 Columbus OH 43215-0000

    (614) 728-1044     (614)

    644-3742

    Agency Mailing Address (Plus Zip)                                       Phone                     Fax

    tina.chubb@ins.state.oh.us

    Email

    3901-1-48

    Rule Number

    NO CHANGE

    TYPE of rule filing

    Rule Title/Tag Line              "Ohio  mine  subsidence  insurance  underwriting  association"

    and "mine subsidence insurance fund" plan of operation.

    RULE SUMMARY

    1.  Is the rule being filed for five year review (FYR)? Yes

    2.  Are you proposing this rule as a result of recent legislation? No

    3.  Statute prescribing the procedure in accordance with the agency is required to adopt the rule: 119.03

    4.  Statute(s) authorizing agency to adopt the rule: 3901.041

    5.  Statute(s) the rule, as filed, amplifies or implements: 3929.50 to 3929.53, 3929.55, 3929.56, 3929.58 to 3929.61

    6.  State the reason(s) for proposing (i.e., why are you filing,) this rule:

    This rule is being filed as part of the agency five year rule review pursuant to section 119.03 of the Revised Code.

    7.  If the rule is an AMENDMENT, then summarize the changes and the content of the proposed rule; If the rule type is RESCISSION, NEW or NO CHANGE,

    then summarize the content of the rule:

    This rule implements the plan of operation of the "Ohio Mine Subsidence Insurance Underwriting Association," (OMSIUA) and creates the "Mine Subsidence Insurance Fund", pursuant to Ohio Revised Code. Mine subsidence coverage is endorsed to a basic property or multi-peril policy which covers against the loss or damage to a 1-4 family dwelling due to mine subsidence. Coverage is mandatory in counties with a high concentration of abandoned mines, and optional in counties where a small concentration of abandoned mines are present. Insurers who write basic property or multi-peril policies for family dwellings in the eligible counties are required to become members of the OMSIUA and offer this coverage to all eligible applicants. This rule administers the OMSIUA program.

    8.  If the rule incorporates a text or other material by reference and the agency claims the incorporation by reference is exempt from compliance with sections

    121.71 to 121.74 of the Revised Code because the text or other material is generally available to persons who reasonably can be expected to be affected by the rule, provide an explanation of how the text or other material is generally available to those persons:

    This response left blank because filer specified online that the rule does not incorporate a text or other material by reference.

    9.  If the rule incorporates a text or other material by reference, and it was infeasible for the agency to file the text or other material electronically, provide an explanation of why filing the text or other material electronically was infeasible:

    This response left blank because filer specified online that the rule does not incorporate a text or other material by reference.

    10.  If the rule is being rescinded and incorporates a text or other material by reference, and it was infeasible for the agency to file the text or other material, provide an explanation of why filing the text or other material was infeasible:

    Not Applicable.

    11.  If revising or refiling this rule, identify changes made from the previously filed version of this rule; if none, please state so. If applicable, indicate each specific paragraph of the rule that has been modified:

    Not Applicable.

    12.  Five Year Review (FYR) Date: 8/19/2016 and 08/19/2021

    (If the rule is not exempt and you answered NO to question No. 1, provide the scheduled review date. If you answered YES to No. 1, the review date for this rule is the filing date.)

    NOTE: If the rule is not exempt at the time of final filing, two dates are required: the current review date plus a date not to exceed 5 years from the effective date for Amended rules or a date not to exceed 5 years from the review date for No Change rules.

    FISCAL ANALYSIS

    13.  Estimate the total amount by which this proposed rule would increase / decrease either revenues / expenditures for the agency during the current biennium (in dollars): Explain the net impact of the proposed changes to the budget of your agency/department.

    This will have no impact on revenues or expenditures. 0.00

    Not applicable.

    14.  Identify the appropriation (by line item etc.) that authorizes each expenditure necessitated by the proposed rule:

    Not applicable.

    15.  Provide a summary of the estimated cost of compliance with the rule to all directly affected persons. When appropriate, please include the source for your information/estimated costs, e.g. industry, CFR, internal/agency:

    There is no estimated cost of compliance for this rule.

    16.  Does this rule have a fiscal effect on school districts, counties, townships, or municipal corporations? No

    17.  Does this rule deal with environmental protection or contain a component dealing with environmental protection as defined in R. C. 121.39? No

    S.B. 2 (129th General Assembly) Questions

    18.  Has this rule been filed with the Common Sense Initiative Office pursuant to

    R.C. 121.82? Yes

    19.  Specific to this rule, answer the following:

    A.) Does this rule require a license, permit, or any other prior authorization to engage in or operate a line of business? Yes

    This rule applies only to licensed insurers who write basic property or multi-peril policies for family dwellings in eligible counties of Ohio.

    B.) Does this rule impose a criminal penalty, a civil penalty, or another sanction, or create a cause of action, for failure to comply with its terms? No

    C.) Does this rule require specific expenditures or the report of information as a condition of compliance? Yes

    Paragraph (L)(3) requires that members shall file on a quarterly basis with financial reports, a summary report of statistics in a form approved by the board. Such reports shall contain quarter and year-to-date policy count by county and quarter and year-to-date premium written by county.