ODI FILES NEW AGENT LICENSURE/CE RULE

 Lask week, the Ohio Department of Insurance (ODI) filed a proposed rule with the Joint Committee on Agency Rule Review to implement the provisions of the recently enacted H.B. 300. H.B. 300 increases agent continuing education hours from 20 to 24 every two years and also changes the license renewal process. Below are the proposed rule and its Appendix which is a chart that describes the biennial license renewal timelines for compliance periods December 31, 2010 or December 31, 2011. 

ODI will be conducting a public hearing on the proposed rule on June 21st, so if you have any comments or questions about the rule, please e-mail John McGough at jmcgough@mcgough-inc.com well in advance of the public hearing so that any questions or concerns can be resolved.

SMALL EMPLOYER TAX CREDIT BRINGS SOME SURPRISES

 One of the provisions of Federal health care reform that went into immediate effect is the provision that provides tax credits to employers with fewer than 25 employees with annual averages wages of under $50,000 that provide health insurance for their employees. However, as it turns out the credit drops off sharply if a company has more than 10 employees and over $25,000 in average wages. In fact, in some cases employers that have fewer than 25 employees and under $50,000 in annual average wages will not qualify for the credit.

In order to assist your clients in making this calculation, a small business tax credit calculator has been developed to see if a specific employer qualifies for the credit. Click here to see if your client or a hypothetical client would qualify.

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