Starting Nov. 2, 2009, Ohio regulators and all insurance companies that do business in the state will begin new procedures designed to protect policyholders' personal information.
Insurance companies will be required to report any loss of policyholder information within their possession to the Department of Insurance within 15 days of the discovery that the information has been lost or stolen, according to Insurance Director Mary Jo Hudson.
"Policyholder information is a valuable asset for insurance companies. We also know that is invaluable to Ohio policyholders," said Hudson. "While there have been few reports of information being lost or stolen, these new procedures will help the Department and insurance companies work together to assure information is safeguarded in the best possible manner and, in the unlikely event of release, all efforts will be made to limit any harm."
The reporting procedures will be part of the department's risk assessment responsibilities and will extend to agents that are appointed by an insurance company. Insurance companies will be required to educate their agents about this obligation, according to Hudson.
