The Ohio Department of Insurance reminded agents and agencies that annual filings of their reviews for the 2023 filing period (Sept. 1, 2022- Aug. 31, 2023) are due by Jan. 15, 2024.
Individuals who hold both individual and business entity licenses must file two separate filings.
The annual title filing instructions state that, “Because the annual title review filing system streamlines the filing process, title agents, agencies, or their representatives are highly encouraged to file their annual reviews electronically.”
It also noted, “In 2021, the department transitioned to a new state of Ohio system (OH|ID) to maintain and manage user accounts. As the result of this change, title agents, agency representatives, and authorized CPAs will not be able to access the gateway or annual title review filing system without an OH|ID account.”
The instructions further encouraged agents and agencies to gather the following information prior to submitting their review:
- National producer number (NPN)
- Errors & omissions coverage information
- Surety bond coverage information
- Interest on trust accounts (IOTA) information
- Audit results
- Independent annual review findings
It also noted that an independent CPA review of an escrow account is not required if:
- An agent does not handle escrow account funds related to Ohio transactions.
- An agent averages five Ohio transactions or less per month during the 12-month period ending Aug. 31 and the agent’s escrow accounts have been reviewed for that 12-month period by one or more of the title insurance companies by which it had been appointed.