COLUMBUS – Ohio Department of Insurance Director Jillian Froment announced that Ohio is maintaining a leadership role at 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 again selected to serve on NAIC’s Executive Committee, and 19 total committees and task forces in 2020 to address important issues associated with consumer protection, product pricing, fraud, financial monitoring of insurance companies, and technology.
“It’s a privilege to serve in leadership capacities on behalf of Ohio insurance consumers that we protect and the industry we oversee,” Froment said.
Froment will serve as chair of the Life Insurance and Annuities Committee and as a member of the Property and Casualty Insurance Committee.
Additionally, she was named the chair of the Capital Adequacy Task Force, chair of the Examination Oversight Task Force, vice chair of the Antifraud Task Force, and as a member of the Innovation and Technology Task Force.
“As the sixth largest insurance state in the country, it's important Ohio help shape reforms that promote competition and innovation in ways that protect consumers. By serving in these roles, Ohio can both provide expertise and benefit from the expertise of other state regulators as we serve Ohioans and consumers across the country,” Froment said.
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 the 18th largest insurance market in the world with $95 billion in premium volume. The Ohio Department of Insurance regulates more than 1,660 insurance companies, 231,000 insurance agents and 18,600 insurance agencies.