COLUMBUS — Department of Insurance Director Jillian Froment announced today that Ohio is assuming a leadership role in the National Association of Insurance Commissioners (NAIC), an organization that provides insurance regulation guidance to all 50 states, the District of Columbia and U.S. territories.
Froment was selected to serve on the NAIC’s Executive Committee and 22 total committees and task forces in 2019 to address important issues associated with consumer protection, product pricing, fraud, financial monitoring of insurance companies, and technology.
“Having the opportunity to serve in a number of leadership roles is a testament to the work of the Department and our staff on behalf of every Ohio consumer and the industry we regulate,” Froment said. “I am excited for the opportunity to work collaboratively with regulators from across the country. Together, we are helping shape the framework of insurance regulation nationwide in an increasingly innovative and technology driven world.”
Froment’s appointment to the executive committee follows her recent re-election by state insurance regulators to chair the Interstate Insurance Product Regulation Commission. The commission ensures consumer safeguards in asset protection insurance products through uniform legislation and regulatory oversight for life insurance, annuities, disability income and long-term care insurance.
Ohio will serve as Vice-Chair of the Financial Regulation Standards and Accreditation Committee responsible for ensuring all state departments of insurance are equipped to carry out their duties in regulating the industry. The committee conducts an accreditation of each state insurance department review on a five year rolling basis. Ohio will also serve as Chair of the Examination Task Force and Vice-Chair of the Life Actuarial Task Force.
The NAIC is a national organization of insurance regulators whose main objective is to provide support to insurance regulators across the country by promoting competitive markets, improvement of insurance regulations and equitable treatment of insurance consumers.
Ohio is home to 270 insurers, is the sixth largest insurance state in the country and the 19th largest insurance market in the world with $84 billion in premium volume. The Ohio Department of Insurance regulates more than 1,600 insurance companies, 220,000 insurance agents and 18,000 insurance agencies.