COLUMBUS – The Ohio Department of Insurance today announced the American Fraternal Alliance awarded Director Jillian Froment with the Outstanding Policymaker Award in recognition of her leadership on implementing reforms that provide additional consumer protections for Ohio consumers.
“We have a great team at the Department focused on serving Ohioans and we are fortunate to have a strong relationship with groups like the American Fraternal Alliance,” Froment said. “This award is just one example of the good work the Department does for all consumers in Ohio and the insurance industry we regulate.”
Froment received the Alliance’s “Outstanding Policymaker” award – an award that is not given out annually, but only in those years when the Alliance identifies a worthy recipient. Froment was recognized for helping to enact meaningful reforms to Ohio’s fraternal regulations that protects consumers while at the same time providing fraternal life insurers the ability to compete on a level playing field with other competitors in the marketplace.
Specifically, the changes signed into law balance the need for strong solvency and governance regulations for fraternal organizations to protect consumers without unnecessarily hindering the industry. The Alliance recognized Froment for the Department’s collaborative approach through the process.
The American Fraternal Alliance represents more than 60 not-for-profit fraternal benefit societies domiciled in the U.S. and Canada. These societies provide a variety of financial services products – primarily life insurance and annuities – to their more than 9 million members, along with a host of other member benefits, from scholarships to financial planning courses, to social networking. The fraternal business model is unique to North America. It combines the “member owned” characteristic of a mutual insurance company with the “social mission” characteristic of a faith-based or service organization.