COLUMBUS — Ohio Department of Insurance Director Jillian Froment has been chosen to serve in prominent leadership roles in 2019 for two national insurance organizations focused on consumer protection and the modernization of state insurance regulation.
Froment was re-elected to chair the Interstate Insurance Product Regulation Commission, also referred to as the Insurance Compact. In addition, she has been elected as secretary treasurer of the National Association of Insurance Commissioners (NAIC) Midwest Zone – regulators representing all Midwest states participate in the NAIC Midwest Zone group.
"I look forward to working with member states and regulators to ensure there is a focus on consumer protection while supporting a growing industry with consistent and common sense regulatory standards," Froment said. “Ohio has one of the largest insurance markets in the world, therefore it is important we have a strong voice at a national level when it comes to setting priorities and establishing policies that impact industry and the consumers it serves.”
Officers in the Midwest Zone also serve as members of the NAIC’s executive committee – the group responsible for setting priorities and strategic planning for the NAIC. In addition to being elected to these leadership roles, Froment serves as vice-chair of the NAIC Life and Annuities Insurance Committee and is a member of the Financial Condition Committee.
The Insurance Compact, a collection of most U.S. states, ensures consumer safeguards are in asset protection insurance products such as for life insurance, annuities, disability income and long-term care insurance.
The NAIC is the U.S. standard-setting and regulatory support organization created and governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories. Through the NAIC, state insurance regulators establish standards and best practices, and coordinate their regulatory oversight.