IAA Assists in Passing of Ohio Legislation

Insurance Auto Auctions Inc. announced the passing of Ohio Senate Bill 129.

The Bill addresses insurance companies’ and subrogees’ ability to auction vehicles holding a clear certificate of title that have come into their possession through the operation of the terms of an insurance contract. Revisions to the code clarify that licensed motor vehicle auctions can in fact sell vehicles holding a clear certificate of title on behalf of insurance companies and subrogees.

IAA led the effort to amend and revise the Code and lobbied for its passing within the General Assembly. The revised code ensures insurance companies can better manage the disposition of vehicles within their possession regardless of title. In cases of vehicles with a clear certificate of title, IAA’s relationship with ADESA whole car auctions provides a best venue option for sale of the vehicle. This results in those vehicles being sold in the auction that will produce the best economic results.

“We vigilantly monitor the codes and laws that can affect the salvage auto auction industry within all 50 states,” stated Tom O’Brien, CEO of IAA. “Ohio Senate Bill 129 ensures our clients can easily manage all their assets including the disposition of them.”

“Revisions to the Code allow insurance companies operating in Ohio to efficiently administer the disposition of vehicles in their possession,” commented Élise Spriggs, Ohio lobbyist and director at Columbus law firm Kegler, Brown, Hill & Ritter. “It can also help decrease claim settlement time for insured consumers in the state.”