What is the primary purpose of Ohio's insurance regulations?

The primary purpose of Ohio's insurance regulations is to protect consumers and ensure fair treatment in the insurance marketplace. These regulations are designed to promote ethical conduct among insurance companies and their agents, safeguarding policyholders from unfair practices such as discrimination, fraud, and misuse of funds. By establishing standards for how insurance products are marketed, sold, and administered, these regulations aim to create a transparent and equitable environment for consumers. This focus on consumer protection helps to foster trust in the insurance industry, encouraging individuals to seek coverage without fear of exploitation or unfair treatment.

Options that mention managing agent commissions, increasing state revenue, or limiting competition do not reflect the core objective of insurance regulations. While those factors might play a role in the broader insurance landscape, they do not encapsulate the regulatory framework's essential purpose, which is firmly rooted in consumer advocacy.