COLUMBUS — Director Jillian Froment announced that the Ohio Department of Insurance is serving on 18 National Association of Insurance Commissioners (NAIC) committees and task forces in 2018 to collaborate with other states on critical insurance matters such as innovation and technology, protecting seniors, fighting fraud, appropriate business conduct, and the effective financial condition monitoring of companies. Froment will serve as Vice Chair of the Life Insurance and Annuities Committee.
“The Ohio Department of Insurance has a long history of providing national leadership when it comes to insurance regulation and consumer protection,” Froment said. “We are eager to continue working with our fellow state regulators as the insurance industry grows and adapts in a rapidly changing global economy.”
In addition to serving as Vice Chair of the Life Insurance and Annuities Committee, Ohio is Chair of the Examination Oversight Task Force and Vice Chair of the Life Actuarial Task Force. Recently, Froment was also selected by state insurance regulators to serve as chair of the Interstate Insurance Product Regulation Commission, also referred to as the Insurance Compact. It works to ensure strong consumer safeguards are in asset protection insurance products through uniform legislation, regulatory oversight, and other means, such as for life insurance, annuities, disability income and long-term care insurance.
“Collectively, these efforts help provide the best fottundation for protecting insurance consumers and regulating the insurance marketplace,” added Froment. “With the influence of technology changing the way products are sold, marketed, priced, and the overall experience for consumers, we must be open to innovation while ensuring compliance with the law.”
The NAIC is a national organization of insurance regulators from the 50 states, the District of Columbia and the five U.S. territories 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. To learn more about the NAIC, visit www.naic.org.
Consumers with insurance questions can contact the Ohio Department of Insurance at 1-800-686-1526 and visit www.insurance.ohio.gov