Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Insurance industry counsel warns proposed auto-value changes risk double recovery and need precise drafting
Summary
Michael Farley of the Ohio Insurance Institute testified in opposition to Senate Bill 131’s initial form, urging careful drafting to avoid double recovery for vehicle owners and insurers and pointing to legal precedents that limit recovery to cost of repairs or market value difference.
At the committee’s third hearing on Senate Bill 131, Michael Farley, vice president and general counsel for the Ohio Insurance Institute, delivered testimony raising concerns about the bill’s approach to vehicle diminution-in-value claims.
Farley said his association represents insurers that write a large share of auto and homeowner coverage in Ohio. He described the practical claims process — compensating for…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
